According to the Twint website, sending money to your prepaid Twint works as a normal domestic bank transfer, with corresponding waiting time. There seems to be the option of LSV, but only for some small banks (Migros bank not included).
Are you paying any fees at Migros? If not, just stay there, it’s fine. If you have fees that you would like to have reduced, have a look at ZKB oder Wir.
I don’t have a Migros bank account yet, that’s why I was hesitating between opening one (which in short/mid term would only be used for twint) or using twint prepay.
I guess the twint prepay thing also has to be declared as a wealth/bank account in the tax statement, so doesn’t really make much of a difference. I might as well just go with Migros if it’s free, one way to test it, and if I like it I might turn it into my main account and keep neon as sidekick for traveling.
Opinions are different, others will disagree: I see prepaid Twint as such a small amount, not worth listing it in the tax statement. The tax office is not interested in such small amounts.
Based on your statement:
… and …
… have a look at Wir: Full Twint integration and cheapest debit card for travel.
I checked and for WIR to remain free, I need to match some criteria, eg 1.5k/month money coming into the account, or keeping 20k chf on it. Might be great to completely switch to this bank, but that makes it not ideal for the first few months where I’ll mostly want a twint solution without changing my main salary account.
Too bad Neon / Hypothekarbank don’t have their own twint app.
See my post on this topic:
Summary: I don’t meet their requirements and have not been charged. Also, there are no reports of anymone not meeting the requirements and being charged.
Just so you know. UBS also have a free bank account with zero fees. Unless you don’t like UBS for some other reason, it could be an option to simply open a free account
be careful, because UBS will change all accounts types in august. Apparently there will be still a free account but call now easy, but I think the UBS key cards will disappear.
It is already the case. Easy is the new key4, but without prepaid card, only debit card.
Yes, but all the current customers they informed about change applicable on August 1st, I cannot confirm for Key cards customers.
I’d pick a separate (potentially free) credit card rather than bundling it.
It makes switching banking provider a lot easier when they aren’t tied.
Never understood why UBS included a Prepaid card (separately to be topped up, IIRC) with their key4 accounts. Yeah, maybe they get higher interchange rates, but so confusing for ordinary people (especially when a debit card (supporting CNP transactions) was already included.
Better market their real credit cards as an option.
The key4 prepaid card is no longer offered to new customers, so it seems they’re phasing that out. However, key4 standard and premium are still available even for new customers, so I assume they will stay around, at least for the time being.
I think UBS key4 credit cards are the only credit cards in Switzerland with reasonable fees for international use (if we ignore the monthly fee). I try to stay away from cards with surprise fees. There are debit cards with lower fees but they are obviously tied to a bank account.
Yeah depends on usage, I use mostly revolut for foreign purchases.
(that said while I agree that lack of transparency/predictability is annoying, moneyland estimates the exchange rate surcharge of some free card at ~2%, you’d need over 10k spent in foreign currency to recoup the key4 200 chf/y fees).
Yes, that is what is noted in the leaflet but same note for UBS me, but I received notifcation that I will not keep UBS me after July but that’s change apparently nothing to the price.
I have UBS Key4 Pure (free) . It came with prepaid card. But I never really used the prepaid card anyway.
I didn’t receive anything about change of account type. Maybe they would keep the old customers and just not offer new ones
Yes, the savings might indeed not be worth the monthly fees in many cases. I currently don’t pay any monthly fees as I’ve redeemed KeyClub points for account fees. I may not be able to cover the fees with points without interruption but maybe 80% of the year on average, so my net fees are reasonably low.
Interesting . Keyclub points can be redeemed for fees. I didn’t know
Yeah but if you count the points free cards also have 0.2% or 0.3% rewards.
At least with regular package the points were even worth more when redeemed for fees than other options.