The question might be: to which account are you planning are you withdraw to?
to Revolut most likely. If I unexpectedly need larger sums, then transferwise or B-Sharpe. Final Destination is my account in Euros.
Are you sure, you are going to keep your Swiss current account - and what will its costs be, as a non-resident?
No, i don’t want to keep a current account. I only want a savings account, a free one if possible.
What other account are you able to withdraw to? Have you figured in the costs of international transfers and/or currency conversion?
Yes – In small increments it will be free hopefully (via revolut). I’ll possibly look into Vivid, who don’t have the stupid FX exchange cap like revolut and are cheaper than transferwise. Final destination is my euro account.
I just have a EUR account with a little more than 10KEUR. Enough for the short term, but only the immediate short term.
You don‘t necessarily need a Swiss account. You can do currency hedging by other means.
What do you have in mind?
I want to liquidate my CHF assets slowly, on an as needed basis. Long term Investing is out of the question, as I might need the money short term, possibly to buy an appartment. I’m currently not in a position that allows me to foresee the situation. I haven’t fully figured out taxes yet (import fees etc), and moving expenses are hard to predict right now as well. Cash is king…and even if it weren’t, I need the peace of mind of having disposable income that i can use and fall back on. If that means missing a few months of making my money work, that’s a compromise i’m willing to make. However, if there’s a smarter way to approach this, i’m all ears.
10 free withdrawals, 8 CHF per withdrawal afterwards.
Also, negative interest 0.75% for amounts above 250‘000 CHF.
Yes, that’s the Gretchenfrage. This is not great. I would have hoped for at least one retrieval per month. 8 CHF is really expensive. I have a lot less than 250 kCHF (divide by a factor of 4-5), so it won’t impact me.
What alternatives are there? If there is a provider that offers similar conditions to PF, then I could at least spread my cash between the banks and get 20 free withdrawals. 20 is way easier to handle than 10 and could even allow me to pay a bill in CHF that might not have arrived in time when i’m here. Any recommendations?