NEON Bank - how to avoid fees for withdrawing CHF 🇨🇭

Banks, Insurances & Third Pillar
1

Hello everyone,

With NEON it is not possible to send CHF to another European bank account in CHF, such as Revolut or Wise.

The only option available for international transfer (outside Switzerland) is to convert the currency from CHF to EUR or USD for example.

But NEON forces you to convert with them, resulting in important additional fees from both NEON and Wise, as well as a higher exchange rate…

Has anyone successfully managed to withdraw CHF from NEON to a European bank account in CHF/EUR without incurring these fees? Are there any alternative solutions?

Thank you.

2

Bank transfers between different banks in foreign currencies (e.g. CHF outside of Liechtenstein and Switzerland) are usually processed through SWIFT and are basically never free.

You can transfer CHF to your own Wise account, as well as any Swiss customer of Revolut (through use of their shared account at Credit Suisse).

Free in both cases, no currency conversion needed.

3

Yes this is correct if you have created a Swiss account for Revolut and Wise.

Otherwise you will get a EUR IBAN bank account I think.

I didn’t find the possibility on Wise with a account in CHF to get a CH IBAN account…

4

You don’t need a CHF account in your name. You need a way to transfer CHF to your balance in the app. Both of them provide a way.

5

I don’t find this neither in Wise and Neon.

Can you explain/show how do you do this please?

6

If you set up a payment in Neon, you can enter a domestic payment using a Swiss CH-IBAN. This worked for me for Interactive Brokers and Revolut (and was free). With Interactive Brokers, you will have to notify them that you are sending cash over and if you select CHF transfer, you will be provided with a CH-IBAN. The same might work for Wise.

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7

Have a Wise multi-currency account (formerly called the Borderless account) and open the Wise app

  • tap “:switzerland:CHF” to open your CHF balance
  • tap “+ Add”
  • enter amount you want to transfer to Wise
  • tap “Payment method”
  • choose “Manual bank transfer”
  • “Continue”
  • “I understand”
  • “Yes, I’m the account holder”
  • “Continue”
  • Read payment instructions and make a domestic bank transfer from your Neon account to Wise’s account at JPMorgan Chase as per the instructions received
  • Confirm that you’ve made the transfer in the Wise app

This is of course autist level of detail for something that in reality takes merely seconds.

TL;DR: open the CHF balance for your Wise account, tap “Add” and be guided through.

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8

Amazing!! Thank you very much for this info!

9

For your information, when you withdraw money from Wise, they take a fees which depends on the amount you want to withdraw…

I’m not sure but funding money from Wise to IBKR as they are partenering you may not pay fees from both sides, but to be confirmed?

10

What do you mean? Unless conversion is involved, most transfers are with a (small, sub 1 CHF) flat fee: GebĂĽhren im Wise-Konto fĂĽr Ăśberweisungen

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