Dollar bank account in Switzerland

L

lunao

New member
Hello everybody,

just registered to the forum after reading in the blog a couple of times.

I have a question in regards to having a dollar account in Switzerland. An extensive online search hasn't brought me the answers to a specific question yet.

I am looking for the Swiss bank that has the best exchange rate when changing Dollar to CHF and the other way around.

I earn mostly in Euros and CHF, working for German and Swiss clients but invest mostly in US stocks and ETFs, most in VOO.

I usually transfer money from my Euro account on Migros Bank to Dollars on Swissquote and invest there. Every way I do it I end up with fees. I had a dollar account with Migros Bank for a while, but closed it, figuring out that it doesn't really solve my specific problem. (of avoiding to many fees)

Any ideas? Google provides me with affiliate links, usually points to wise and alpian.

Kind regards from St. Gallen,
- lunao
 
lunao said:
I am looking for the Swiss bank that has the best exchange rate when changing Dollar to CHF and the other way around.

I earn mostly in Euros and CHF, working for German and Swiss clients but invest mostly in US stocks and ETFs, most in VOO.
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Have you considered the option of opening a broker account with Interactive Brokers? Since recently, Saxo bank could be an option for you with 0,25% currency exchange fee.
 
The question is: What do you want to do with this bank account?

If you only want to invest US ETFs, why not Interactive Brokers like @Max suggested, this will give you a bank account and exchange fees that no Swiss banks can match.
 
Baptiste Wicht said:
The question is: What do you want to do with this bank account?

If you only want to invest US ETFs, why not Interactive Brokers like @Max suggested, this will give you a bank account and exchange fees that no Swiss banks can match.
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Thank you for your answers. I have considered Interactive Brokers, but was not sure I feel safe with a bank that is not regulated by the Finma. (Somewhat still indoctrinated, growing up here)

I was looking a Interactive Brokers as a Broker, not as a bank account. I will have to give it another look.
 
Baptiste Wicht said:
The question is: What do you want to do with this bank account?

If you only want to invest US ETFs, why not Interactive Brokers like @Max suggested, this will give you a bank account and exchange fees that no Swiss banks can match.
Click to expand...
I want to be able to exchange USD to CHF and vice versa.
 
lunao said:
I want to be able to exchange USD to CHF and vice versa.
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Yes, but why?

If it's only for investing, then you should let your broker do the conversion. A Swiss broker like Saxo has a decent conversion fee.
If it's for spending abroad or sending money abroad, something like Alpian or Wise would indeed work nicely.
 
Hello Lunao,
If you want to keep your USD with good interest rates and have good exchange rates, I recommend LLB in Liechtenstein WILLBE
They have no minimum for accounts and pay good rates. They also offer good fixed term rates in USD and EURO with no minimum amount.
EUR 2.65 %, CHF 0.35 % or USD 3.75 %.

Fixed deposits | Open a fixed deposit account now

With willbe fixed deposits, you save with guaranteed interest rates for a term of your choice. Open a fixed deposit account now!
willbe-invest.com willbe-invest.com
I use them and their app is great . Quality of service is first class.
They are considered like swiss bank for guarantee...
 
Baptiste Wicht said:
Yes, but why?

If it's only for investing, then you should let your broker do the conversion. A Swiss broker like Saxo has a decent conversion fee.
If it's for spending abroad or sending money abroad, something like Alpian or Wise would indeed work nicely.
Click to expand...
I was under the impression that the broker conversion fees are too high.

Saxo does not allow investing in VOO, except if you are considered a "professional" trader.

I used to be with Flowbank, fees were amazing,.but of course the Bank went bankrupt last year as you probably know ;)
 
lunao said:
I was under the impression that the broker conversion fees are too high.
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It depends which one. Saxo has decent fee of 0.25% better than most banks.
lunao said:
Saxo does not allow investing in VOO, except if you are considered a "professional" trader.
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Wrong, you can invest in US ETFs, at least since sometimes last year. I have tested it recently.
lunao said:
I used to be with Flowbank, fees were amazing,.but of course the Bank went bankrupt last year as you probably know ;)
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I do, sorry to hear you were with them :(
 
Baptiste Wicht said:
It depends which one. Saxo has decent fee of 0.25% better than most banks.

Wrong, you can invest in US ETFs, at least since sometimes last year. I have tested it recently.

I do, sorry to hear you were with them :(
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They allow some US ETFs, but not VOO, I asked through email and telephone, at least that was the case in August '24.

But of course if that has changed by now, I stand corrected ;)
 
lunao said:
Hello everybody,

just registered to the forum after reading in the blog a couple of times.

I have a question in regards to having a dollar account in Switzerland. An extensive online search hasn't brought me the answers to a specific question yet.

I am looking for the Swiss bank that has the best exchange rate when changing Dollar to CHF and the other way around.

I earn mostly in Euros and CHF, working for German and Swiss clients but invest mostly in US stocks and ETFs, most in VOO.

I usually transfer money from my Euro account on Migros Bank to Dollars on Swissquote and invest there. Every way I do it I end up with fees. I had a dollar account with Migros Bank for a while, but closed it, figuring out that it doesn't really solve my specific problem. (of avoiding to many fees)

Any ideas? Google provides me with affiliate links, usually points to wise and alpian.

Kind regards from St. Gallen,
- lunao
Click to expand...
Swissquote’s FX rates aren’t the best, so you might save by converting externally and then transferring in USD. Alpian is relatively new, but might be worth checking out. Have you looked into Interactive Brokers? They offer great FX rates and could fit your investing needs better.
 
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