I'm getting to the point where I need to sort out a current bank account in Switzerland to pay the bills etc. I'm non resident, and my estate agent offered a name at U*S. Having made contact they want me to deposit twenty five thousand CHF in order to open a simple current account. Which seems rather a lot, given that Switzerland has low interest rates and a hefty 35% witholding tax.
Does anyone know of a Valais bank which will open an account for less?

That's odd - we opened an account at UBS in similar circumstances and just paid the usual transaction fees. Has this demand come direct from the bank? Banque Cantonal du Valais and Reiffessen are a couple of others but I'm still puzzled, as I've not heard of this sort of condition before.

Hi Dave
Yes, I was given a named contact by my estate agent for UBS Sierre, together with email address and phone number.I contacted them in English and French, and the repsponse was quite specific, and in English. So I phoned them, and although my contact was not available, the man I spoke to said "it's quite normal", and in English The amount they want equates to around £10,500, which will of course earn a very poor interest rate, and be subject to the witholding tax! I have done sum quick sums, and if I go with this (IMHO) poor offer, then simple bill paying banking in Switzerland is likely to cost me £500+ per year, in lost interest elsewhere.
I have been looking at the (very) small print on the Credit Suisse site, and they state that there are "local" requirements to be met for account opening across their network, so I can only assume that it's a local initiative, for Sierre.
I have responded by email to UBS, asking for clarification and confirmation, but have not had a reply yet.

Thanks, I'll check out Raffeisen, and see if I can make any headway there.

If you go to the UBS webpages, it says that while they require 10,000CHF for free banking, if you opt for no monthly statements and On-Line banking, they only charge a maximum of 7CHF/month to run the account, and an annual charge of 20CHF for a debit card. This fits in with the charges we pay. If you look at

http://www.ubs.com/1/e/ubs_ch/private/ubs_welcome/products.html
and download the charges details, it definitely is 2CHF/month if you opt for OnLine and no monthly statements.

Hi Dave
Thanks for the link, yes, it tallies with my understanding of their online banking service that I wanted to use, and their 1st year Welcome Package looks pretty good too. What I'm not sure of, is if there is "local discretion" by the Client Services Representative, regarding the desirability of certain new customers. That is to say, put enough obstacles in front of some potential customers, and they will go elsewhere. It's not as if I don't have the money, it's just that it will earn far more elsewhere!!

I have had a good look at the Raffeisen site, and sadly conclude that my commercial French language ability is too poor to use their service. I am seriously considering the SwissPostal Yellow Account though, as I think I can meet their signup criteria.

skifan: Good luck with your bank search anyway, I'm sure you'll get there in the end. Unfortunately, as 'msej449' I got an email from the C4 webmasters closing my access rights to post to the Forum. This is because I referred to my website URL. Although this is just a private website, designed to help people and to help me so that I don't just keep reiterating the same information, and while I have no commercial interests at all, this is something that C4 doesn't allow, apparently. However, since C4 don't seem to be interested in this, then this is the last time that I will bother to post to this Forum. I hoped that what I contributed would be useful, but there you are.

Goodbye, everyone ...

msej449 / Dave, Shoreham-by-Sea

Thanks for your good wishes. As I've said on the other thread, I'm really sad that you are leaving. The folks running this site really should take a look outside and see how the rest of the online community deals with useful linkies vs spam.

I have had confirmation in writing from UBS in Valais that the Welcome Account will be made available to me if I deposit a minimum of 25,000CHF.

IOW, if would I like to give UBS a gratis, unsecured term free loan, that will cost me about £500 per year in lost interest on the lump sum, they are prepared to give me a current account. I know that the UK is a little spoiled with largely free banking....but really!!!

I contacted my Estate Agent, who had recommended the bank, and he has given me another name at a different bank.

Buying the property was a lot easier!!

Try Richard Perrouchoud @ Credit Suisse in Sion. There has been no suggestion of us depositing a lump sum and we now have a 66% loan @ 3.25% variable and a current & savings account. We know of another buyer who organised their loan through CS.

Can I also associate myself with the previous comments about Dave from Shoreham by Sea - his was one of the first sites to give helpful concise advice on buying in la Suisse and I would hope he feels able to contribute here as and when.

Best wishes,

Ruddsy boy

Thanks Ruddsy, I have fired off the email, and it's not bounced In the meantime we have heard from FortisBanque as recommended by my Estate Agent, and they require a deposit of CHF100,000 or a mortgage in order to open a current bank account Makes UBS look really friendly!!

Thanks to all for their tips and advice. I have been able to open an account with Banque Raiffiesen. It seems like the British Co-op, with a "share account". It has the all important online banking service, and the only drawback I can find, is that the service is only in French or German. Time to get the dictionary out!