Smart comparison in the fee jungle

Which bank suits you depends on many things, certainly also on the price-performance ratio. But how exactly are bank fees structured, and how can you best get an overview in the fee jungle?

Are you someone who likes to travel to Barcelona for the weekend and then also shop a lot? Maybe you regularly order packages to your home from Amazon and Co. online? Or do you prefer paying with cash and visit the ATM every third day? All of this affects your bank fees.

Depending on how you use your account, you can quickly end up with fees of 150 CHF or more. To know how to avoid unnecessary costs, it helps to understand how these bank fees are structured. We have summarized this for you.

Basically, fees can be divided into four categories: 

• Basic fees (for account and card)

• Cash withdrawals

• Fees abroad

• Additional fees for special services

Basic Fees

This category includes basic fees for account and card(s). Many banks try to attract customers by not charging basic fees in the first year for apprentices or students. However, if you stay with the bank for several years, it is still not worthwhile. Others advertise with free account openings, but their other fees are often well over 100 CHF.

In recent years, some traditional banks have jumped on the trend and, like many neobanks, have significantly reduced or abolished basic fees. A change in the Swiss banking landscape that we welcome. However, with many banks, relatively high costs are then hidden elsewhere.

Cash Withdrawals

Cash withdrawals at your own bank are typically free. If you withdraw from another bank, you pay quickly between 2 and 5 CHF per transaction. Particularly, if your bank does not have a wide network of ATMs, this adds up. So it is worth considering how often, when, and where you need cash.

Fees abroad

There are two types of fees abroad: transaction fees, whether by card or at the ATM, and exchange rate surcharges. We have summarized more details in a separate blog post for you. 

Additional Costs

Finally, there are also costs that rarely occur but can still be quite annoying. For example: You lose your card. Then you might pay up to 70 CHF to block it and get a new card. Or you need a tax statement from your bank, which can cost depending on the bank. Or you want to close your account. Then you might have to pay around 20 CHF. By the way, the latter is free with us.

Smart Comparison

If you want to find out which account fees apply to your needs, an independent platform like moneyland.ch can help. Consider which of the user profiles best suits you and what you expect from a bank.

On our comparison blog, we have compared neon's account fees with those of our competitors. Convince yourself. Remember when comparing: Not all providers like Wise or Revolut offer Swiss deposit insurance. For example, with Revolut, your money is insured via Lithuania – with neon, you are protected by Swiss deposit insurance.

It is also important to look closely at the IBAN. Revolut offers «Swiss IBANs», but since you still have to specify the recipient's reference number in the subject, these are still only virtual Swiss IBANs. This is not ideal for a salary account or Swiss payment transactions and carries some disadvantages, such as a lack of transparency.