Seven-step instruction: This is what you need to do if you want to change banks

This is the best way to proceed:

According to comparison service Moneyland, the interest rate on savings and private accounts in Switzerland varies between 0 and 1.35 percent, depending on the bank. Account management and domestic and international withdrawal fees can also vary widely depending on the provider. “This may be important to you if you stay abroad regularly,” says Bähler. For some people, it is also important that the relevant bank’s branch or ATM is close to where they live. “These points need to be clarified in advance.”

Most private accounts can now be emptied and closed without any restrictions, deadlines or closing fees. Savings accounts typically have a three-month notice period. Moreover, according to Bähler, it is not always possible to transfer all the money from the old savings account to the new one at the same time. In such a case, the money can be transferred gradually.

Bähler says you can open a new account at another bank at any time. At the bank counter, you must identify yourself by showing your passport or ID online via video chat and also by showing your passport or ID. Depending on your needs, you can order credit and debit cards and immediately open additional accounts – for example, an account for column 3a. It may take one to two weeks for all documents to arrive and all formalities to be completed.

To continue receiving wage payments and making existing bank transfers, the account holder must notify employers, landlords, tax authorities, health funds and insurance companies. This is usually possible using forms in the relevant location. Alternatively, you can also send your new bank details in writing via email or by post by registered letter. The person who forgets this and, in the worst-case scenario, cannot receive a month’s salary, will have to make the additional payment himself. Of course, the right to money exists regardless of the account into which the money is paid, Bähler says.

Any payments made via standing orders through the old account will need to be deactivated and re-set from the new bank account. This includes, among other things, newspaper, public transport and fitness subscriptions, insurance premiums, payments to pillar 3a and rent. Bähler: “In e-banking you can create a new standing order in just a few clicks or using the form at the checkout.”

Everything is arranged, but have the fees been paid? Were premiums debited to the insurance company and health insurance company? Have you paid the rent? According to Bähler, it is recommended to check all payments and standing orders one month after account opening and every month thereafter. Because some payments are made occasionally or every six months. For example, electricity and utility bills as well as insurance premiums.

When all the money is transferred from the old account and the relevant authorities receive the new bank information, you can add the old account to the balance, that is, close it. Stabilization may take several days. Bähler says you can set this up directly at the checkout or online via e-banking. “Pending orders that are still ongoing in the old account will no longer be fulfilled.”