Source
r/eupersonalfinance•
CRefice

Should I keep both a swiss and EU bank account?

Banking

I'm a student from the EU with a bank account in the Netherlands that has just moved to Switzerland for a two-year Master's program. I am not sure if I will be staying in Switzerland afterwards, though I will definitely be traveling back to the EU often to see my family.

Now, I think it would be a good idea for me to open a bank account here so I can pay without foreign currency surcharges. However, I was wondering if it would be a smart idea to close the dutch bank account to save up on account costs, or if I should keep it open both to keep my options open in case I want to go back after my studies, or simply to have a bank account in my "Home" currency and keep some money in there to use for when I go home.

I'd appreciate any advice. I should add that opening and keeping a Swiss bank account will be free as long as I'm a student, whereas the Dutch bank account costs me 1.70€ p/mo since I'm no longer a student there.

Posted Sep 26, 2020, 2:11 PM UTC

57
Logiman43•

Yes. Even if you pay only 20 euros a year i would keep it. I have different accounts in 4 different banks and jurisdictions. In different currencies - mostly to protect my assets in case of a bankruptcy or when I travel to this country and I don't have any issues with payment

5
zaluthar•

This. I also keep one per country and it saved me a lot of hassle over time.

3
askforward•

Consider opening a free EU bank account, such as N26 or check if you can get a student account.

3
Old_Spoon•

If you don’t use the Dutch account and it keeps generating you useless fees, better close it. You can re-open it whenever its needed. Also, keep in mind and check the fees for using Swiss card abroad, when travelling back home.

1
BusinessCheesecake7•

So if there's no way to downgrade your Dutch bank account into a fee-free version, it doesn't make sense to keep it. Instead, open a free Euro account with a German bank like DKB (well-established) or N26 (relatively new, app-only). That way you still have an account in your home currency, and since SEPA transfers are free, your can then transfer the remaining money from your Dutch account to the new German one.

If you need recommendations for your Swiss bank account, let me know.

1
Unizzer•

TransferWise is a good multi currency bank card. Revolut and N26 are also good, but hidden fees, ...

1
entsparplan•

I would keep it, if just in order to save some hassle on the off chance of needing an NL account again at some point in the future.

1