Financials

The Idea of this page is to give you insights on how I planned my trip, what I had to do before actually leaving Switzerland and how I chose things to accompany on my journey. Let me know if you want to know more details.

Disclaimer: This is all based on my own research done in Dec 190- Feb 20′. You can use this as a reference but always make sure that you do research on your own. Also it is based on my current situation, needs and my experiences.

Oh, but you could support me by using some of those referral codes below 🙂


FINANCIALS

Creditcards

Neon: A Swiss mobile bank with no currency exchange fees – master-card exchange which is similar to the inter-banking exchange rate (More here in the article from Neon (Link)).
+ ‘made for the swiss market’, orange payment slips, eBills
+ good pricing, app and security
– Fees for ATM withdraws

NOTE: If you wish to create an account please use this code LN2K54 and we both get 10CHF.

Revolut: A UK mobile bank with a very good pricing model – more here from Watson (Link)
+withdraws up to 200 CHF worldwide for free
+ good pricing, app and account with various currencies
– In terms of security not a local account

NOTE: If you wish to create an account please use this link and we both get 10CHF.

Transferwise: A UK mobile bank with a very good pricing model
+withdraws up to 200 CHF worldwide for free
+ good pricing, app and account with various currencies
– In terms of security not a local account

NOTE: If you wish to create an account please use this link.


Bank Cards

I will be using Revolut and Transferwise to withdraw money from the ATM and if needed my ‘normal’ ZKB bank account or Credit cards for withdraws. However there are better options for ATM withdraws:

DKB: Link– they have the best services apparently however I wasn’t accepted (probably due to the fact that I am currently not employees). First year ATM withdraws are totally free, after that a minimum of 700€ needs to be added to your account to have free ATM withdraws worldwide

Comdirect: Link – Apparently the same, here however the registration is too complicated. To open an account I would need to identify myself at a German Post, i.e. travel to Germany. With my limited time was not possible, but apparently also no fees for ATM withdraws

Postfinance Plus: Link – If you have 25’000 CHF on your account then you do not pay any fee for the account management and you have free cash withdraws in Switzerland and abroad


PENSION AND INVESTMENT

First Pillar: State pension

You can get some information on the AHV/IV website (Link), however basically check our your cantonal compensation office (Link) on how to register.

As I am not planning to be employed in 2020 it’s important to cover the gap year as otherwise the retirement funds will be cut drastically. The minimum fee needs to be paid (after registration) per annum and can be paid for previous years up to 5 years. For Kanton Zurich it’s the SVA (Link)


Second Pillar: Occupational pension

“All employees insured under the 1st pillar and who earn at least CHF 21,330 a year (in 2019) are insured under the 2nd pillar. Mandatory insurance starts when you enter into a working relationship after reaching the age of 17 at the earliest. Until you reach the age of 24, contributions cover only the risk of death and invalidity. From the age of 25, and until you stop working, contributions will also accrue to retirement benefits.” Source Link. Create a “Freizügigkeitskonto” to store the occupational pension fund.


Third Pillar: Private pension

You have to enjoy the moment now. “Live Now. Make now always the most previous time. Now will never come again.” – Captain Jean-Luc Picard.

But you do have to take some time to think about the future. I love to support startups and it totally makes sense as you can deduct the money you pay into your third pillar account. You will also have more when you retire, have more security and more for any housing you wish to purchase. I decided to go for two newer swiss start up’s:

Viac: Link

NOTE: If you wish to create an account please use this code OCfXue0

Selma 3a: Link

Note: If you wish to create an account please use this code a5d0317f1


Investing

Viac (nomiated for the 2020 swiss fintec awards) invests in companies that are helping to solve the biggest sustainability issues.
+ personalized sustainable investing
+ easy account opening and management
+ low fees and good returns
– no app (however would say it’s not needed)

NOTE: If you wish to create an account please use this Link and we both can invest for free for 6 months.

Selma (finalist of the 2019 swiss wealthtech awards) is your own digital investment advisor.
+ personalized investing according to your current financial situation
+ easy account opening and management
+ low fees and good returns
– no app

NOTE: If you wish to create an account please use this Link and we both get 5’000 CHF managed for free for 12 months.

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