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5 Responses

  1. Manu Wj says:

    Thanks for your advises and founded research! As an interested i also have now (besides neon green from the very beginning) zak, yuh and revolut.
    How can I delete/cancel my zak and yuh membership?
    I like revolut because I have there a REAL European IBAN Number and so I’m able to send Euros across the UE without any additional costs.

    • Eluc says:

      Dear Manu, thank you very much for your comment, it’s much appreciated as I’ve just started this blog.
      I agree with you that Revolut is great for international transfer and to get incoming payment in euro with our own IBAN at our name and address. That’s a real plus for me too, even if I use this feature only a couple of time per year at the end.
      Zak I didn’t try yet as I don’t have any need for it. The main advantage over Neon is that you have the physical network of Cler Bank if you need to. Especially if you want to put a cash among on your account, something not possible with Neon. You can also withdraw more than twice per month for free but only at Cler Bank ATM. In my case I don’t have a Cler ATM close to my home and I have a join account at Raiffeisen but it’s not free, you must either buy one share of the local branch (200 to 500frs, you can sell it back if you close your account and you get some dividend once per year) or pay each month. And on top you have to pay for the Maestro or V-Pay card (40CHF per year after the first year).
      At the end it’s up to you, if you have no other bank account and you think you might need to use Zak from to time, keep it, it’s free but if you never use it, better simplify your setup and close the account.

      Regarding Yuh, I’ve downloaded the app but didn’t try it yet, on banking point of view it’s a similar service than Neon but with higher fees. For the trading services, it might be nice to try but at the end the fee are not interesting either, better open an account at Interactive Brokers that has the lowest fees on the market, give you access to all the market places (including US ETF like VT) and they just recently removed the fee for account with less than 100’000$ so you can start to invest even with a few hundred or a thousand to begin with if you don’t have a lot to invest right now. On top of that using a broker outside Switzerland will avoid you to pay the stamp tax like you do if you use a Swiss broker (SwissQuote, PostFinance, Yuh, or any banks…). I have an account there but it’s managed by an advisor at the moment, I might consider open a second one that I manage myself and document it on the blog. But many other blog cover the topic already if you are interested right now.

      So once again, you might want to try Yuh, see what the app has to offer, calculate if you are willing to pay the premium to have a simple user interface to make trades, it’s up to you. But if you want to save as much as possible on fees to get the maximum return in long term, it’s not the best option, so I would not use it for a lot of money to invest if not at all.
      Also I strongly recommend to avoid using Yuh or Revolut to buy and hold cryptocurrencies as you would not be in control of your Bitcoin/Ethereum wallet (whatever coin you buy), you don’t know your private key so they are in total control of your coins and it’s not insured. But I know many people that don’t feel comfortable dealing with real cryptocurrencies wallets and are afraid to make a mistake an loose their key, and thus all their coins. I think it’s just a matter of getting educated and organized but the risk as as low if not lower than keeping them in an external company.

  2. Steph says:

    Any reason why you didn’t mention Yapeal? It’s Swiss based and controlled by FINMA and stores money directly at the Nationalbank.

    • Eluc says:

      Dear Steph, thank you for your comment. I didn’t mention Yapeal only because I never heard about them. Thanks for highlighting this (new?) offer. I had a quick look at their pricing and it looks like it’s already not so good regarding exchange rates with 0.75% to 1.65% fee and it’s not even clear as in the free account it says that you don’t have “Foreign payment without exchange rate surcharge, 0.75 – 1.65% fee”, so it means you have a fee on top of the 0.75-1.65% fee? It should be clarify. And with the free account that is not limited to young people, you don’t even have “Domestic payment” included!? I’m not sure to understand, it means you cannot pay your bill with this account? only pay with your card? If so it makes this offer really not interesting to me and if you have to go with the paid account, I would better open an account at Raiffeisen or a Cantonal Bank for a similar price or cheaper.

      • Ike Hamano says:

        Can I simply just say what a comfort to uncover a person that really understands what they’re discussing online. You actually know how to bring a problem to light and make it important. A lot more people have to read this and understand this side of your story. I was surprised that you’re not more popular since you surely possess the gift.

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