hannahsomerville

I am studying abroad in Geneva, Switzerland this fall, and I am looking for a way to withdraw money, make purchases and etc without incurring the 3-5% fee that most banks include on all transactions overseas, as well as the $5 fee for withdrawals from an ATM. I have done some research and there are no American banks in Geneva. My hope is to open a new account at a bank that has branches in America (could be a UK, Spanish, Canadian, etc bank) that will either: a) have branches in Switzerland so I can use those ATMs, and/or b) won't charge such exorbitant fees.

Anyone know of any banks with such features? Or, any suggestions on how I could better do it to prevent losing so much money to fees would be great!

Thank you!

griz_fan

Here's a much easier solution - just open an account with either Schwab Investor Checking or Capital One. Many local credit unions are also a good option. Last summer, I went the Capital One route. no foreign transaction fees, and reasonable exchange rates. I was able to open the account online, link it to my primary checking account. I wound up with a Capital One money market account with ATM card and a Capital One Visa, just in case.

Michael

Look for an American bank which does not charge fees when using its ATM card. Or check if your local credit union will work for you; that's what I use because if have no fees other than the Visa 1% conversion fee for either my ATM card or credit card.

Jay_G

Rather than looking for an American bank, you could open an account in a local bank. Many european banks have special accounts for foreign students (I know France certainly does as I had one when studying there) as long as you have a letter stating your status and a certain amount to put into the account.

The account may not be full-service (no overdraft etc.) but you'll be given a debit/ATM card so you can access your money whenever you need and pay no fees for doing so.

When your study period is complete, you can just close it down and transfer your money back into your U.S. account.

You might even get a welcome gift for opening a student account (mine was an even greater reduction on a monthly student travel pass, but I've seen accounts offering book tokens/download vouchers more recently) so might even come out slightly ahead.

travelgourmet

<i>Rather than looking for an American bank, you could open an account in a local bank. </i>

This may be easier said than done. Swiss banks are quite gun-shy about opening accounts for Americans, and most (all?) require that you have a residency permit before they will open one for you. I am unsure what the residence permit situation will be for the OP, or what the Swiss banks' attitudes are with regards to student accounts.

I would also note that, if the OP will not be earning any money in Swiss Francs, and if their funding is coming exclusively from the US, then they run the risk of paying the fees at the time they transfer the initial deposit. Better, then, to simply find a US bank that minimizes the fees for ATM withdrawals. As others note, many credit unions might be a good place to start. If the OP wants to go with an internet bank, I can readily recommend USAA.

Jay_G

Wasn't aware of the residency permit requirement, travelgourmet (thanks for enlightening me) but still think that students might get special dispensation.

A quick google turned up this piece of advice in the Geneva Business School (me neither) FAQ:

"Do I need to open a bank account? How would I do this?
Depending on how long you are planning on staying in Switzerland, you may or may not need to open a bank account. If you plan to be here for more than one semester we suggest you open a bank account. Upon request EU will issue you a letter for the bank stating that you are a student. If you take this letter to the bank you should have no trouble opening a student account."

From experience, getting money from a local bank if you don't have/have lost your ATM card (drunken Fresher's week anyone?) is a hell of a lot easier than trying to replace a card from a bank that's potentially thousands of miles away. Just a thought...