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Key points in a nutshell
- Ideal for European travellers: If you are regularly travelling in the eurozone, a euro account makes your financial management much easier - e.g. free SEPA transfers for hotel reservations.
- No currency conversion: A euro account allows you to receive and make payments in euros without constant conversions between currencies.
- Attractive interest rate: With radicant, you receive up to 0.5% interest on your EUR account with no withdrawal restrictions.
What is a euro account and who is it suitable for?
A euro account is a bank account that is held in euros instead of Swiss francs. It is particularly suitable for private individuals with regular financial transactions in the eurozone.
You may find a euro account advantageous if you:
- Regularly purchase goods or services from EU countries
- Often receive credit notes in euros (e.g. salary payments or refunds)
- Receive an income in euros (e.g. as a cross-border commuter)
- Frequently travel to and shop in EU countries
- Own a property in Europe
- Pay bills in the eurozone
- Maintain business relationships with partners in the EU area
What do I need to consider with a euro account?
Before opening a euro account, you should consider a few aspects:
- Account management fees: Some Swiss banks charge monthly fees for euro accounts, but there are also accounts without a basic monthly fee.
- Transfer fees: Pay attention to the fees for SEPA transfers. With some banks, these costs can be considerable.
- Exchange rates: If you transfer money between your CHF and euro account, conversion fees will apply.
- Card fees: Check whether additional fees apply for card payments and cash withdrawals at ATMs in euros.
Euro account Switzerland: private account or savings account?
When deciding on a euro account, you are faced with a choice: should it be a private euro account for daily transactions or a euro savings account for long-term investments? The right choice depends on your individual needs.
Private euro account:
This account variant is suitable for everyday payment transactions in euros. With an EUR private account (often also called a current account) at radicant, you receive your own IBAN and can make SEPA transfers free of charge. The account is perfect if you have regular expenses in EUR. The big advantage with radicant: While other Swiss banks usually charge a monthly fee of CHF 3 to 9 for an EUR account, it is completely free here.
Euro savings account:
If, on the other hand, you want to save larger amounts in euros, a euro savings account could be the better choice. These accounts usually offer higher interest rates than private accounts, but often have restrictions on the availability of the money. With radicant, you benefit from an attractive interest rate of up to 0.5% on your EUR balance - with no withdrawal restrictions. This is a decisive advantage over traditional euro savings accounts, which often require notice periods to be observed or incur penalties if you want to access your money at short notice. In addition, these accounts often incur maintenance fees.
Advantages of a euro account in Switzerland
A euro account in Switzerland offers numerous financial advantages that not only make your everyday life easier, but can also save you money - especially if you are in regular contact with the eurozone.
No more currency conversions in the eurozone
With a euro account, you can receive and make payments in euros without having to convert your money between Swiss francs and euros every time. This not only saves you on conversion fees, which can quickly add up to considerable sums with frequent transactions, but also protects you from unfavourable exchange rate fluctuations. Especially for larger amounts, the difference between a favourable and an unfavourable exchange rate can make a big difference.
Cheaper shopping in the eurozone
Whether you're shopping online with European retailers, making regular purchases in neighbouring countries or going on holiday to Italy - radicant offers you two attractive options: On the one hand, you can make SEPA transfers directly from your EUR account free of charge, without the need for conversions. On the other hand, radicant offers 0% fees on foreign transactions, even in EUR, when paying with your card from your CHF account. Conventional Swiss banks often charge between 1.5% and 2.5% of the turnover in foreign currency fees. In the future, radicant will also offer a virtual EUR card with which you can pay directly from your EUR account, making currency conversions completely unnecessary.
Advantages for professional or personal relocations
If you commute between Switzerland and EU countries for work or have a residence in the eurozone, a euro account simplifies your financial administration considerably. You can receive and pay salaries and bills in euros without having to constantly move money between different accounts. It also makes it easier and cheaper to receive rental income from a property in another EU country or make regular payments to family members living there. The double conversion (first from euros to Swiss francs and then back again) is eliminated.
Efficient processing of SEPA transactions
SEPA (Single Euro Payments Area) transfers enable fast and often free transfers between participating European countries. With a euro account, you can make the most of these advantages in e-banking. While some Swiss banks charge fees of CHF 3-10 for SEPA transfers, radicant offers these transactions free of charge. In addition, SEPA transfers are usually made within one working day, which means considerable time savings for international transactions.
Your advantage for your next holiday: You're spending your holiday with your friends from Belgium and at the end of the trip you want to split the costs, then you can make a payment to their Belgian account easily and free of charge!
Flexibility for incoming salaries and larger transactions
A euro account offers you your own account details for receiving payments in euros - ideal if you receive a salary from German or Austrian employers or are planning larger banking transactions such as property purchases in the eurozone. For larger sums, such as buying a holiday home in Spain or Italy, the savings from avoided exchange rate fees can be enormous. A euro account also considerably simplifies invoicing and payment processing for self-employed persons and freelancers who have customers from the EU.
Avoiding currency risks
By using a euro account, you can minimise your currency risk, especially when making regular payments in euros, holding large euro balances or for investment transactions in the eurozone. For example, if you know that you are going to make a large expenditure in euros in six months' time, you can invest the money in euros now and not be exposed to the risk of the euro exchange rate rising by then. radicant also offers attractive interest rates of up to 0.5% on EUR balances, so that your money works for you during the waiting period instead of losing value through inflation.
Euro account Switzerland: Fees for payment transactions
The fees for euro accounts differ considerably between the various providers in Switzerland. In the following comparison, we show the most important differences:
Conclusion: Open a euro account with radicant
An EUR account with radicant offers you numerous advantages if you are regularly in financial contact with the eurozone. The account comes without account maintenance fees and at the same time offers high interest rates of up to 0.5% on your EUR account. You pay no fees for card payments in foreign currencies and benefit from free travel insurance. The impact-orientated focus of radicant is also particularly attractive.
FAQ
When is a euro account worthwhile?
A euro account is worthwhile if you regularly receive or make payments in euros, such as for purchases in the eurozone or for business relationships with EU partners. You will benefit especially if you travel frequently, work as a cross-border commuter or own property in the eurozone.
Can I pay euros into a Swiss bank account?
Yes, you can pay euros into a Swiss account. The Swiss bank radicant offers an EUR account where you can deposit EUR.
What does a euro account cost?
With radicant, the EUR account is completely free of charge and there are no monthly account management fees. In addition, you benefit from attractive interest rates of up to 0.5% on your EUR balance.
What is a euro account?
A euro account is a bank account that is held in euros instead of Swiss francs and allows you to receive and make payments directly in the European currency. It serves as a practical solution to avoid currency conversions and associated fees, especially for regular transactions with the Eurozone.
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