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Bank charges

Looking to lower your bank charges? Here’s what you can do

Follow these five tips to avoid unnecessary bank charges.

Sven Illi

1. Choose the right bank

One of the best things you can do is choose the right provider – opt for a bank that doesn’t charge fees on its personal accounts (savings accounts are usually free of charge), as this can save you up to 100 CHF a year.

As well as offering you free banking, Migros Bank won’t charge you a fee for your debit card or credit card, either.

2. Opt for e-banking every time

Do all your banking digitally. Many banks will charge you a fee for any payment involving a paper form or slip – be it a fixed rate per transaction, such as 1 CHF, or a percentage of the transaction amount; therefore, always use your bank’s e-banking system to pay bills, as there are no additional costs – and you can do your banking any time and anywhere.

3. Digital-only account statements

Always opt for electronic bank statements and credit card bills, as you will be charged printing and postage costs for any paper versions you receive. Choosing to receive electronic bills and statements not only saves you money, it’s also better for the environment.

4. Withdraw cash from your own bank

If you need cash, always try to withdraw it from your own bank’s cash machines, as you won’t normally be charged for this, whereas cash withdrawals from a competitor’s cash machine will almost always incur charges. With an account at Migros Bank, you can withdraw cash free of charge not only from the bank’s own cash machines, but also at the checkouts in Migros and Denner supermarkets – up to 1,000 CHF per transaction per day. And you can even request your preferred denominations.

5. Pay bills via eBill

Have bills sent to you free of charge via eBill, as this digital payment method lets you view bills directly in e-banking and pay them with just a few taps or clicks.

Sven Illi is a customer advisor at Migros Bank.

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