Bank fees "not unfair" to Swiss abroad
Banks are not discriminating against foreign-based Swiss clients by charging extra fees, according to the price watchdog. Many Swiss living abroad, however, still feel they are getting a rough deal. The price watchdog office investigated several complaints about “unfair” banking fees from Swiss citizens living in other countries, but found that the levies were so varied that clients could shop around to avoid them. A survey of 32 banks found that half did not charge extra fees to overseas clients and that of those that did, the charge varied from SFr48 ($50) to SFr1,200 ($1,250). As this represented ample opportunity for clients to switch banks to avoid extra costs, the watchdog has decided against any action. “There is no evidence to suggest that the costs for people resident abroad was based on any agreement between banks,” price watchdog chief Stefan Meierhans wrote in his judgment. “It is the responsibility of each individual to find their own solution.” The ...