In the summer of 2024, I learned about the WIR Bank banking package. After using it for a few months, I thought I'd share a summary 😉. WIR Bank: Banking Fees and Reviews
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What is Wir Bank? ?
Wir Bank is not unknown to readers of this blog 😉
Indeed, it is Viac's partner bank. Viac's clients have their money deposited at Wir bank for certain services.
Wir Bank is a Swiss bank originating from Basel. Since 1934.
According to the Wir bank website, the bank focuses on entrepreneurs and the middle class.
Products offered by Wir Bank ?
Wir Bank offers a wide range of banking and financial products. For example:
- Bank accounts
- Investments
- Savings accounts
In this article, I will summarize the only Wir product I am currently using. The Top Banking Package 😉. That is, a current bank account.
Who is the top Wir banking package available for? ?
In principle, you must meet one of the conditions listed on their website to benefit from this bank account: Conditions here.
Fulfilling one of the conditions is not complicated. For example, you simply need to buy a WIR share for around 200 CHF.
However, on the phone, the secretary informed me that Wir Bank is not strict about these conditions as long as the client resides in Switzerland.
How to register and open a top Wir banking package account ?
Regarding registration, opening the account is simple and virtual. Directly from the Smartphone.
In reality, opening a bank account takes about ten minutes and Wir requires few official documents, such as an identity document.
What are the conditions for benefiting from the Wir top banking package?
The administrative requirements for opening an account with Wir are:
- Residing in Switzerland
- Have Swiss nationality or B or C license
- Be at least 18 years old
Banking license from the top Wir banking package ?
Wir is a traditional bank with a banking license that guarantees deposits.
This license protects up to CHF 100,000 of the client in the event of bankruptcy of Wir bank, as with all traditional banks in Switzerland.
Top Wir Bank Package Currencies ?
Wir is a bank account that only has the Swiss franc as currency in the bank balance.
In truth, if other currencies enter or leave the Wir account, the Wir account automatically converts the foreign currency into Swiss francs (or vice versa).
Now let's analyze the commissions of the WIR bank banking package 😉
WIR Bank Commissions
Annual Commissions
Maintenance and bank card fees
| Account maintenance fees (bank management fees) | 0 CHF |
| Bank card fees | 0 CHF |
👉 0 CHF per year to have an open bank account. It is essential in a bank account 👍
Commissions for payment
| Payments in Switzerland | 0 CHF |
| Payments abroad (worldwide) | 0 CHF |
| Exchange rate increase | 0% |
👉 The Wir bank card is commission-free worldwide. No exchange rate mark-up! It's TOP!
👉 C‘It is one of the few Swiss bank cards that allows international payments without fees. 👍
Withdrawal Commissions
| Cash withdrawal in CHF in Switzerland | 0 CHF, but limited to 24 times per year (from the 25th withdrawal = 2 CHF per withdrawal) |
| Withdrawal abroad | 0 CHF, but limited to 24 times per year (from the 25th withdrawal = 2 CHF per withdrawal) |
| Exchange rate surcharge | 0% |
👉 Again, the withdrawal benefits are amazing. Everything is free 👍
The limit is 24 withdrawals per year, in Switzerland and abroad, which is sufficient in most cases.
Transfer commissions
| Bank transfer in Switzerland | 0 CHF |
| Bank transfer in Sepa countries (Europe mainly). For example in Euros or Danish kroner. | 0 CHF |
👉 Bank transfers are without surcharges. In Switzerland as abroad.
To the best of my knowledge, This is the only Swiss bank account that allows free international transfers! Thank you, Wir Bank! 👍
However, it should be noted that transfers are limited to SEPA countries (Europe).
Tip: If you need to send money abroad with your Wir account, you must select OUR. This means that bank fees are charged to Wir, which is free of charge.
Interest rate
| Interest rate | 0 CHF |
This bank account had to have a default 🤔
We found it; it's the 0% annual interest rate. However, it's not a big deal since it's a free account.
Features & Application
| Benefit | |
|---|---|
| Simplicity and practicality of the application | 👍 |
| Cybercrime | 👍 (to my knowledge) |
| Creating sub-accounts | 👎 |
| Sharing multiple accounts | 👎 |
| Payment by bank card | 👍 |
| Paying bills by scan | 👍 |
| Payment during business hours | 👍 |
| Payment by e-bills | 👍 |
| Payment by Twint | 👍 |
| Creation of standing orders | 👍 |
| Free withdrawal from all ATMs in Switzerland | 👍 (24 times a year) |
| Ability to send money abroad (bank transfer) | 👍 (In Europe) |
| Details of commissions when paying or transferring money | 👍 (No need since everything is commission free) |
| Mobile payment | 👍 |
| Account statement and supporting documents | 👍 |
Summary
WIR Bank: Bank Fees and Notices
To conclude, here is my personal opinion on Wir.
| Benefit | My Punctuation out of 10 |
|---|---|
| Security | 9.9 (I remove 0.1 because you never know) |
| Management fees (account maintenance fees) | 10 (free) |
| Bank card fees | 10 (no fees with my WIR card plastic) |
| Payments in Switzerland | 10 (no problem so far) |
| Payments abroad | 10 – free payments – All over the world |
| Simplicity for application | 9.5 – 0.5 points for the inability to create sub-accounts |
| International bank transfers | 9.5 – 0.5 points concern the limitation of transfers only within SEPA countries |
| Cash withdrawal in CHF in Switzerland | 9.5 – 0.5 points concern the fact that withdrawals are free but limited to 24 times |
| Cash withdrawal in Euro in Switzerland or abroad | 9.5 – 0.5 points concern the fact that withdrawals are free but limited to 24 times |
| Interest rates | 7.5 – No interest rates but there are no management fees |
| TOTAL Punctuation | 9.5 / 10 |
➡️ As we can see, Wir Bank is overall very economical and gets an excellent final score.
My opinion
What is incredible about this bank account is that to my knowledge, it is the only account that offers:
- Pay worldwide without commissions
- Withdraw money without commissions anywhere in the world
- Transfer money without commissions throughout Europe (Sep Country)
➡️ Without a doubt, the banking services offered by Wir are excellent! Very difficult to compete with 👍
For a minimalist like me, having a bank card without worrying about fees is perfect.
👉 This is undoubtedly one of the best bank accounts on the market for a frugal person or a minimalist 😉
Points to improve
In my opinion, Wir Bank is close to perfection.
However, here are a few points that Wir bank should improve in my opinion, in order to obtain a 10/10:
- Develop a money sorting system (sub-accounts) so that the client can classify his budget into separate categories.
- While 24 free withdrawals per year is already a good limit, I think 30 withdrawals per year would be perfect!
FAQ – WIR Bank: Reviews, bank fees and Swiss bank account
What is my opinion on WIR Bank?
My opinion of WIR Bank is very positive. The Top WIR banking package allows you to pay abroad without fees, make free SEPA transfers, and benefit from a Swiss bank account with no management fees.
Is WIR Bank a genuine Swiss bank?
Yes. WIR Bank is a Swiss bank founded in 1934 and based in Basel. It holds a Swiss banking license and is subject to the supervision of the Swiss financial authorities.
Are the deposits guaranteed by WIR Bank?
Yes. Like most Swiss banks, WIR Bank protects its clients' deposits up to CHF 100,000 in the event of a bank failure.
What are the bank fees at WIR Bank?
WIR Bank's banking fees are among the lowest on the Swiss market. The Top WIR banking package charges no account maintenance fees, no annual bank card fees, and no fees on foreign payments.
Is the WIR bank account free?
Yes. The WIR bank account is free to open, manage, and receive the bank card. However, there are some limits on the number of free withdrawals.
Can I pay abroad without fees using WIR Bank?
Yes. The Mastercard included in the Top WIR banking package allows you to pay anywhere in the world without additional fees and without exchange rate markups.
Can you withdraw money for free with WIR Bank?
Yes. The first 24 cash withdrawals per year are free in Switzerland and abroad. Beyond this limit, a fee applies.
Are SEPA transfers free with WIR Bank?
Yes. Transfers to SEPA countries are free with the Top WIR banking package, making it a very advantageous solution for Swiss residents.
Does WIR Bank allow sending money abroad?
Yes. WIR Bank allows free transfers within the SEPA zone. For transfers outside Europe, other specialized solutions may be required.
Who can open a WIR bank account?
To open a WIR bank account, you generally need to reside in Switzerland, be at least 18 years old and have Swiss nationality or a B or C permit.
Is WIR Bank better than Neon?
For payments abroad, withdrawals and SEPA transfers, WIR Bank is often more advantageous than Neon thanks to its extremely low fees and the absence of a markup on the exchange rate.
Is the Top WIR banking package suitable for travellers?
Yes. The Top WIR banking package is particularly attractive for travellers thanks to its free international payments and free withdrawals abroad.
Is WIR Bank a good bank for a frugal person?
Yes. Thanks to its low banking fees, free transfers in Europe and commission-free international payments, WIR Bank is one of the best Swiss banks for frugal people and minimalists.
What are the main shortcomings of WIR Bank?
The main areas for improvement are the lack of sub-accounts for budgeting, the 0% interest rate, and the limit of 24 free withdrawals per year. However, this does not affect your card payments.
Why choose WIR Bank in Switzerland?
WIR Bank is an excellent choice for people looking for a Swiss bank with no fees, a high-performing bank card abroad and free European transfers while benefiting from the security of the Swiss banking system.
WIR Bank: Bank Fees and Notices
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About me
I decided to create this blog to develop and help readers who are looking for a simpler and more economical life.
Compared to before, I was a person who consumed a lot until the day I realized that my consumption made me sadder and poorer 😑
Now I prefer the minimum of my needs to be happy and achieve my financial freedom.
Without realizingI started to focus on saving and investing to depend on a boss for as little time as possible and to speed up my personal projects.
For several years I have felt happy and I have become richer in a way that I would never have imagined given that I have an average salary in Switzerland.
It is for this purpose that I decided to create this blog. In order to share and learn with other people who seek freedom and simplicity 😉
Are you rather minimalist or frugal Jonny?
I am as minimalist as I am frugalist. However, there are situations where I lean more towards an art of life.
To conclude, I think the most important thing is to feel comfortable in your lifestyle 😊
WIR Bank: Bank Fees and Notices
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