The review of the PostFinance Bank has been done by the experts, in the following information, PostFinance won the first place rating.
PostFinance Bank Review 2021 – Pros & Cons: PostFinance Bank Review 2021 – Pros & Cons: Pro’s: 1. Good savings and current account rates 2. Offer online banking 3. 80+ ATMs nationwide 4. Online and mobile banking 5. Clearing account and debit card 6. Cash-back and bonus deals Cons: 1. Limited product range 2. No overdraft facility 3. No cash-back bonus 4. Mobile banking is restricted to a few banks It is quite a small bank, but it is also a good option for people who can understand Swedish. The main problem with PostFinance Bank is that they have limited product range. They do
PostFinance Bank Review 2021 – Pros & Cons The PostFinance bank, is a German-based bank which is considered to be one of the best bank to invest in and to obtain credit to finance a new business. The bank offers a wide range of services including personal loans, mortgages, investments, life insurance, pensions, and more. It has a current market capitalization of $2.9 billion
(Disclosure: some of the links below may be affiliate links).
PostFinance is a bank owned by the Swiss Post. It is one of the largest banks in Switzerland. But is he really that good?
I will answer this question in this article. I will take a closer look at PostFinance’s banking services and show the advantages and disadvantages of this bank. They have recently made many changes to their banking programs and the way they handle negative interest rates. All these changes will be included in my report.
At the end of the article, you will know whether you should use PostFinance or not.
PostFinance is the financial arm of Swiss Post. It was founded in 1906, so it is a very mature bank. By 2021, it will be the fifth largest retail bank in the country. In 2020, the bank managed assets of CHF 123 billion and had approximately 4.2 million customers. It is interesting to note that the bank has been losing customers for several years. In 2011 it had 4.2 million customers and in 2016 it peaked at nearly 5 million.
PostFinance offers many services:
- Savings and current accounts
- Disinherited benefits and third-pillar accounts
- Investment funds
In this article, we will only focus on PostFinance’s banking services and not its other functions.
PostFinance is not currently authorized to grant mortgages and loans. Instead, they only offer mortgages through third parties. However, in 2021, the Federal Council announced that it was considering privatizing PostFinance to gain access to the credit market. So the lack of a mortgage may change in the future.
I myself used PostFinance for many years until they introduced new rates in 2018, after which I switched to Migros Bank. So far my experience with them has been very positive.
Characteristics of banking transactions
Let’s take a look at the options PostFinance offers for bank accounts.
You can access your account through the web-based telebanking app or one of the mobile apps on Android or iPhone. And since PostFinance is a traditional bank, you can also carry out transactions at its branches. From the app, you can do everything you expect from a bank account:
- View your account balance and transactions
- Pay your bills.
- transfer money to other accounts
- Paying bills electronically
From July 2021, PostFinance will offer new banking packages and migrate existing customers to these packages. Therefore, we will focus on these banking packages in this article. There are two banking packages:
The features of these two packages are the same, but the charges for the services are different, as we will see in the next section.
With the banking package you get a personal account in Swiss francs or euros. Unlike most banks, you will receive a special card, the PostFinance Card. You can use this card at all ATMs and in many shops. But it’s not MasterCard, Visa or even Maestro. Therefore, it is often difficult to use on the Internet. With the package you also get a savings account.
You can also use PostFinance with Google Pay and Apple Pay if you want to pay with your phone! You can also use PostFinance with TWINT. This way you don’t even need a physical card to make purchases!
Overall, PostFinance offers more than enough features for your banking needs.
Now let’s look at the commissions for bank packages.
You can perform basic operations for free:
- Send money to and from your account
- Pay your bills.
- Paying bills electronically
- Pay with your card in shops that accept the PostFinance card.
If you want to withdraw money, you can do so for free at any PostFinance ATM (or at PostFinance branches). If you withdraw money from another ATM, you must pay CHF 2 per withdrawal and CHF 5 if you withdraw money from abroad.
If you need paper documents, you pay 5 CHF. Although I haven’t used paper documents for years, I find them too expensive.
In addition, for each of the packages you will pay a fee for the maintenance of your account:
- Smart costs 5 CHF per month
- SmartPlus will cost 12 CHF per month
SmartPlus has only two real advantages over Smart:
- You can withdraw money free of charge from any ATM in Switzerland.
- You can withdraw money abroad for free
You will also receive a CHF 50 discount on PostFinance credit cards. However, this is not an advantage as there are better and free credit cards out there.
In general : If you don’t withdraw much money from other ATMs, there’s no point in a SmartPlus account. In fact, I would say that the SmartPlus package makes no sense. Paying 7 CHF extra per month just to be able to withdraw money for free is a colossal scam. I don’t understand their banking packages. I would not recommend the SmartPlus package under any circumstances. It’s too expensive for its value.
CHF 5 per month is a relatively low price for a smart banking package. However, there are cheaper and free bank accounts in Switzerland, which also have other advantages!
There is a way to cut costs: Deposit your money with PostFinance. For example, if you have invested CHF 25,000 in PostFinance (e-commerce, funds or third-party components), you will receive CHF 5 per month in your account. So the Smart account will be free and SmartPlus will cost CHF 7 per month.
The problem with this approach is that PostFinance’s products are expensive and suboptimal. I would not recommend investing in any of their products. So investing in PostFinance costs you more than you save in commissions. I’d rather pay 5 francs a month to PostFinance than invest 25,000 of my wealth in it. PostFinance’s e-commerce offerings aren’t so bad, though. So investing in ETFs with PostFinance is not a problem. But I wouldn’t recommend their funds.
If you have more than CHF 100,000 in your account, you also pay a negative interest rate of 0.75% on the amount above the threshold. If you have a lot of money invested in PostFinance assets, the threshold may be higher. While it’s not great, most people shouldn’t have that much money in their PostFinance account. Having that much money probably means investing some of it or diversifying between different banks.
Overall, the costs are not catastrophic (there are more expensive banks in Switzerland), but they are not extraordinary either. In fact, there are much cheaper banks that offer better services (no currency conversion fees, for example!).
We need to see what other users think of PostFinance.
Let’s start with the reviews of Postfinance on TrustPilot. At the time of writing, there are 230 reviews with a terrible average rating of 1.2 (out of 5 stars). This is the worst rating I have ever seen on TrustPilot for a bank. People complain about almost every aspect of PostFinance:
- Continuous introduction of new tariffs without new features
- It is very difficult to reach the helpdesk
- The new app (introduced in 2020) is worse than the old one, with no benefits.
- Slow transactions
And if you look at the positive reviews, out of 9 reviews, there are four 5-star reviews from the same person. This is not a good sign.
If you look at the app’s reviews on Google Play, they’re not much better. There are nearly 20,000 reviews, and the average rating is 1.7 (out of 5 stars). Many critics complain that the new application is significantly worse than the previous one. There are a few other reviewers who say they are happy with the new model, but overall the reviews are terrible.
And the app reviews in the App Store aren’t much better. The app received a rating of 2.2 (out of 5 stars) with 6,660 reviews. The reviews are the same as on the Android site, with slightly more positive reviews (or maybe more nuanced reviews).
All in all, it can easily be said that PostFinance currently has a bad reputation among customers. I see a difference in reputation compared to 5-10 years ago when everyone was happy with PostFinance. Then the situation worsened: higher costs, poor communication and reduced functionality.
The security of using PostFinance as a bank account should also be considered.
Until October 2017, PostFinance had a special state guarantee for its customers. This State guarantee protects the assets indefinitely. Many cantonal banks in Switzerland enjoy the same protection. However, this state guarantee has been lifted and PostFinance is now under the protection of Esisuisse, like most Swiss banks. In the event of bankruptcy, the client’s assets are protected up to an amount of CHF 100,000.
However, since Esisuisse has a limit of CHF 6 billion and PostFinance has more than four million customers, the guarantee will only average CHF 1,500 per customer. This is a disadvantage of Esisuisse, as the big banks are less protected than the small ones.
However, PostFinance currently has an excellent credit rating and is in good financial health.
PostFinance maintains high safety standards with regard to technical security. You are using multiple verification factors. They also provide good safety information on their website, which is always a good sign.
In general, I would say that it is wise to hold your assets in PostFinance at this time.
Disadvantages of post-funding
Let’s recap PostFinance’s shortcomings:
- Expensive bank accounts
- Trying to get you to invest in suboptimal products
- Very bad reputation among customers
- Expensive currency conversions
- Negative interest rate for amounts exceeding CHF 100,000
- Limited protection for banks in the event of bankruptcy
- The roseFinance is not the most practical card
- The SmartPlus banking package makes no sense
- Non-standard card (Mastercard or Visa is preferred)
After financing benefits
Let’s take a look at the benefits of PostFinance:
- Different applications to access your account (mobile and web application)
- Good technical security
- TWINT support
- Support for electronic invoices
Overall, I don’t think has a significant advantage over PostFinance. The smart banking package is not particularly expensive, but there are cheaper alternatives. You can reduce your commissions by using their investment products, but there are much better alternatives, so you should not do that.
For example, if you need a truly digital bank account, I recommend Neon instead of PostFinance. With Neon, you get a free bank account, free money exchanges abroad and cheap money transfers. And you have a real Mastercard instead of a non-standard card. With the exception of the 30K daily limit, I only see the benefits of Neon. If you want more information, I offer a review of Neon.
Or if you are looking for a traditional bank, I recommend Migros Bank over PostFinance. At Migros Bank, you only pay CHF 3 per month, and if your account contains more than CHF 7,500, the fee for maintaining the account is waived. Moreover, you have the same functions as at PostFinance. This way you get the same thing, but cheaper. Again, I have a review of Migros Bank if you would like more information.
What about you? What do you think of PostFinance?
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