Seeing as bank charges for transfers abroad/overseas can be rather high, it is recommended that you open a salary account in Switzerland or Liechtenstein. By providing the IBAN number, payments can also be made in the EU area at domestic rates. Please note that when using a Swiss EC card abroad (including in Liechtenstein) an automatic fee is applied.
The three main banks in Liechtenstein are:
VP Bank AG
Tel. +423 235 66 55
LGT Bank AG
Tel. +423 235 11 22
LLB – Liechtensteinische Landesbank AG
Tel. +423 236 88 11
The VPB has an automatic cash dispenser on the Hilti Campus.
As a rule, opening a salary account with a Liechtenstein bank should be relatively easy, but this must be done at the bank branch in Vaduz. As a rule, the banks only require that you present your passport and employment contract. They would appreciate it if you made an appointment.
Salaries are paid into a salary account in CHF. It is possible for your salary to be split and transferred into two accounts. All accounts require specification of the IBAN code. To avoid paying fees incurred for foreign currency transfers abroad, e.g. rental payments, you can open a euro account: CHF are converted at the current rate in euros. Transfers thus take place at the fixed rate. At LGT and Verwaltungs- und Privatbank AG, employees can change euros at the exchange rate.
In addition, it is recommended that you also open an account at your place of residence in Austria, in order to easily transfer all running costs such as rent, electricity and telephone, without incurring any extra charges. It should be noted that in Austria the bank account fees are relatively high. Check with your bank adviser for any package deals.
Here are the major banks in Vorarlberg:
A – 6800 Feldkirch
Bank Austria UniCredit
A – 6800 Feldkirch
+43 50505 31150
EC Cards / Maestro cards (debit cards) / credit cards
In Switzerland and Europe, it is usual for people to have a Maestro card (EC card). You can use it to obtain money from any automated cash dispenser in the world and pay cashless in most shopping malls and gas stations. The corresponding amount of money is debited directly and immediately from the account. For transactions from abroad or at other bank companies, charges are calculated in varying levels.
Mastercard and VISA are the most common credit cards. If you want a credit card from another company, it is best to seek advice directly from your bank. Please note, however, that it is normal for a bank to request that foreigners pay very high amounts of cash or make large deposits, as security for the credit card, before the card is issued.
Employees who own a credit card for business expenses have the possibility to apply for a private credit card at advantageous conditions.
Since card payments are accepted in most places, you are not necessarily dependent on cash. However, there is no guarantee that every small business will accept payment by debit card or credit card. Therefore, it is advisable to carry some cash around with you.
For more information on card misuse, cash withdrawal limits and geoblocking, please contact your bank.
Standing orders/direct debits
Amounts for bills that have to be paid regularly (such as rent, telephone, electricity) can be transferred individually by means of a payment slip. However, it is more practical to set up standing orders via your salary account or to settle the bills by direct debit.
The amounts are then automatically debited from the account on the fixed dates and transferred. Your bank will help you to set this up.
Most banks also offer an Internet banking service that allows you to take care of your banking transactions online.