Trump Policies Amplify Banking Headaches Of Swiss Abroad

(MENAFN- Swissinfo) PostFinance is shutting down accounts of Swiss citizens in Cuba. This is just one example of the banking challenges confronted by the Swiss Abroad. The tightened restrictions on overseas accounts are also linked to the policies of US President Donald Trump. This content was published on April 14, 2025 - 09:00 8 minutes

In my work, I focus on topics that are relevant to Swiss citizens abroad – from political developments in Switzerland and their impact on the diaspora to social, economic, and cultural issues. Before joining SWI swissinfo, I worked as a local journalist for the Aargauer Zeitung. I hold a Bachelor's degree in Multilingual Communication and, as is typically Swiss, completed an apprenticeship as a commercial employee.

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“We are forced to terminate our business relationship with you and close the associated accounts and services,” reads a letter to Sandra S., a Swiss citizen living in Cuba, from PostFinance, the financial services arm of the Swiss post office.

The letter further states that she had two weeks to find a new bank. When Sandra S. tried to withdraw money, her account was already locked. Finding a new bank from abroad within such a short period of time is impossible, Swiss public television SRFExternal link reports.

Choosing the right bank account has long been a concern for Swiss expats. Which bank is suitable for the Swiss Abroad? Under what conditions can they maintain an account, and how much does it cost?

PostFinance is currently closing the accounts of a Swiss citizens living in Cuba within two weeks. According to SRFExternal link , this is the bank's reaction to tightened US sanctions and threats from US President Donald Trump.

Swiss expats pay higher fees at Swiss banks than citizens living in Switzerland. Find an overview of prices here:

More More Five things to know about your Swiss bank account before emigrating

This content was published on Dec 23, 2024 Swiss Abroad frequently pay significantly higher fees at Swiss banks than their compatriots in Switzerland. You can find an overview of prices here.

Read more: Five things to know about your Swiss bank account before emigratin

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