As I know very little about banking - and since the conversion rate is 1.21 approx, and the cap is 1.20, I'm thinking it might be sensible to convert all my CHFs to Euros (except a small amount for living on ) tomorrow morning ... and waiting, in case the government cap at 1.30... and I can then move the money back and make about 8% profit ( - bank charges ) ???
... or am I missing something ?....

bank charges

Ask Mr Hildebrand or his wife. He must know-

I vote no. I think the Euro and the Franc are only going to get weaker.

You may however consider buying Dollars and waiting.

Absolutely true. I cant beleive that he is still there.

and the poor IT guy got fired for whistleblowing

So yes, banks charges:

If you do the transaction the normal way, that the currency rate is 1.21, but your bank conversion rate is likely 1.23/1.24...


Even worse if you consider changing notes, as it would be the "note rate", not the currency rate...


So and when you'll convert again the other way, it won't be 1.30, but likely 1.27/1.28... therefore you would do that for a little 0.03 average...

Not nothing but it would take you looot of money to make a decent profit...

PS: you're far from the 50K or 70K from the BNS's director profits....
What do you expect....

I'm making a bet on this too. Short Swissie and long anything else you can think of. Regarding the banking charges, it would be stupid to do it directly with your bank!

I'm not gonna derail this thread by talking about how you can make these transactions for low spreads again.

@ st2lemans
not sure why the groan, are you the BNS's director

As the guys mention here, your not missing anything, as you know there are bank charges. Also as the poster above mentions, the spread you will get between todays 'floor' and the future one are more narrow then the two SNB floors suggest. There are products that can be purchased instead of the currencies directly, but thats a completely different matter.

Im taking a different tact, and instead purchasing gold here and there where I remove the issue of 'which' currency completely but still allows me to have physical possession of 'something' if I wish. However that has its own risks and rewards and is not suited to everyone.

Do NOT buy GOLD!

Yes it is really a shame, he has lost all credit. Typical of FDP supported leaders, all they have in mind is to get richer, greedy bastards.

As for the IT guy this is not a surprise. Whisteblowing leads to the door, especially in banks. What is needed is swift political action.

Why not?

Because you might force the price up and then _I_ will lose out!

I would like to buy gold but not this time.

According to official figures traders betting that the euro zone's sovereign debt troubles will continue piled up a net $22.7 billion in wagers that the beleaguered euro will decline as of Jan. 3.

That is a big chunk of change