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Old 30.04.2012, 19:35
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How to transfer and exchange Swiss Franc to GBP?

Hi there,
I need to send more than 10K British pound (GBP) to UK through banks. It is not for travelling purpose. What I have are Swiss franc (CHF) and USD.
Ca anybody tell me what is the best way and how to exchange CHF (or USD) into GBP? I want to have an idea of a fee for such transfer, the rate of exchange, etc.
Considering the value, I think it is better to exchange CHF into GBP compared to exchange USD to GBP. Right?
Thanks.
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Old 30.04.2012, 19:39
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Re: How to transfer and exchange Swiss Franc to GBP?

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Hi there,
I need to send more than 10K British pound (GBP) to UK through banks. It is not for travelling purpose. What I have are Swiss franc (CHF) and USD.
Ca anybody tell me what is the best way and how to exchange CHF (or USD) into GBP? I want to have an idea of a fee for such transfer, the rate of exchange, etc.
Considering the value, I think it is better to exchange CHF into GBP compared to exchange USD to GBP. Right?
Thanks.
The bigger the transfer the better the rates, USD/GBP should be competitive as they are far bigger currancies than CHF.

Ask you bank for a quote, then look at currency dealers.
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Old 30.04.2012, 20:24
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Re: How to transfer and exchange Swiss Franc to GBP?

I use FX Global Transfer (the service from oanda.com). You can see the rate live when you want to trade, the fees are very small (15USD) and the rates are much better than you will get with a bank.

You can see the current rate here:
http://fxglobaltransfer.oanda.com/

The downside is you have to set up an account which will take a few days and requires the usual identity checks.

If you do a search on here you will find several discussions on the same topic.
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Old 30.04.2012, 22:46
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Re: How to transfer and exchange Swiss Franc to GBP?

Thanks a lot.
Is FX better than XE? I searched old posts and saw some people mentioned XE.

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I use FX Global Transfer (the service from oanda.com). You can see the rate live when you want to trade, the fees are very small (15USD) and the rates are much better than you will get with a bank.

You can see the current rate here:
http://fxglobaltransfer.oanda.com/

The downside is you have to set up an account which will take a few days and requires the usual identity checks.

If you do a search on here you will find several discussions on the same topic.
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Old 30.04.2012, 22:51
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Re: How to transfer and exchange Swiss Franc to GBP?

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Thanks a lot.
Is FX better than XE? I searched old posts and saw some people mentioned XE.
I actually originally set up accounts with both, but found FX Global Transfer slightly simpler to use (this was a couple of years ago though so it could have changed). In any case, they are competing services so I expect will be fairly similar in terms of rates and fees, which is the main point...
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Old 30.04.2012, 22:57
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Re: How to transfer and exchange Swiss Franc to GBP?

I see. Thanks!

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I actually originally set up accounts with both, but found FX Global Transfer slightly simpler to use (this was a couple of years ago though so it could have changed). In any case, they are competing services so I expect will be fairly similar in terms of rates and fees, which is the main point...
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Old 30.04.2012, 23:15
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Re: How to transfer and exchange Swiss Franc to GBP?

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Hi there,
I need to send more than 10K British pound (GBP) to UK through banks. It is not for travelling purpose. What I have are Swiss franc (CHF) and USD.
Ca anybody tell me what is the best way and how to exchange CHF (or USD) into GBP? I want to have an idea of a fee for such transfer, the rate of exchange, etc.
Considering the value, I think it is better to exchange CHF into GBP compared to exchange USD to GBP. Right?
Thanks.
I´ve found swissquote to be pretty competitive. They have an FX sell rate close to XE mid-rates with a flat fee of 15 GBP/USD/EUR/CHF for transfers (depending on the transfer currency).

I use them regularly for money transfers to the UK
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Old 01.05.2012, 00:11
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Re: How to transfer and exchange Swiss Franc to GBP?

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I´ve found swissquote to be pretty competitive. They have an FX sell rate close to XE mid-rates with a flat fee of 15 GBP/USD/EUR/CHF for transfers (depending on the transfer currency).

I use them regularly for money transfers to the UK

Thank you. I just set up a FX account. Maybe I need to try a swissquote account?
How long does it take to set up an account? Do they also ask to provide personal identification documents?
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Old 04.05.2012, 00:29
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Re: How to transfer and exchange Swiss Franc to GBP?

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Thank you. I just set up a FX account. Maybe I need to try a swissquote account?
How long does it take to set up an account? Do they also ask to provide personal identification documents?
If my memory serves me right it took about a week to set up my first Swissquote account.
In your set-up pack they include a form you can use at any post office to verify your identity
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Old 04.05.2012, 00:41
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Re: How to transfer and exchange Swiss Franc to GBP?

Just in case anyone is interested for future reference as I see you have already set up an account with FX.

I used to pay off my UK mortgage semi regularly through UBS and was charged CHF 20. I looked at the exchange rate and believe it was reasonable. It was a while back though. Im not a massive fan of UBS anymore but they do do international payments very well and also the support when you need to get IBANs, Swift codes etc.
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Old 04.05.2012, 11:37
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Re: How to transfer and exchange Swiss Franc to GBP?

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If my memory serves me right it took about a week to set up my first Swissquote account.
In your set-up pack they include a form you can use at any post office to verify your identity
Thank you.

I have a further question regarding the safety of online money transfer.
I've set up a FX account and got approved. I believe I can make the transfer in UBS ebanking (using their IBAN number) to FX. Is the online transfer very safe?
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Old 04.05.2012, 11:38
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Re: How to transfer and exchange Swiss Franc to GBP?

Thank you for sharing this info.

Should I go to UBS for transferring money or I can do that by internet?

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Just in case anyone is interested for future reference as I see you have already set up an account with FX.

I used to pay off my UK mortgage semi regularly through UBS and was charged CHF 20. I looked at the exchange rate and believe it was reasonable. It was a while back though. Im not a massive fan of UBS anymore but they do do international payments very well and also the support when you need to get IBANs, Swift codes etc.
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Old 04.05.2012, 12:26
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Re: How to transfer and exchange Swiss Franc to GBP?

Yes it should be as safe as any other inter-bank transfer or payment.

If you want to try UBS, just ask what rate they offer for the transfer and then compare with the live rate on your FX account - I am pretty sure the rates will be significantly worse with UBS...
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Old 04.05.2012, 13:28
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Re: How to transfer and exchange Swiss Franc to GBP?

Time and time again, people fail to mention the spreads being charged!

These online FX brokers are not that much better than your bank. For big amounts I recommend really doing your research with specialised FX brokers who charge as little as 50 pips and no commission!

Also try and avoid banks as much as possible, never pay more than what you have to, I mean look at the rates here (Zuger Kantonal Bank), it's rediculous! GBP/CHF 1.4125 @ 1.5625! That's an oceean in spread for a bank! The spread is 10% That means the bank takes 5% fee from whatever money you transfer!!! e.g: CHF1000.- exchanged at 1.5625 would give you £640, if you exchange at the implied mid (1.4875) you get £672.26, that means the bank charged you £32.27 for every CH1000.- transfered, you do the maths!

The best for retail customers in Switzerland is Swissquote from my experience.

The other broker I used is www.currencies.co.uk
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Old 04.05.2012, 13:51
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Re: How to transfer and exchange Swiss Franc to GBP?

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Time and time again, people fail to mention the spreads being charged!

These online FX brokers are not that much better than your bank. For big amounts I recommend really doing your research with specialised FX brokers who charge as little as 50 pips and no commission!

Also try and avoid banks as much as possible, never pay more than what you have to, I mean look at the rates here (Zuger Kantonal Bank), it's rediculous! GBP/CHF 1.4125 @ 1.5625! That's an oceean in spread for a bank! The spread is 10% That means the bank takes 5% fee from whatever money you transfer!!! e.g: CHF1000.- exchanged at 1.5625 would give you £640, if you exchange at the implied mid (1.4875) you get £672.26, that means the bank charged you £32.27 for every CH1000.- transfered, you do the maths!

The best for retail customers in Switzerland is Swissquote from my experience.

The other broker I used is www.currencies.co.uk
Can you compare your broker with the spreads quoted by FX Global Transfer here?
http://fxtrade.oanda.com/why/spreads/live

I am no FX expert...
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Old 11.05.2012, 17:35
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Re: How to transfer and exchange Swiss Franc to GBP?

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Just in case anyone is interested for future reference as I see you have already set up an account with FX.

I used to pay off my UK mortgage semi regularly through UBS and was charged CHF 20. I looked at the exchange rate and believe it was reasonable. It was a while back though. Im not a massive fan of UBS anymore but they do do international payments very well and also the support when you need to get IBANs, Swift codes etc.
I'm with Credit Suisse and once I'd entered in the details of an accoutn in the UK and an account in France, I could transfer easily via onlien banking and - will double-check this - without paying any additional fees. As for the exchange rate though, really do not remember...

Anyway, Oanda I've been using for years to check exchange rates so will look into their FX thi ngie, will also check out Swissquote. Actually I remember that a relative went through a currency dealer when moving GBP to EUR; don't think I will do the sort of transfers where that is worthwhile though...
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Old 11.05.2012, 17:39
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Re: How to transfer and exchange Swiss Franc to GBP?

the easiest ways are:

1. do it via your bank at the bank shop

or

2. do it via ebanking
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Old 11.05.2012, 18:05
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Re: How to transfer and exchange Swiss Franc to GBP?

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the easiest and most expensive ways are:

1. do it via your bank at the bank shop

or

2. do it via ebanking
Fixed that for you
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Old 18.05.2015, 17:15
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Re: How to transfer and exchange Swiss Franc to GBP?

If I send CHF from my UBS account to a UK Barclays account in CHF do I pay extra fees?

The currency is the same but it's from Switzerland to the UK.

I am looking for the best way to setup a monthly payment to my UK account as I want to have some GBP.

I found TheFXFirm, used it before and spreads are really good with no fees.
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Old 18.05.2015, 18:09
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Re: How to transfer and exchange Swiss Franc to GBP?

It depends how you do it - if you specify sending GBP, UBS will charge you an international transfer fee and give you a poor FX rate.

If you send CHF, they'll charge you the international fee and Barclays will give you a poor interest rate at best, or refuse to take CHF, or charge a fee for foreign currency receipt.

I'd recommend using xe.com, although it depends on the amount / frequency as to whether it's worth setting up.
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