Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation
Reply
 
Thread Tools Display Modes
  #41  
Old 28.05.2013, 18:04
Village Idiot's Avatar
Forum Legend
 
Join Date: Jul 2009
Location: Basel
Posts: 3,341
Groaned at 34 Times in 31 Posts
Thanked 6,246 Times in 1,996 Posts
Village Idiot has a reputation beyond reputeVillage Idiot has a reputation beyond reputeVillage Idiot has a reputation beyond reputeVillage Idiot has a reputation beyond reputeVillage Idiot has a reputation beyond reputeVillage Idiot has a reputation beyond repute
Re: Transferring large sums from Canada?

Quote:
View Post
Look into HSBC as they will have a Canadian and a Swiss branch and they make it easy for you to open both in either country if you have large amounts of money.
Actually, HSBC have a very limited presence in Switzerland -- I bank with them in other countries, and their 'Premier' service is very good for expats, but they have no retail banking presence in Switzerland. They have private wealth management services, but you need quite a lot of zeros in your account balance before they're interested.
Reply With Quote
  #42  
Old 29.05.2013, 06:45
Newbie
 
Join Date: May 2013
Location: Australia
Posts: 9
Groaned at 0 Times in 0 Posts
Thanked 7 Times in 4 Posts
Groovy has no particular reputation at present
Re: Transferring large sums from Canada?

Quote:
View Post
What you're saying is not entirely true. Though IB is probably one of the best comission wise it's not as low as 6 CAD to exchange half a mil CAD.

What you're refering to is the spread cost but the commission is much more.
For CAD500k they charge 15 basis points / pips which would work out at around CAD1k. This is of course much much less than what XE.com and a lot of these retail conersion companies offer which is probably in the hundreds of basis points, so we're talking losing around CAD10k for the privilege!

Source: http://www.interactivebrokers.com/en...mmission&p=fx1
Love_Doctor, good effort but you made a mistake. Down to pure math:

1) basis point on CADCHF = 0.0001 (one pip)
2) traded amount is 500K CAD to be converted to CHF (say it's a total monthly amount)
3) IB formula for this amount is: Commission = 0.20 basis point * Trade Value

Let's calculate then:

Commission = 0.2 * 0.0001 * 500000 = 10 bucks. So the exact amount of commission is 10 (ten) Canadian dollars. I trade higher amounts and my commission falls into lower bracket, hence was my rough estimate of 6 bucks.

Your mistake is '15 basis points'. The correct answer is '0.2 of a basis point'!!
Reply With Quote
This user would like to thank Groovy for this useful post:
  #43  
Old 29.05.2013, 07:53
drmom's Avatar
Forum Veteran
 
Join Date: Apr 2011
Location: Somewhere in SG
Posts: 2,333
Groaned at 13 Times in 13 Posts
Thanked 2,181 Times in 1,045 Posts
drmom has a reputation beyond reputedrmom has a reputation beyond reputedrmom has a reputation beyond reputedrmom has a reputation beyond reputedrmom has a reputation beyond repute
Re: Transferring large sums from Canada?

We first transferred our money into a US dollar account at Credit Suisse which enabled us to pick, as much as possible, the exchange rate on a given day (we did this in 2011 when the $ tanked and CHF soared, I nearly lost it looking at all the paper money that was "lost". I am not sure if they have CAN$ accounts or not?) Also, as we were transferring a large sum, they gave us a better exchange rate than was listed for the day.

Good luck! I think the xe account is the way to go, I had started paperwork to do that for us, but in the end we were able to transfer our money without. I also nearly flew to NY to be present to sign the wire transfer...in the end the delay worked out in our interest as the $ stabilized a little bit, but it was a nerve wracking couple of months...

Last edited by drmom; 29.05.2013 at 07:54. Reason: Typo
Reply With Quote
This user would like to thank drmom for this useful post:
  #44  
Old 30.05.2013, 14:14
The_Love_Doctor's Avatar
Forum Legend
 
Join Date: Aug 2009
Location: Zugerberg, Zug
Posts: 2,756
Groaned at 69 Times in 53 Posts
Thanked 3,057 Times in 1,450 Posts
The_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond repute
Re: Transferring large sums from Canada?

Quote:
View Post
Love_Doctor, good effort but you made a mistake
.......

Your mistake is '15 basis points'. The correct answer is '0.2 of a basis point'!!
You're right, it's so low it just registered as 20 basis points instead of 20% of a basis point! I don't know why I put 15 (which is in actual fact 0.15) as that only applies to amounts between $1mil and $2mil

Very low indeed!

Don't forget though that this type of account is not really meant for one off currency exchanges. It's a trading account and there is an expected minimum amount that needs to be in the account ($10k) and a monthly $10 fee that comes out from any non active acounts.

http://www.interactivebrokers.com/en/index.php?f=4969
Reply With Quote
  #45  
Old 31.05.2013, 02:15
Newbie
 
Join Date: May 2013
Location: Australia
Posts: 9
Groaned at 0 Times in 0 Posts
Thanked 7 Times in 4 Posts
Groovy has no particular reputation at present
Re: Transferring large sums from Canada?

Quote:
View Post
You're right, it's so low it just registered as 20 basis points instead of 20% of a basis point! I don't know why I put 15 (which is in actual fact 0.15) as that only applies to amounts between $1mil and $2mil

Very low indeed!

Don't forget though that this type of account is not really meant for one off currency exchanges. It's a trading account and there is an expected minimum amount that needs to be in the account ($10k) and a monthly $10 fee that comes out from any non active acounts.

http://www.interactivebrokers.com/en/index.php?f=4969
Yes, Love_Doctor, here i concede. They don't want a one-off currency converters, they want long-term semi to profy traders, account advisors, money managers and institutions. After all they didn't cater to retail investors for a long time and even today their minimum of 10K cuts some petty investors off. Still there's nothing that would preclude one doing such a CAD to CHF conversion and then closing an account. All possible.

With a tad bit of interest in the world markets, though, why wouldn't anyone have such an account, though? You can write put options, short ETFs (think of shorting SPY ETF when the Bearded one stops pumping liquidity from his helicopter and S&P starts retrenching), do all sort of forex, deposit in one currency and withdraw in another while converting at interbank rates, create trading chains (iron condor, butterflies and other derivatives), for the IT savvy even program a robot and connect via API (i test and run live strategies there), trade futures contracts of all sorts. My point is one would never need any kind of financial broker any more with such powerful tools at your disposal. Of course, it's a very steep learning curve at the beginning. But once you're converted you get such a power and control...
Reply With Quote
This user would like to thank Groovy for this useful post:
  #46  
Old 31.05.2013, 07:17
Forum Legend
 
Join Date: May 2007
Location: AG
Posts: 5,401
Groaned at 149 Times in 107 Posts
Thanked 6,119 Times in 2,897 Posts
Mrs. Doolittle has a reputation beyond reputeMrs. Doolittle has a reputation beyond reputeMrs. Doolittle has a reputation beyond reputeMrs. Doolittle has a reputation beyond reputeMrs. Doolittle has a reputation beyond reputeMrs. Doolittle has a reputation beyond repute
Re: Transferring large sums from Canada?

Traveller's Cheques in Swiss francs will be treated like cash at a bank here.

This is a far better option than bringing cash or carrying a bank draft.
Reply With Quote
  #47  
Old 02.06.2013, 21:34
Newbie 1st class
 
Join Date: Apr 2013
Location: zrh
Posts: 16
Groaned at 1 Time in 1 Post
Thanked 13 Times in 6 Posts
andrew22013 has earned some respectandrew22013 has earned some respect
Re: Transferring large sums from Canada?

bankof montreal has a form that takes a few seconds to fill out that allows one to give verbal instructions over the phone to initiate an international wire.
their fee for international wires (large amounts) is 125.00 plus communication fees. communication fees with a large swiss bank should be zero.
Reply With Quote
  #48  
Old 11.06.2013, 17:54
Junior Member
 
Join Date: May 2008
Location: Carouge, Switzerland
Posts: 52
Groaned at 12 Times in 5 Posts
Thanked 15 Times in 12 Posts
nickg_44 has become a little unpopular
Re: Transferring large sums from Canada?

Quote:
View Post
Looked around the forum but can't find answers to this:
We are having an incredibly difficult time figuring out how to transfer our life savings and future pension payments to Switzerland. We are making a permanent move, and will need the money to start our new life there. Apparently Canadian banks have made changes recently due to bank fraud, and now I would have to be physically present to sign an order for a wire transfer, it cannot be done through online banking or by phone or e-mail. Problem is, we won't have a Swiss account until we are physically present in Switzerland (because Swiss banks have also clamped down and making it incredibly difficult to open an account from here).
The staff at our local bank have never dealt with an overseas move before and are not very knowledgable
So my question is, has anyone used a service like Canadianforex, and is this safe and easy to do from Switzerland using my online banking from my Canadian bank?
Also, as another option can I write myself a personal cheque when I get there, and will the bank in Switzerland be able to cash this (I realize they will likely put a hold on it and it might take a week or two, that is fine).
I have sent you a private message.
Reply With Quote
  #49  
Old 11.06.2013, 18:07
Assassin's Avatar
Forum Legend
 
Join Date: Mar 2010
Location: Chasing clouds
Posts: 4,029
Groaned at 180 Times in 123 Posts
Thanked 11,496 Times in 3,132 Posts
Assassin has a reputation beyond reputeAssassin has a reputation beyond reputeAssassin has a reputation beyond reputeAssassin has a reputation beyond reputeAssassin has a reputation beyond reputeAssassin has a reputation beyond repute
Re: Transferring large sums from Canada?

I've given this subject a lot of thought and have come to the conclusion that a covert operation including condoms stuffed with dollar bills, a seal with an expensive habit and a good westerly Gulfstream should allow you to collect your money after the Transatlantic crossing from somewhere along the coast along the Bay of Biscay. I'm sure there's an App for this .... iFindSeal

Probably.
Reply With Quote
  #50  
Old 11.06.2013, 18:16
cannut's Avatar
Forum Legend
 
Join Date: Jul 2008
Location: canada
Posts: 6,445
Groaned at 175 Times in 135 Posts
Thanked 5,514 Times in 3,042 Posts
cannut has a reputation beyond reputecannut has a reputation beyond reputecannut has a reputation beyond reputecannut has a reputation beyond reputecannut has a reputation beyond reputecannut has a reputation beyond repute
Re: Transferring large sums from Canada?

Quote:
View Post
I've given this subject a lot of thought and have come to the conclusion that a covert operation including condoms stuffed with dollar bills, a seal with an expensive habit and a good westerly Gulfstream should allow you to collect your money after the Transatlantic crossing from somewhere along the coast along the Bay of Biscay. I'm sure there's an App for this .... iFindSeal

Probably.
well Assassin ! I think you are thinking to much
Reply With Quote
  #51  
Old 11.06.2013, 18:21
cannut's Avatar
Forum Legend
 
Join Date: Jul 2008
Location: canada
Posts: 6,445
Groaned at 175 Times in 135 Posts
Thanked 5,514 Times in 3,042 Posts
cannut has a reputation beyond reputecannut has a reputation beyond reputecannut has a reputation beyond reputecannut has a reputation beyond reputecannut has a reputation beyond reputecannut has a reputation beyond repute
Re: Transferring large sums from Canada?

Quote:
View Post
This entire post makes me wonder what century the banks in Canada are in! A number of years ago transferred a decent sum not millions but enough that mattered from a standard bank in Australia to a Kantonal bank here via bank transfer with a few days involved. Fee paid was 50AUD and all done by a phone call and a fax of signatures to the relevant person in the bank n australia.

This post makes me think that you are dealing with banks from the prehistoric era or is it just that australian banks are so much more advanced as international transfers is something these banks do daily
banks here are just fine the problem is EF
Reply With Quote
  #52  
Old 24.06.2014, 08:36
Newbie 1st class
 
Join Date: Dec 2010
Location: Langnau iE
Posts: 17
Groaned at 0 Times in 0 Posts
Thanked 7 Times in 3 Posts
gdub has no particular reputation at present
Re: Transferring large sums from Canada?

Quote:
View Post
bankof montreal has a form that takes a few seconds to fill out that allows one to give verbal instructions over the phone to initiate an international wire.
their fee for international wires (large amounts) is 125.00 plus communication fees. communication fees with a large swiss bank should be zero.
I'm resurrecting an old thread since the prospect of stuffing loonies into condoms doesn't seem like a workable idea to me.
Did this process work well for you? We need to transfer some money to start with before our jobs start. For deposits, rent, furniture, that sort of thing.
Reply With Quote
  #53  
Old 15.08.2015, 07:36
Forum Veteran
 
Join Date: Dec 2005
Location: ZH
Posts: 1,181
Groaned at 15 Times in 13 Posts
Thanked 76 Times in 71 Posts
danny has earned some respectdanny has earned some respect
Re: Transferring large sums from Canada?

Quote:
View Post
The answer is that it was easier before 9/11. Banks have stricter rules to follow as a result of statutes such as the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Correct. In fact as of 2015 Canadian banks are expected to report any incoming and outgoing wire transfers of 10k or more to the tax authorities in Canada.
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Transferring Shares from Swissquote to Postfinance Ashish Finance/banking/taxation 4 17.01.2016 09:44
transferring funds from one itunes to another? irish_marmot TV/internet/telephone 3 18.10.2011 09:45
Transferring money from/to UK AbFab Finance/banking/taxation 3 10.07.2011 23:06
Transferring hospital care from CH to UK JC1 Family matters/health 1 17.10.2010 14:59
Transferring Money from AUS? chardie18 Finance/banking/taxation 4 24.02.2009 20:34


All times are GMT +2. The time now is 22:01.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2016, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0