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Old 27.02.2015, 15:17
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Transferring GBP to a Swiss Account in GBP and not CHF

Whilst trying to find an answer to my problem I came across this forum. I have a business located in the UK. For many years now I have been renting equipment from a Swiss company. The company has an office in the UK but this office is not a company in its own right it is part of the Swiss company. Up until now this Swiss company has always owned a UK bank account and I have been paying my £300 per month rental by standing order.
I have recently been informed by the company in Switzerland that due to regulations imposed by the FCA in the UK they are now unable to find a UK bank that will provide them with UK banking facilities.
Their only solution at the moment is for me to pay my rent to the Swiss Sterling account in sterling. There are many online money transfer companies such as Transferwise.com that offer very cheap method of transferring money. I have been quoted £1.47 for my monthly £300 but the problem is that the Swiss company has ongoing expenses in the UK such as salaries, VAT etc and they will now need to pay these from the Swiss sterling account. They need my payment in sterling.
The only method I can find to do make sterling transfers to a Swiss sterling account is through my bank (RBS) who will charge me £20 per transaction. I have spoken to other users of this equipment and they are all in the same position that I am (except for one HSBC account holder who is only paying £6.00
So my question is – does anybody know of a cheaper method of transferring sterling from the UK to a Sterling Swiss account?? Thanks in advance for taking the time to read this.
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Old 27.02.2015, 15:29
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Re: Transferring GBP to a Swiss Account in GBP and not CHF

You can use SWIFT in EUR where there will be no fixed fees at all. You may need to transfer a bit extra because of the double currency exchange (but that should not be more than 1-2%).
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Old 27.02.2015, 15:56
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Re: Transferring GBP to a Swiss Account in GBP and not CHF

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... the problem is that the Swiss company has ongoing expenses in the UK such as salaries, VAT etc and they will now need to pay these from the Swiss sterling account. They need my payment in sterling.
Frankly, I'm not sure I'd deal with a business that makes me jump through hoops to pay them. If they need to make sterling-denominated payments but can't get a UK bank account, they should accept that they will have to cover the FX fees on their end as a cost of doing business.

Why not post them a GBP cheque?
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Old 27.02.2015, 17:39
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Re: Transferring GBP to a Swiss Account in GBP and not CHF

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So my question is – does anybody know of a cheaper method of transferring sterling from the UK to a Sterling Swiss account?? Thanks in advance for taking the time to read this.
What does the equipment lease say?

The inability of the equipment lessor to maintain an account -- something wildly improbable or else easy to work around. Hey, they can register a company for £15 http://www.thecompanywarehouse.co.uk...pany-formation and get help doing it for free or for £30 http://www.thecompanywarehouse.co.uk...pany-formation (OK, there are annual charges and accountants' fees, but that's not your problem either.)

Aside from that: PayPal is your friend! https://www.paypal.com/uk/webapps/mpp/home
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Old 27.02.2015, 17:57
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Re: Transferring GBP to a Swiss Account in GBP and not CHF

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What does the equipment lease say?

The inability of the equipment lessor to maintain an account -- something wildly improbable or else easy to work around. Hey, they can register a company for £15 http://www.thecompanywarehouse.co.uk...pany-formation and get help doing it for free or for £30 http://www.thecompanywarehouse.co.uk...pany-formation (OK, there are annual charges and accountants' fees, but that's not your problem either.)

Aside from that: PayPal is your friend! https://www.paypal.com/uk/webapps/mpp/home
Running a UK company is not free.......you need to provide accounts etc.
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Old 27.02.2015, 18:42
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Re: Transferring GBP to a Swiss Account in GBP and not CHF

Hi, Thanks everyone for taking time out to look at this. The contract I have Is with a Swiss company that has manufactured and owns the equipment I rent. It states that payments are to be made in sterling which has not been a problem in all the years I've been renting as there has always been a UK account.
I have a friend who works for one of the large UK banks. He has had a look into this for me and apparently none of the UK banks are prepared to offer bank account facilities for international companies any more due to the FCA regulations. That is unless they have a multi million turnover of course!!
I'll look at the Paypal route but again I think they would end up with the funds in CHF. Chequebook?? I haven't had one of those in years - I can look into that as well


Thanks again
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Old 27.02.2015, 23:03
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Re: Transferring GBP to a Swiss Account in GBP and not CHF

Do they have someone on the ground who can collect in cash? If so do that and get receipts.

Otherwise, the cooperative approach would be for them to accept a CHF transfer coming in via Transferwise, as this costs only 1.47 GBP. Ask them again about this. Even if they have expenses in GBP, going out again via Transferwise only costs them another 1.47 GBP, so the total cost is a fraction of a foreign GBP tx from your bank.

If they won't cooperate on this, you have the upper hand, unless they can remotely disable the equipment. Whatever remote hands they have to enforce the contract could also be used to collect the cash from you, bringing us back to the earlier option. If they don't have remote hands, what are they going to do?

Basically they would be silly not to accept the Transferwise CHF option.

This has made me wonder if Transferwise, or similar services, can be used within the same currency but between countries, to save on silly wire fees?
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Old 28.02.2015, 00:07
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Re: Transferring GBP to a Swiss Account in GBP and not CHF

Maybe make the payments less frequently ie every 6 or 12 months, to ease the pain of the transfer charges.
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Old 28.02.2015, 07:46
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Re: Transferring GBP to a Swiss Account in GBP and not CHF

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This has made me wonder if Transferwise, or similar services, can be used within the same currency but between countries, to save on silly wire fees?
According to this page, they only send/receive GBP within UK.
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Old 28.02.2015, 09:11
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Re: Transferring GBP to a Swiss Account in GBP and not CHF

Cost of doing business ?

Make less transfers, say 1 every quarter and pay RBS the £20.-- each time ?
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