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Old 18.08.2015, 21:06
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UBS and American cheques - deposit in USD?

Guys I need some first hand info tonight if anybody has experience with this situation before I call or go to UBS tomorrow.

I have a sum of money coming to me by a American bank cheque. Can I deposit it in a bank account in CH in USD without converting it into CHF?

Example, 5000 USD cheque, I give it to UBS and they place it in my USD account with them minus the fee for the cheque. After that I will transfer them to Currencyfair or XE to exchange them in CHF. I am not american citizen.

Anybody has done this before?
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Old 18.08.2015, 21:36
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Re: UBS and American cheques - deposit in USD?

Your idea is fine, you have a USD account and pay the bank cheque in. BUT it takes weeks to clear a cheque, and get the money credited to the account (Well it did with the Raifeisenbank)

It will be quicker, cheaper, and easier if you give your account details to the US, and ask for a simple transfer, in USD.
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Old 18.08.2015, 21:43
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Re: UBS and American cheques - deposit in USD?

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Your idea is fine, you have a USD account and pay the bank cheque in. BUT it takes weeks to clear a cheque, and get the money credited to the account (Well it did with the Raifeisenbank)

It will be quicker, cheaper, and easier if you give your account details to the US, and ask for a simple transfer, in USD.
I don't mind waiting for the cheque to clear, I know a direct bank transfer is the easiest option but it is also the most expensive one, they absolutely kill you on the exchange rate.
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Old 18.08.2015, 21:50
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Re: UBS and American cheques - deposit in USD?

Ask UBS, but I think the cheque is much more expensive!
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Old 18.08.2015, 23:15
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Re: UBS and American cheques - deposit in USD?

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I don't mind waiting for the cheque to clear, I know a direct bank transfer is the easiest option but it is also the most expensive one, they absolutely kill you on the exchange rate.
Why do you think an exchange rate would be involved? It must be possible to wire USD from a US account to a USD denominated UBS account without currency conversion.

There will be a fixed fee for a wire transfer, but I'd also expect a fee for depositing a check at UBS, and the wire would be much faster.
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Old 18.08.2015, 23:31
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Re: UBS and American cheques - deposit in USD?

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Why do you think an exchange rate would be involved? It must be possible to wire USD from a US account to a USD denominated UBS account without currency conversion.

There will be a fixed fee for a wire transfer, but I'd also expect a fee for depositing a check at UBS, and the wire would be much faster.
Because one time before I transferred GBP from a bank account in the UK to my GBP denominated account in Switzerland, with GBP arriving substantially lower than what I had sent!

UK bank sent GBP - they were accepted in Switzerland and automatically converted in CHF, my bank than automatically converted the CHF into GBP as that was a GBP denominated account. It was a mess.

Hence I am not sure if US bank sends me USD if they will arrive in total in USD or will get converted along the way. The rates the banks give you in an exchange are absolute daylight robbery.

I don't need USD in cash, I will transfer it as soon as I get it.

I'll update you guys tomorrow
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Old 19.08.2015, 10:30
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Re: UBS and American cheques - deposit in USD?

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Because one time before I transferred GBP from a bank account in the UK to my GBP denominated account in Switzerland, with GBP arriving substantially lower than what I had sent!

UK bank sent GBP - they were accepted in Switzerland and automatically converted in CHF, my bank than automatically converted the CHF into GBP as that was a GBP denominated account. It was a mess.

Hence I am not sure if US bank sends me USD if they will arrive in total in USD or will get converted along the way. The rates the banks give you in an exchange are absolute daylight robbery.

I don't need USD in cash, I will transfer it as soon as I get it.

I'll update you guys tomorrow
When you give instructions, include "USD to USD transaction only"

I transfer and receive transfers all the time in several currencies, all go to where they should go.

Advise your bank you are expecting a pymt of USD XXXX and that under no circumstances should they change it to Chf, butr only credit your USD account.

The alternative is open an account with Swissquote, here you get 1 account number that serves for everything, and nothing is ever transfered into any other currency, you have to do this. So if i have an incomming USD payment it stays in USD, i can then givew instructions later to change to different currency if i want.
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