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  #21  
Old 06.05.2016, 00:23
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Transfer money from a Canadian bank to a Swiss bank

I am planning to close out an account with a Canadian bank, and I would like to send the balance to one of my Swiss bank accounts.

I have asked the Swiss banks about wire transfer charges and cheque clearing charges and the replies are not very clear. Has anyone had recent experience with sending Canadian dollars by wire transfer or cheque to a Swiss bank.

My Swiss banks told me that it depends on the choice of who pays charges: OUR (sender), SHA (shared), BEN (receiver). However, my Canadian bank does not use this system and would have to charge me $40 regardless of who pays the 3rd party fees.
Migros Bank told me that they charge Chf 20 for SHA charges on transfers, and Chf 10 to 150 to clear cheques.
Post Finance said they charge nothing for incoming transfers but have no idea of 3rd party charges, and they charge Chf 15 to clear a cheque.
UBS says it only charges Chf 6 for transfers, and Chf 40 to clear a cheque.

My other option is to use my debit card, but there I also have no idea about potential 3rd party charges and fx rates. My Canadian bank only charges a flat fee of $4 per withdrawal. As long as the fx rate is not really awful, this might be the best method.

I'd like to hear about your experiences.
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  #22  
Old 06.05.2016, 02:14
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Re: International Money Transfer

European banks tend not to charge any fees for ATM withdrawals but I don't know if they make up for that by manipulating exchange rates. If you're trying to make a one-time large transfer, OFX might be your best choice. I've never tried them personally, but Currencyfair and the like probably aren't worth it for a single transfer because of all the hoops to jump through. Good luck.
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  #23  
Old 06.05.2016, 04:10
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Re: International Money Transfer

I've heard good things about Transferwise (https://transferwise.com) from other people who have used it. Maybe an option? I'm curious if anyone here has used it what their experiences are with it.
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  #24  
Old 06.05.2016, 22:41
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Re: International Money Transfer

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I've heard good things about Transferwise (https://transferwise.com) from other people who have used it. Maybe an option? I'm curious if anyone here has used it what their experiences are with it.
I have used it multiple times, and I strongly recommend it. The fees will be the lowest you can find (about 0.5%), all included. You'll get the money delivered to your account in few days. The process is straightforward and very transparent.

I used both from USD to CHF, and from CHF to USD.

If you follow this link you'll get the first transfer for free. 0% fees. I will also get one for free, so if you don't feel like that, just go to transferwise.com

Saverio
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  #25  
Old 07.05.2016, 12:31
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Re: International Money Transfer

Transferwise is a good option. If you have USD/EUR/GBP as your base currency you can also check out Revolut https://revolut.com/savings.
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  #26  
Old 07.05.2016, 12:46
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Re: International Money Transfer

What bank/s are you using here. At UBS I think it cost me about 20 SFr last time I deposited a check from the the states. I believe it may be a flat rate fee.
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  #27  
Old 07.05.2016, 12:57
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Re: International Money Transfer

I used Transferwise for the first time last week and was impressed with the speed and the app that lets you know whats happening.


Way cheaper than using the bank!


Will use again..

Last edited by swissrob; 07.05.2016 at 12:59. Reason: spelling
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  #28  
Old 10.05.2016, 12:18
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Re: International Money Transfer

A friend of ours was here on holiday from Sri Lanca when he left he left quite a bit of money here in rupees does anyone have any idea how I could send them to him?
Thanks for any help
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  #29  
Old 10.05.2016, 12:26
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Re: International Money Transfer

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My attorney actually advised me to bring cash with me from the US when I was going to form a corporation here in CH. A wire may have taken too long (in this case), so I would have brought close to US$20K with me. He said it was quite common for people in CH to carry large sums of cash. The one issue would have been declaring the funds on the way out of the US, which is not a real problem.

You could probably do the same for your savings...and no fees. Your Swiss bank could surely accept Canadian Loonies (even though they look funny ). This only works if you have not already arrived here, of course.

fduvall
Careful with that. I know someone who did it and the bag was snatched at the airport.
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  #30  
Old 10.05.2016, 12:36
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Re: International Money Transfer

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My attorney actually advised me to bring cash with me from the US when I was going to form a corporation here in CH.
...
You could probably do the same for your savings...and no fees.
Why would it be a no fee operation?
When you deposit it in a non-USD account in a Swiss Bank, they will sell you CHF at their sell rate. The spread it typically larger for cash operations, so you end up paying more.
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