Hi,

I need to transfer 5k CHF to a UK banka account in the next day or so.
What is the best way to get a good rate on this?

Should I simply use UBS e-banking? I always figured I get terrible rates using e-banking.

Any suggestions are welcomed.

Thanks,
Alan

You can ring them and find out, ditto the receiving bank.

In my experience it is much cheaper to switch at UBS and send GBP than send CHF and have your UK bank convert to GBP, just because UK banks arent really set up for people with forex accounts, whereas here its almost the norm.

Also by using the former, you have certainty over the rate, whereas the UK bank can only convert once it has received the funds, which could take several days. If you plan to do this regularly I would open a GBP account at UBS and do the exchange and transfers seperately.

D

[quote=dannyt986;380556] If you plan to do this regularly I would open a GBP account at UBS and do the exchange and transfers seperately.[quote]

Thank you for that information. I transfer regularly to pay my mortgage and had heard about 'foreign currency' accounts with UBS but thought they must be for super-wealthy jetsetters, not ordinary people.

I can feel a visit to the bank coming on ....

No anyone can have them, you could even collect the whole range, USD, YEN, EUR etc. But there might, like for CHF accounts, be some fees if you dont keep a certain minimum balance in them... I cant remember though. Daniel

hi there I have just asked my flatmate and he did a direct transfer from his account and the money was there next day. He did it online. The amount was even larger.
I think the exchange rate is so bad now that you would not notice the difference.

The long bic number you will need is just the sortcode followed by your account number. Both UBS and your UK bank will have this info on their website.

However I do think the best way is just to give it to me and I'll take it there for you!!!!

Same day transfers are possible but a bit more expensive about 5 CHF by UBS and whatever from the receiving bank.

Much cheaper at .30 CHF all in are transfers in the currency of the receiving country it might be there the next day, but might take 3.

BIC etc is outmoded and you should get the IBAN of your receiving account.

Daniel