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Old 16.10.2013, 13:11
BaselPT BaselPT is offline
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Re: Interactive brokers in Switzerland

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Another IB topic....When you wish to send funds from your Swiss bank account you are given a CHF account in England with a GB IBAN. I sent the money via a SEPA payment and was charged a fee by my bank. My previous SEPA transfers to German Euro accounts were however all free. Is it just a UK thing that fees are involved in SEPA. Note: IB didnt charge any fees, it was my Swiss Bank.
As far as I understand it, the SEPA-relevant legislation only requires the bank to charge the same they would in internal transfers of the same sort in Euro denomination. So if you have a Portuguese bank account that charges 0 for transfers denominated in Euro to another Portuguese bank, they have to charge 0 for transfers denominated in Euro to any bank in SEPA. Switzerland is in SEPA, but most banks here will be taking CHF - if you send CHF, then the Portuguese bank could charge as much as they would charge for a CHF transfer to another Portuguese bank, which is presumably a hefty fee as nobody really does that.

In your particular case as you transferred CHF, the legislation does not apply apparently, so your Swiss bank is not forced to charge you the same they would for the CHF transfer to another Swiss bank (which is, presumably, 0).
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