View Single Post
  #20  
Old 16.07.2010, 12:52
muze7's Avatar
muze7 muze7 is offline
Forum Veteran
 
Join Date: May 2006
Location: Uk now after Neuchatel
Posts: 1,242
Groaned at 3 Times in 3 Posts
Thanked 158 Times in 102 Posts
muze7 is considered knowledgeablemuze7 is considered knowledgeablemuze7 is considered knowledgeable
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Quote:
If this is something you may need to do a few times, it is well worth setting up a proper currency transfer account. I have used the oanda.com service successfully several times for fairly large amounts of money, and compared to using either my UK or Swiss banks I saved a significant amount. The costs per transfer are a standard 25$ for GBP:CHF trades, but the spread is very low, and the rate is current (updates every minute) so you know exactly what rate you are getting when making the transfer. On this page you can see what rate you would get.
GenevaSculler, what is the usual spread you get, roughly, in %? I just calculated the spread on 10k in pounds and it is 0,07% which seems way to small for them to make money, even if you include the USD fee! So if you remember roughly what you got, could you post? (Or is this really as good as it sounds? I am asking because I used to 0.75%! with my present exchange company...)

Herc82: I presume SEPA would not work, as the pound is not part of the Euro deal...

Meanwhile, I did find this on Oanda.com, but still have a hard time believing you can actually get a spread this low on a single transaction of a few k!

Quote:
How much difference can the exchange rate make?

The spread is the difference between the price at which you can sell your primary currency and what you have to pay to buy the delivery currency.
A spread of 2.5% (the common charge at the typical bank) might not seem like a lot, but it can really add up, especially when you're sending large amounts of money. Typical FXGlobalTransfer spreads are 0.03% or less, a small fraction of what most banks charge.
Number of units Foreign Exchange Cost (Banks 2.5%) Foreign Exchange Cost (OANDA 0.03% *)

* FXGlobalTransfer spreads vary by currency pair and by market activity. The Euro/US dollar spread, for example, can be as low as 0.009%. In times of low market liquidity (such as on the weekend when markets and banks are closed) spreads may be 0.1% or higher.

Last edited by muze7; 16.07.2010 at 13:04.
Reply With Quote