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Old 16.07.2010, 13:18
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GenevaSculler GenevaSculler is offline
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Re: What is the cheapest way to transfer money from UK to Swiss bank account?

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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!
Yep, that's about right. It is a LOT cheaper than a bank.... It takes a little while to set everything up (usual money laundering checks etc), but well worth it if you are going to be doing more than one transfer (or even for one large transfer). They never actually quote the spread, just give you the up-to-the-minute rate that they will do the trade at, but when doing direct comparisons with quotes I was getting from a couple of banks, it was significantly cheaper.

If you want any more details about how it works let me know.
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