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Old 13.05.2020, 13:04
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Re: Bank doesn't give me my money

Hit this problem again as I needed to transit money through my account. I didn't want to deal with the hassle of getting cash directly into IB from a third party so decided to transfer to UBS first before transferring out on the same day. Guess what? Same problem even though the cash is put in on the same day.

What I did find out though, is that there exists a UBS 'current' account with no withdrawal limit. Apparently, I was set up with the UBS 'personal' account. So, maybe this helps anyone hitting the same cap.

I also learned that to get money out with no penalty, you need 3 (yes THREE) months notice!
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  #22  
Old 13.05.2020, 13:20
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Re: Bank doesn't give me my money

You were lucky your transfer didn't go through, so you learned the rules.
I learned them the hard way with CS - they did let my transfer go, but charged me 1% for the amount exceeding the 50,000 CHF limit!
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Old 13.05.2020, 13:23
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Re: Bank doesn't give me my money

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I also learned that to get money out with no penalty, you need 3 (yes THREE) months notice!
Or threaten to leave the bank.

When I bought my house, my account manager informed me that I couldn't make the payment without a percentage fee...

I informed them that if they charged me the fee, I would be moving everything to my second bank... and voila, no fees.

Just a verbal agreement that I would continue banking with UBS as well in future.
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  #24  
Old 13.05.2020, 13:29
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Re: Bank doesn't give me my money

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You were lucky your transfer didn't go through, so you learned the rules.
I learned them the hard way with CS - they did let my transfer go, but charged me 1% for the amount exceeding the 50,000 CHF limit!
The first transfer was for a house deposit so it would have put me in default of the contract (and subject to 50k late payment penalty under the contract) had I not already initiated the transfer a couple of days earlier. I had to go in person to the branch to tell them to transfer it so wasted time and cost me money anyway.
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Old 13.05.2020, 14:07
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Re: Bank doesn't give me my money

From my recollection, Swiss Banks have to flag unusual or high value transactions under money-laundering laws. Maybe the fee is to cover the compliance paperwork?

I have heard of a case of someone withdrawing a six-figure sum in cash in Switzerland (many years ago) to pay a deposit on a house. But when the transaction fell through, the person went back to the bank to redeposit. The redeposit was refused, even though the client was personally known to the bank!
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Old 15.05.2020, 14:21
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Re: Bank doesn't give me my money

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......What I did find out though, is that there exists a UBS 'current' account with no withdrawal limit. Apparently, I was set up with the UBS 'personal' account. So, maybe this helps anyone hitting the same cap.....
I got one of those, it was opened (by the bank, not by me) to run money through coming back from investments (shares etc. etc.) and be reinvested at any height anytime.

I had the impression back then, this whole thing is not the banks idea but .... FINMA? Politics? ..... and even they tried anything to get round it.
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