Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 11.08.2011, 11:32
Newbie 1st class
 
Join Date: Aug 2011
Location: Salisbury UK
Posts: 12
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
swissmiss67 has become a little unpopularswissmiss67 has become a little unpopular
Money from Switzerland to UK

The internet cannot provide me with an answer so wondering if anyone knows how it is possible to transfer money on a regular basis from Switzerland to the UK with out paying huge fees. Thanks.
Reply With Quote
  #2  
Old 11.08.2011, 11:58
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 17,994
Groaned at 287 Times in 236 Posts
Thanked 15,532 Times in 8,625 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Money from Switzerland to UK

Quote:
View Post
The internet cannot provide me with an answer so wondering if anyone knows how it is possible to transfer money on a regular basis from Switzerland to the UK with out paying huge fees. Thanks.
Sure, just set up a standing order. Not sure what you call 'huge fees' the larger the transaction the lower in percentage terms the costs will be.
Reply With Quote
  #3  
Old 11.08.2011, 12:00
tom tulpe's Avatar
Forum Veteran
 
Join Date: Jul 2011
Location: Horgen
Posts: 1,189
Groaned at 21 Times in 19 Posts
Thanked 1,409 Times in 646 Posts
tom tulpe has a reputation beyond reputetom tulpe has a reputation beyond reputetom tulpe has a reputation beyond reputetom tulpe has a reputation beyond reputetom tulpe has a reputation beyond repute
Re: Money from Switzerland to UK

Quote:
View Post
The internet cannot provide me with an answer so wondering if anyone knows how it is possible to transfer money on a regular basis from Switzerland to the UK with out paying huge fees. Thanks.
On the Swiss side: A standing order in EUR is CHF 2.00 from postfinance. If you can manage to hand in individual SEPA wire transfers (like one for every payment), they do not attract any special fees in Switzerland (ie they cost the same as a Swiss transaction in CHF - that fee depends on whatever your plan is with your bank).

On the UK side: Banks are taking the mickey. HSBC (my bank), while paying lip service to their obligations under the SEPA agreements, charges a flat fee of GBP 6.00 per transaction ("That's not for the transfer, which is free as per SEPA agreements, but for our expenses in accepting Euros and checking that it isn't money laundring") and then converts EUR into GBP at the "prevailing rate" into GBP (the "prevailing rate" being not a very good one) - and if you want to make a payment online, you have to do it during business hours, otherwise they won't accept it. Anecdotal evidence has NatWest charging GBP 9.00 per incoming transaction.
Reply With Quote
  #4  
Old 11.08.2011, 12:13
jaudi's Avatar
Forum Veteran
 
Join Date: Sep 2007
Location: zurich
Posts: 529
Groaned at 4 Times in 4 Posts
Thanked 452 Times in 212 Posts
jaudi has an excellent reputationjaudi has an excellent reputationjaudi has an excellent reputationjaudi has an excellent reputation
Re: Money from Switzerland to UK

I regularly transfer from UBS CHF to LLoyds GBP using the 10sfr 'sender pays all' fee. The fx margin charged by UBS is around 2% typically, which you will beat if you find an fx specialist, but probably then incurr other fees. Frankly the margin is insignificant compared to the depreciation over the last 10 years....
Reply With Quote
  #5  
Old 11.08.2011, 14:38
Newbie 1st class
 
Join Date: Aug 2011
Location: Salisbury UK
Posts: 12
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
swissmiss67 has become a little unpopularswissmiss67 has become a little unpopular
Re: Money from Switzerland to UK

Thanks to everyone for your replies. Very helpful.
Reply With Quote
  #6  
Old 11.08.2011, 17:06
The_Love_Doctor's Avatar
Forum Legend
 
Join Date: Aug 2009
Location: Zugerberg, Zug
Posts: 3,223
Groaned at 71 Times in 55 Posts
Thanked 3,603 Times in 1,701 Posts
The_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond repute
Re: Money from Switzerland to UK

Quote:
View Post
Thanks to everyone for your replies. Very helpful.
pm me if you haven't figured this out yet...
I have posted many times about this so do a search... (sorry)
Reply With Quote
  #7  
Old 11.08.2011, 21:30
Newbie 1st class
 
Join Date: Aug 2011
Location: Salisbury UK
Posts: 12
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
swissmiss67 has become a little unpopularswissmiss67 has become a little unpopular
Re: Money from Switzerland to UK

Quote:
View Post
pm me if you haven't figured this out yet...
I have posted many times about this so do a search... (sorry)
You have made too many posts to find an answer! Perhaps you could give me an idea of the date you may have mentioned this topic.

What I forgot to mention was that the money is from a pension company to my bank account in the UK so it doesn't pass through a Swiss bank. The money arrives calculated with an exchange rate much lower than that indicated by various exchange rate companies.

I have written to my bank for an explanation but just wondered if any other people on this forum are in receipt of a Swiss pension.
Reply With Quote
  #8  
Old 11.08.2011, 21:43
Forum Veteran
 
Join Date: Apr 2008
Location: basel
Posts: 2,362
Groaned at 24 Times in 16 Posts
Thanked 2,426 Times in 1,164 Posts
biff has a reputation beyond reputebiff has a reputation beyond reputebiff has a reputation beyond reputebiff has a reputation beyond reputebiff has a reputation beyond reputebiff has a reputation beyond repute
Re: Money from Switzerland to UK

Quote:
View Post
What I forgot to mention was that the money is from a pension company to my bank account in the UK so it doesn't pass through a Swiss bank. The money arrives calculated with an exchange rate much lower than that indicated by various exchange rate companies.
.
Won't that still be via the pension fund's bank account?
Reply With Quote
  #9  
Old 11.08.2011, 22:18
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 17,994
Groaned at 287 Times in 236 Posts
Thanked 15,532 Times in 8,625 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Money from Switzerland to UK

Quote:
View Post

What I forgot to mention was that the money is from a pension company to my bank account in the UK so it doesn't pass through a Swiss bank. The money arrives calculated with an exchange rate much lower than that indicated by various exchange rate companies.

.
Do you know or have enquired of the tax consequences of that transaction? Just because tax is deducted in CH at a very low rate does not mean it's tax free in the UK.
Reply With Quote
  #10  
Old 11.08.2011, 22:46
Newbie 1st class
 
Join Date: Aug 2011
Location: Salisbury UK
Posts: 12
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
swissmiss67 has become a little unpopularswissmiss67 has become a little unpopular
Re: Money from Switzerland to UK

Quote:
View Post
Do you know or have enquired of the tax consequences of that transaction? Just because tax is deducted in CH at a very low rate does not mean it's tax free in the UK.
Yes, I'm fully aware of the tax implications. Its not subjected to tax in CH but in the UK as I now live in England.
Reply With Quote
  #11  
Old 12.08.2011, 10:01
The_Love_Doctor's Avatar
Forum Legend
 
Join Date: Aug 2009
Location: Zugerberg, Zug
Posts: 3,223
Groaned at 71 Times in 55 Posts
Thanked 3,603 Times in 1,701 Posts
The_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond repute
Re: Money from Switzerland to UK

Quote:
View Post
You have made too many posts to find an answer! Perhaps you could give me an idea of the date you may have mentioned this topic.
If they pay it directly to your account in the UK then they can practically do whatever they want.

I would say get them to transfer the money to a swiss account and you then transfer the money to your UK account.

Now if you do it through the bank they tend to charge around 2% spread. This will obviously cut into your pension quite a lot specially more so if the payment are frequent.

There are some retail currency brokers who charge around 0.5% and they do it whenever you want so if the currency goes your way you benefit. I use www.currencies.co.uk who charge me 50 pips (which is 0.4%), you transfer the money to them in Swiss franks (make sure it's swiss frank when you set it up otherwise it defeats the point) and then they convert and forward the payment to your bank account in the UK free of charge but it does take about 5 days for the whole thing to go through. I have also used swissquote as they are a lot more competitive than any bank in Switzerland however you have the transfer out fees and the transfer in fee which is levied by your bank in the UK. I am also aware of http://www.currenciesdirect.com/ who I have never used but was thinking of using. and if you're thinking of transfering amounts bigger than CHF50,000.- than there are more competitive ways like an Interactive Brokers Account which charge very small spreads below 10pips from what I hear.
Reply With Quote
This user would like to thank The_Love_Doctor for this useful post:
  #12  
Old 12.08.2011, 11:07
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 17,994
Groaned at 287 Times in 236 Posts
Thanked 15,532 Times in 8,625 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Money from Switzerland to UK

Obviousely making the least transfers a year will reduce costs of the transaction, however the exchange rate is probably a far higher risk factor.

It's actually possible to take a CH pension as a cash lump sum, if I was going to live in the UK thats what I would do, however you would want the lump sum paid whilst still a CH tax resident, otherwise the lump sum will be taxed as income in the UK.

The other possibility is to transfer CH pension to a UK pension, then it's possinle for a 25% tax free lump sum & the rest is paid as income.

Quote:
View Post
If they pay it directly to your account in the UK then they can practically do whatever they want.

I would say get them to transfer the money to a swiss account and you then transfer the money to your UK account.

Now if you do it through the bank they tend to charge around 2% spread. This will obviously cut into your pension quite a lot specially more so if the payment are frequent.

There are some retail currency brokers who charge around 0.5% and they do it whenever you want so if the currency goes your way you benefit. I use www.currencies.co.uk who charge me 50 pips (which is 0.4%), you transfer the money to them in Swiss franks (make sure it's swiss frank when you set it up otherwise it defeats the point) and then they convert and forward the payment to your bank account in the UK free of charge but it does take about 5 days for the whole thing to go through. I have also used swissquote as they are a lot more competitive than any bank in Switzerland however you have the transfer out fees and the transfer in fee which is levied by your bank in the UK. I am also aware of http://www.currenciesdirect.com/ who I have never used but was thinking of using. and if you're thinking of transfering amounts bigger than CHF50,000.- than there are more competitive ways like an Interactive Brokers Account which charge very small spreads below 10pips from what I hear.
Reply With Quote
  #13  
Old 19.08.2011, 13:41
Newbie 1st class
 
Join Date: Aug 2011
Location: Salisbury UK
Posts: 12
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
swissmiss67 has become a little unpopularswissmiss67 has become a little unpopular
Re: Money from Switzerland to UK

Hi Love Doctor.

Thanks so much for your reply. That really covers everything I need to know. I shall see about setting up an account in CH. Last time I asked though, they wouldn't do that as I don't have an address in Switzerland, even though I have Swiss nationality.

Regards
Jan
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What is the cheapest way to transfer money from UK to Swiss bank account? Savski Finance/banking/taxation 40 13.11.2011 11:28
Transferring money from/to UK AbFab Finance/banking/taxation 3 10.07.2011 22:06
Anyone transfer money from Switzerland to UK? If so how to get lowest charge/rates ashtraxx Finance/banking/taxation 8 23.10.2008 13:42
Paying Money To Somebodys UK Bank Account From PostBank danm3 Finance/banking/taxation 3 24.07.2008 19:16


All times are GMT +2. The time now is 08:29.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0