Re: Money Transfer to begin new job
I went trough the same situation a few months ago. I don't see a problem to be honest. You only have to ''bridge'' the time untill you receive your first salary payment in switzerland on your future new swiss bank account.
If you want to avoid a lot of hassle and stress, simply arrange for a short term furnished flat rental (serviced flat), for 2-3-4 months. It is worth the extra money you may pay for that. You can arrange this out of the UK, using your UK bank account and the www / email /phone. You will indeed need to show your employment contract to the swiss estate agent. 1. Swiss flat rental expenses for short term let (probably the single most chunky expense before receiving your first swiss salary): I paid 1 month rent and 1 month deposit directly to the estate agent in Switzerland out of my UK account via e-banking (HSBC). No need to go to the bank in the UK to arrange this, unless you have never worked with e-banking.
You simply need the IBAN number of the estate agent, SWIFT and BIC code. Usually these are mentioned on their documents or payment instructions.
I find it hard to believe that a top tier bank like Barclays would not have proper e-banking facilities. This is pretty standard these days. But just in case it doesnt work for reasons mentioned by others, you will have to go to your bank branch in the UK with the above mentioned IBAN and swift / Bic codes and get the payment done by a bank clerk. Bank charges:
a) Either way, they will charge you £20-£30 per single transfer, no way around that (but does it really matter the overall outgoing is around 5,000 CHF to arrange your first 2 months accomodation?).
b) The conversion rate of your GBP to CHF will be around 0.0150 to 0.0250 pips below interbank market rate. So if todays interbank rate GBP/CHF is 1.4550, you will rather get an exchange rate of 1.4300 to buy CHF. This is the hidden expense that all banks charge you (but you dont see it). So if you sell 3,000 GBP to buy CHF, it will cost you 3,000 * 0.0250 = CHF 75 (around 50 quid). Again, not the end of the world I would say.
2. Alternatively, you could get the same thing done via credit card if the swiss estate agent agrees. You won't be charged the £30 fee but of course you will pay something of the same magnitude for the currency conversion.
3. Once you are at location in CH, you simply pay your every day expenses with cash. You can get cash in CH with your UK debit card out of any swiss cash machine (''maestro'' sign on ATMl). In case of doubt, simply ask your bank in the UK if you can use your UK debit card in Switzerland. Ask for a higher daily / weekly limit beforehand. If you doubt you will get that, just plan ahead and take some cash with you or simply get yourself a credit card.
4. In the meantime, you had a chance to open a CHF bank account in Switzerland, if your employer hasn't already done so for you, and you will receive your first CHF salary after 1 month. Easy Peasy.
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