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  #21  
Old 20.12.2011, 20:35
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Re: Money Transfer to begin new job

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cause he will need to do a lot of paper like I said in an earlier post and he will lose a lot of it IF there is any duff notes in it. I don't think a sealed bag from the bank works either these day. They will just nick you for it.
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Who would nick you and for what?
duff = forged.
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  #22  
Old 20.12.2011, 20:45
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Re: Money Transfer to begin new job

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duff = forged.
I get you now (my eyes actually hurt now with all this bold red writing!)

I got 11K in 100 and 50 CHF notes in a sealed "bank bag" which I only opened once in Switzerland. All have been accepted so no issues for me!
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  #23  
Old 20.12.2011, 21:08
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Re: Money Transfer to begin new job

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I got 11K in 100 and 50 CHF notes in a sealed "bank bag" which I only opened once in Switzerland.
Much easier to carry CHF 1000 notes, they'll fit in your wallet!.

Tom
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  #24  
Old 20.12.2011, 21:46
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Re: Money Transfer to begin new job

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I got 11K in 100 and 50 CHF notes in a sealed "bank bag" which I only opened once in Switzerland. All have been accepted so no issues for me!
But why? I can understand someone with a very low income, taking the erisk of carrying cash to avoid the exchange rates from ATM's or from bank electronic transfers. But for someone who is bringing thousands into the country, surely the bank charges are negligible in comparison to the risk of actually losing those thousands.
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  #25  
Old 20.12.2011, 22:04
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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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  #26  
Old 20.12.2011, 22:07
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Re: Money Transfer to begin new job

All

Big THANK YOU to all of you! Most helpful.

Barclays; gunna forget them, they just seems to get bad reviews everywhere when it comes to international banking, and in-branch have got a scooby! - they just point me to knightsbridge branch.

You've all given me some food for thought, i'll look into it these ideas
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  #27  
Old 20.12.2011, 22:26
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Re: Money Transfer to begin new job

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But why? I can understand someone with a very low income, taking the erisk of carrying cash to avoid the exchange rates from ATM's or from bank electronic transfers. But for someone who is bringing thousands into the country, surely the bank charges are negligible in comparison to the risk of actually losing those thousands.
I didn't do this to avoid paying bank charges Biff! The reason I did this was because:

a) I was terrified the EUR would collapse right before my move here (I was genuinely terrified I'd lose all my savings!)
b) I needed money from day 1 to find an apartment. Just so you know, I found an apartment on the day of my arrival in Switzerland and, thanks to a cash deposit I was able to move in on the 9th December and thus avoid paying for a hotel until the 15th December (official 1st day)!

So I ended up needing over 4000 CHF within 24 hours of arriving here and I couldn't afford to wait to open a bank account and wait for an international transfer!
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  #28  
Old 20.12.2011, 23:15
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Re: Money Transfer to begin new job

Try xe.com they have always been very good for me although it can take a few days with bcv to move from their main account to my branch account and always get charged. Dead easy just book it on line then do a web or telephone banking payment. Way better rates than banks.
You need the iban or switft details of the recipiant bank.
Alternatively if you are moving large amounts get a quote off hifx.
It can take a few days to get the accounts set up so dont leave it too late.
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