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Old 20.07.2012, 20:47
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Depositing a US Check in your Swiss Bank account

This year's adventure.

I closed out an account I had in the US, and was issued a sizeable check. No chance for anything other than a check. So I took it to my bank (CS). At first they told me it would take about 2 weeks. Then, it appeared in my bank account, only to be removed the same day because they couldn't verify it on the US end. I was then told it would take another two weeks. And here we are, 4 weeks later. Finally, the money appeared. Today. The sliver lining in all of this is that the exchange rate shifted and I ended up with more money. Either that, or I wonder if they made an error in clearing the first check and had to go back and redo it. Hmmm... But still, major PITA.

So we're going to have to go through this again, and I'm going to mail the check back to the US for my bank there (skank of america) to deposit it. Now here's my dilemma. Should I pay chf 45 and send it via DHL, or should I just send it registered first class via Swiss post?
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Old 20.07.2012, 20:51
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Re: Depositing a US Check in your Swiss Bank account

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This year's adventure.

I closed out an account I had in the US, and was issued a sizeable check. No chance for anything other than a check. So I took it to my bank (CS). At first they told me it would take about 2 weeks. Then, it appeared in my bank account, only to be removed the same day because they couldn't verify it on the US end. I was then told it would take another two weeks. And here we are, 4 weeks later. Finally, the money appeared. Today. The sliver lining in all of this is that the exchange rate shifted and I ended up with more money. Either that, or I wonder if they made an error in clearing the first check and had to go back and redo it. Hmmm... But still, major PITA.

So we're going to have to go through this again, and I'm going to mail the check back to the US for my bank there (skank of america) to deposit it. Now here's my dilemma. Should I pay chf 45 and send it via DHL, or should I just send it registered first class via Swiss post?
Normal post will be fine, do it with Schwab all the time.
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Old 20.07.2012, 20:54
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Re: Depositing a US Check in your Swiss Bank account

It amazes me that a country so well-known for its banking can't get the simple foreign check thing right.

I would just send it by Post and require a signature...
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Old 20.07.2012, 20:57
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Re: Depositing a US Check in your Swiss Bank account

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It amazes me that a country so well-known for its banking can't get the simple foreign check thing right.

I would just send it by Post and require a signature...
I would not bother with a signature, if it never arrives just cancel & send again.

Cheques are old fashoned, the Swiss bank has to send it to the original bank by mail & ask them how they want to settle. Thats why it takes a long time. The bank could give you the money subject to clearing, which they will do if your a big customer.
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Old 20.07.2012, 21:01
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Re: Depositing a US Check in your Swiss Bank account

I feel sorry for all of the elderly people who don't know how to use a 'puter.
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Old 20.07.2012, 21:05
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Re: Depositing a US Check in your Swiss Bank account

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I feel sorry for all of the elderly people who don't know how to use a 'puter.
They can go to the post office, & cheaper than an internet connection!
Cheques have not been normal in CH for a very long time, way before people had ever used the internet.
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Old 20.07.2012, 21:20
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Re: Depositing a US Check in your Swiss Bank account

My understand is that the delay has to do with how the US handles the check. On the other hand, since the exchange rate was closer to parity, I got more money now than I would have 2 weeks ago.

woo-freakin-hoo.
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Old 20.07.2012, 21:33
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Re: Depositing a US Check in your Swiss Bank account

Cheques confuse the hell out of the Swiss. I walked into UBS in Zug with a chunky cheque in € to pay into my € account there, and it took 2 of them to get it wrong. They paid it 10 days later into my CHF account, with a CHF20 fee and the exchange rate from € to CHF, then an internal t/x from my CHF account to my € account, with another CHF 20 fee and the bloody exchange rate nonsense again. So, CHF 50 in charges billed to my accounts seperately and €70 less than I walked in there with over 2 weeks early... and the wee dude couldn't understand why I was miffed about losing CHF 124 in total, and said it was my fault for using a cheque
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Old 20.07.2012, 21:59
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Re: Depositing a US Check in your Swiss Bank account

I was told a US check could take up to 2 months to clear. I've never actually done it though. I usually just send the regular mail to Bank of America.

My godmother still sends me birthday and xmas checks. She's cute!

Wait, did you actually get your check cleared here or not? Why are you depositing it back in the US?
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Old 20.07.2012, 22:03
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Re: Depositing a US Check in your Swiss Bank account

Easier to cancel the cheque and insist on an electronic transfer internationally its cheaper more accurate and faster
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Old 20.07.2012, 22:06
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Re: Depositing a US Check in your Swiss Bank account

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I was told a US check could take up to 2 months to clear. I've never actually done it though...
At least you were given "2 months", I was recently told over the phone "it could take months" and that I would have to go into the bank for them to see the cheque before they could give me any other information.

Didn't have to go through with it in the end but...
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Old 20.07.2012, 23:06
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Easier to cancel the cheque and insist on an electronic transfer internationally its cheaper more accurate and faster
Well of course it is. But it is not always possible to have an electronic transfer. Believe me, I tried.
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Old 21.07.2012, 16:19
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Re: Depositing a US Check in your Swiss Bank account

Well online transfer and wire transfer is different... If you ask the US bank to transfer the money to the Bank here and provide the account number, IBAN etc they will do it...
Much simpler and easier than going through the hassle with cheques.
Had the same situation and have done that before
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Old 21.07.2012, 18:37
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Re: Depositing a US Check in your Swiss Bank account

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Well online transfer and wire transfer is different... If you ask the US bank to transfer the money to the Bank here and provide the account number, IBAN etc they will do it...
Much simpler and easier than going through the hassle with cheques.
Had the same situation and have done that before
I'm not sure BoA will let her do it. I remember when we bought our house I wanted to send some money here, but they wouldn't do it because I had to go into a branch office to make a wire transfer, even from myself to myself. Clearly I wasn't going to fly to the US just to do that.
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Old 21.07.2012, 18:57
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Well online transfer and wire transfer is different... If you ask the US bank to transfer the money to the Bank here and provide the account number, IBAN etc they will do it...
Much simpler and easier than going through the hassle with cheques.
Had the same situation and have done that before
If I am in Switzerland with a check issued from a US bank, are you suggesting I deposit it back in the US and transfer the money here? Or are you suggesting I ask the issuing bank to wire the money here. The former is what I should have done, the latter was not possible.

BoA tells me that if I'm logged in on a US Ip address, I can transfer funds from my account there to my account here. I have that sorted, I think.
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Old 21.07.2012, 19:25
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Re: Depositing a US Check in your Swiss Bank account

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BoA tells me that if I'm logged in on a US Ip address, I can transfer funds from my account there to my account here. I have that sorted, I think.
Really?? B@st@rds. They didn't tell me that!
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Old 21.07.2012, 19:27
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Really?? B@st@rds. They didn't tell me that!
This is recent... Like in the past year. They suck anyway, but I can't change my account at this point.
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