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Old 13.03.2014, 21:48
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Swiss francs to UK pounds

Hi,

I want to get the best deal on changing 7 thousand swiss francs to UK pounds.

What is the best plan:

Transfer BCV to UK bank?
Withdraw in swiss francs in Switz and change into UKP in Switz?
Withdraw swiss francs in Switz and change to UK pounds in UK?

Any other ideas?

Thank you very much.

Harry
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Old 13.03.2014, 22:19
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Re: Swiss francs to UK pounds

transferwise.com

Or search the forum to see what others are recommending, it's often discussed.
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Old 13.03.2014, 22:57
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Re: Swiss francs to UK pounds

I like and use and recommend currencyfair.com.

In short they have a Swiss and a UK account. You effect a domestic transfer in Switzerland (=free). Then you swap your CHFs for GBPs at great rates, which you can check before actually changing anything - i.e. pretty transparent.

Last but not least you have currencyfair transfer your GBPs domestically to your UK account (=no additional bank fees). Currencyfair charegs GBP 3.

Check out their website. There are more options available should you want to use them - but above is the process in a nutshell.

Rgds, Chris
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Old 14.03.2014, 12:29
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Re: Swiss francs to UK pounds

I would suggest an e-banking transfer directly into your UK bank account. You will need the IBAN of your UK bank account (some UK banks still don't seem to know what that is), but the BCV doesn't charge any fee for the transfer and you will get the inter-banking exchange rate (and the payment is usually made within 1 day).
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Old 14.03.2014, 12:39
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Re: Swiss francs to UK pounds

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I would suggest an e-banking transfer directly into your UK bank account. You will need the IBAN of your UK bank account (some UK banks still don't seem to know what that is), but the BCV doesn't charge any fee for the transfer and you will get the inter-banking exchange rate (and the payment is usually made within 1 day).

Whats the BCV? Cantonale Bank?

My Kantonale bank in SZ does charge for transfers to the UK, or at least it did the last time I looked. For me, transferwise.com is cheaper.
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Old 14.03.2014, 12:40
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Re: Swiss francs to UK pounds

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...BCV doesn't charge any fee for the transfer
from >>BCV´s website<< (highlighting changed by me):
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How much is the transaction fee for payments in foreign currencies made via BCV-net ?
There is no fee for payments of less than 100,000 Euros within the Single Euro Payments Area (SEPA) provided that :
  • the beneficiary bank is a SEPA participant
  • the payment is in Euros
  • the beneficiary’s IBAN is provided.
For all other foreign-currency payments, there are three fee types : fees are shared between you and the beneficiary (minimum of CHF 6); all fees are paid by the beneficiary; or you pay all the fees, which may be more than CHF 26.
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...and you will get the inter-banking exchange rate...
Where are you getting that from? I can't really believe it! Ususally that´s where the banks make their (huge) cut.

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(and the payment is usually made within 1 day).
If I remember correctly, the law obligess banks to finalise the transfer in 2 bank-working days. From my experience that´s also exactly what they do... (In many cases the credit appears after one day, but the "value date" is usually one day later.)
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Old 14.03.2014, 16:55
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Re: Swiss francs to UK pounds

What is the maximum amount you can transfer through these sites? Any concerns re. security? I am keen to try them as my bank charges me a bomb to transfer funds and then gives me a horrible rate.
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Old 15.03.2014, 00:03
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Re: Swiss francs to UK pounds

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What is the maximum amount you can transfer through these sites?
I transferred chunks of €10k from Europe to Switzerland several times. No clue what their real limit is. That´d be a question for customer service though, and like this you can already get a feeling on their respective responsiveness.

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Any concerns re. security?
What´s your concern? I´m remotely worried that the place might close their door, while my funds are with them. I figured the places I used so far have been around for a while, so why should they close on the day I have my funds with them. But then again, this doesn´t prove any "security", agreed.

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I am keen to try them as my bank charges me a bomb to transfer funds and then gives me a horrible rate.
That´s what drove me into "their" arms, and all services I tried so far were good:
  • www.wechselstube.ch - they provided good service, but now don´t accept private customers anymore.
  • www.transferwise.com - I find them unflexible in their usage, but they´ve been founded by "the guys who brought you Skype". As such at least remotely trustworthy? (Although I don´t like Skype at all.)
  • www.currencyfair.com - I like them most, especially because of all the options they offer.
  • I also tried to use www.rationalfx.com. It was very complicated to get the account, then their first quote was worse than Postfinance, then their "traders" tried to call me for several days to discuss "needs and rates", and kept asking for what reason I want to fx. I found that pretty cumbersome, not solution-oriented, and generally not automated. After all, the only thing that counts in FX is the bottom line (fx-rate + fees), and nothing else.
Hope this helps...
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Old 15.03.2014, 22:30
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Re: Swiss francs to UK pounds

One more vote for currencyfair.

I did a trial transfer and was amazed at the exchange rate quoted.
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Old 29.04.2014, 12:16
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Re: Swiss francs to UK pounds

I've been using Transferwise for 6 months now, and found them very reliable for small and big transfers, the only issue I have is that from CHF to GBP you have to transfer the money directly to their account and between slow PF transfer and their system recognizing my payment I loose two days, but the other way round (GBP->CHF), since you can make the payment directly through their website with your Visa debit card, most of the time, the transfer is done same day (or by the next morning), but with the peanuts they charge I cant argue.
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Old 20.01.2016, 12:50
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Re: Swiss francs to UK pounds

Wow! Exchange rate is £1=CHF1.41!

Good for expats and Swiss holiday makers

Why is the pound falling so sharply? - http://www.bbc.co.uk/news/business-35343792
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Old 20.01.2016, 12:58
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Re: Swiss francs to UK pounds

Mark Carney yesterday ruled out a UK interest rate rise in the near future due to the uncertainty surrounding the Chinese economy.
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Old 20.01.2016, 14:45
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Re: Swiss francs to UK pounds

I also use Transferwise for CHF-GBP often and I'm happy. A little slow but fees are OK.


CHF highest against the GBP since the January de-cap... I will also make some more transfers at this rate I think
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Old 20.01.2016, 18:00
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Re: Swiss francs to UK pounds

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Mark Carney yesterday ruled out a UK interest rate rise in the near future due to the uncertainty surrounding the Chinese economy.
I heard him as well. Always easier to blame the Chinese rather than accept any responsibility.
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Old 24.02.2016, 20:08
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Re: Swiss francs to UK pounds

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Wow! Exchange rate is £1=CHF1.41!

Good for expats and Swiss holiday makers

Why is the pound falling so sharply? - http://www.bbc.co.uk/news/business-35343792
The exchange rate is £1=CHF1.37 today and possibly the strongest CHF to GBP lately
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