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-   -   Bank transfer using transferwise (https://www.englishforum.ch/finance-banking-taxation/260355-bank-transfer-using-transferwise.html)

fisi 26.09.2016 16:49

Bank transfer using transferwise
 
Hello,

I'm using transferwise for the first time and it says I have to make a bank transfer to their bank account in Zürich. Will this cost me to do?

I'm at ZKB.

ottavioMonzione 26.09.2016 16:52

Re: Bank transfer using transferwise
 
Usually it is cost free, but of course depends from your bank

rgc 27.09.2016 09:24

Re: Bank transfer using transferwise
 
Hello

I have used transferwise to transfer money to my home country. So the flow is:

My account -> Their account in Zurich -> Home country account.

The fees usually to send from my account to their zurich account is free ( but ofcourse it depends on your banking transaction fees ). However if it is urgent , you can do emergency bank transfer today itself ( after 8 am) and this would cost you ( again depends on your bank contract ).

Their account in Zurich -> Home country account .
This takes time ( around 3-4 days ).

fisi 27.09.2016 09:27

Re: Bank transfer using transferwise
 
Quote:

Originally Posted by rgc (Post 2664229)
Hello

I have used transferwise to transfer money to my home country. So the flow is:

My account -> Their account in Zurich -> Home country account.

The fees usually to send from my account to their zurich account is free ( but ofcourse it depends on your banking transaction fees ). However if it is urgent , you can do emergency bank transfer today itself ( after 8 am) and this would cost you ( again depends on your bank contract ).

Their account in Zurich -> Home country account .
This takes time ( around 3-4 days ).

What is the guarantee of safety? Do you get a receipt/proof of payment?

robBob 27.09.2016 09:36

Re: Bank transfer using transferwise
 
Am wondering. Does this service prevent the bank on the receiving end from charging? Case in point, I transferred 1k to my bank in the states. Post Finance charged nothing but the bank state side took $10 as a service fee.

fisi 27.09.2016 09:39

Re: Bank transfer using transferwise
 
Quote:

Originally Posted by robBob (Post 2664244)
Am wondering. Does this service prevent the bank on the receiving end from charging? Case in point, I transferred 1k to my bank in the states. Post Finance charged nothing but the bank state side took $10 as a service fee.

As far as I am aware the issue isn't really in the fees. My Swiss bank charge 10 francs as a fee and my English bank charge £4, but the exchange rate provided by both banks is worse than the exchange rate on tranferwise. Transferwise charge (I believe) a 0.5% fee, but for my transaction Transferwise is about £150 cheaper in total. The exchange rate makes a big difference.

To answer your question, the final transaction from transferwise to your account would be a local transfer, not international. So it depends on whether your bank charges to receive local transfers.

rgc 27.09.2016 09:56

Re: Bank transfer using transferwise
 
Quote:

Originally Posted by fisi (Post 2664234)
What is the guarantee of safety? Do you get a receipt/proof of payment?

I dont remember getting any proof of payment. Initially did 100 chf transfer, then slowly increased it. so far no issues.

htangdik 27.09.2016 10:01

Re: Bank transfer using transferwise
 
I did a regular transfer to my home country using transferwise service. In term of safety so far I do not have any issue. Yes, you will get the receipt.;)

Guest 27.09.2016 10:01

Re: Bank transfer using transferwise
 
Whether you see fees depends completely on whether your Swiss bank charges to make outgoing local transfers and whether your overseas bank charges to receive local transfers. In my case both are free.

I have used transferwise many times in the past two years, including a significant transfer when I sold my house in the UK and brought the proceeds to Switzerland as a down payment on a house here. Never been anything but 100% satisfied. My only regret is not having come up with such a simple but brilliant idea.

austanman 05.10.2016 14:41

Re: Bank transfer using transferwise
 
Tried to register a UK £ account at Credit Suisse here with Transferwise and was told that I can only register a UK £ account with a bank in the UK as they can only do local transfers e.g. £ to a UK bank £ account as £ to a Swiss £ account is considered as an international transfer. Anyone else have this problem?

The_Love_Doctor 05.10.2016 14:53

Re: Bank transfer using transferwise
 
Quote:

Originally Posted by austanman (Post 2669239)
Tried to register a UK £ account at Credit Suisse here with Transferwise and was told that I can only register a UK £ account with a bank in the UK as they can only do local transfers e.g. £ to a UK bank £ account as £ to a Swiss £ account is considered as an international transfer. Anyone else have this problem?

I have to say I had to read that about 5 or 6 times before I understood what you are talking about! :eek:

Yes it makes sense. So if you just want to convert your CHF to GBP and the GBP account is with Credit Suisse in Switzerland, then the Transferwise system doesn't support that as it will cost them more to wire the money from their UK account to your GBP account with Credit Suisse.

The whole idea of Transferwise is quite clever, but it doesn't cover 100% of scenarios of people needs. The scenario you came up with is probably less than 1% of the usecases.

What's the reason for your exchange? Are you speculating or why would you want to buy GBP and keep it in Switzerland?

austanman 05.10.2016 18:03

Re: Bank transfer using transferwise
 
The reason I have a £ account in Switzerland is that I cannot open a £ account in the UK because I am not resident in the UK. I have some £ expenses in the UK, hence the need. Just found out that currencyfair allows £ bank accounts in Switzerland and will register there


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