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Old 25.06.2017, 15:31
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Bank conversion fees from euro to CHF

Hi everybody,

I'm moving to Zurich for studying. I am wondering if there are substantial differences between the various swiss banks for the conversion fees from euros to CHFs. Note that I'm talking about the fees, not about the conversion rate (which is the same for all banks).

For instance: if I receive a monthly income in euros from my family, and then I ask my swiss bank to convert them to CHFs (instead of asking my family to send me CHFs) what are the best banks where to open a private account?

Also, do the conversion fees are different from bank to bank or also from branch to branch? (i.e. do all UBS branches have the same conversion fees?)

Thanks a lot if you have any kind of suggestion,
Giorgio
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Old 25.06.2017, 17:11
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Re: Bank conversion fees from euro to CHF

I've never been charged any explicit fee for currency conversion by any swiss bank. It's always hidden in the conversion rate, which does vary by bank. Expect at least 1-2% fee with any bank, some charge extra for dealing with cash over the counter as opposed to ebanking. Specialized online services like currencyfair/transferwise - about 0.5%. My stock broker charges me something around max($2-3, 0.001-0.002%), which is practically free considering volatility

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what are the best banks where to open a private account?
Doesn't matter, they'll all rip you off on currency conversion.

For simple account keeping without conversion, postfinance isn't bad. You can have account in multiple currencies for free, as long as you keep at least 7.5k in total on them.
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Old 25.06.2017, 21:09
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Re: Bank conversion fees from euro to CHF

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Doesn't matter, they'll all rip you off on currency conversion.
Ok, so if the "ripping off" you're talking about only implies the small percentages and minimum fees you've mentioned, that'll be fine for me (as they are definitely lower that the conversion rates in my birth country).

Thank you.
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Old 25.06.2017, 21:25
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Re: Bank conversion fees from euro to CHF

2% is not small in the era of zero interest rates
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Old 26.06.2017, 12:34
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Re: Bank conversion fees from euro to CHF

look at services like https://transferwise.com which help to minimise the total 'cost' of conversion.
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Old 26.06.2017, 14:24
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Re: Bank conversion fees from euro to CHF

Say you receive €1000 a month, those 2% add up to €240 each year. Roughly one grand if you study here for four years.
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Old 27.06.2017, 12:06
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Re: Bank conversion fees from euro to CHF

I second Transferwise. Check on their website, you'll see the exchange rate and fees without registering.

If you use a referral link, then your first transfer is free. I apologize if referrals links are not allowed, let me know and I will remove it.

A bank like Postfinance will apply approx. 1% fee on the exchange rate, and no minimum fee.

Last edited by Ace1; 02.07.2017 at 19:35. Reason: referral link not allowed.
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Old 30.06.2017, 14:57
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Re: Bank conversion fees from euro to CHF

Slightly different option here with CurrencyFair who tends to provide better rates than TransferWise. We have been very happy users of Currency Fair ever since our last provider switched their intermediary bank and started charging a wire fee.

If you use the referral link, you will (and I too will) get EUR 30 added to the account after a transfer of EUR 2000 (or equivalent) has been made.

I actually compared Currency Fair and TransferWise as well as a few other providers and decided to go with Currency Fair at the end. Whilst TransferWise is the bigger of the two, Currency Fair has been in the business a couple years longer and the exchange rates on Currency Fair are usually almost always better than TransferWise! Currency Fair also offers phone support which I don't believe is available with TransferWise - to be fair though, I've never needed this anyway.

Both CF and TW make money on margins, but another difference is that CF offers a flat fee per transfer out whilst TW's fees are % based with minimum and maximum. So if you tend to transfer large amounts, CF may be economically better whereas if you do smaller and more frequent transactions, TW may be a better option. Flat fee per transfer out also means that I might exchange CHF 1000 to USD and simply let the USD sit in my CF account. Few days later, I might transfer another 5000 to USD. And I'm only charged the transfer out fee when I transfer the USD out to my bank account - so I would only pay one flat fee this way.

If you google, there are lots of sites offering comparison of the two, so I won't elaborate more. Anyhow, here's a link to a good comparison between the two: https://www.icomparefx.com/currencyf...-transferwise/
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Old 30.06.2017, 15:17
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Re: Bank conversion fees from euro to CHF

Simply use Revolut!
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Old 30.06.2017, 15:36
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Re: Bank conversion fees from euro to CHF

Jeez both transferwise and currencyfair are bloody RIPOFFS who charge 0.5% markup or so on top of fair market rates. It's just a little bit cheaper than the bank next door to you, but still a lot more than it should cost, unless we're talking about pocket change amounts. Stop endorsing these people! Especially with f**** referral links! There are cheaper ways to change currency. Like Revolut, yes.
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Old 30.06.2017, 15:47
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Re: Bank conversion fees from euro to CHF

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Jeez both transferwise and currencyfair are bloody RIPOFFS who charge 0.5% markup or so on top of fair market rates. It's just a little bit cheaper than the bank next door to you, but still a lot more than it should cost, unless we're talking about pocket change amounts. Stop endorsing these people! Especially with f**** referral links! There are cheaper ways to change currency. Like Revolut, yes.
Currencyfair charges 0.35% margin, not quite 0.5%.

Revolut didn't allow you to hold CHF before which was the problem - does it allow users to keep CHF now?
[EDIT] - just saw that they have now added CHF last month
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Last month, we added Polish Zloty and Swiss Franc to our primary wallet currencies and explained more about our plan to build an entirely new global ...
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Old 30.06.2017, 15:50
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Re: Bank conversion fees from euro to CHF

Yes they support CHF now, although there maybe some bank fees to transfer it to UK, I didn't try it yet, don't know.

CHF transfer to IB UK can be done for free

And then, the title of the thread was about changing euros. International EUR SEPA transfers are free at most banks
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Old 30.06.2017, 15:57
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Re: Bank conversion fees from euro to CHF

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Yes they support CHF now, although there maybe some bank fees to transfer it to UK, I didn't try it yet, don't know

CHF transfer to IB UK can be done for free
Thanks!

Just checked and Revolut is quite bad for USD actually as it's sent to the US as a wire transfer This means a USD 20-40 fee per transfer for most US banks. The only exception I'm aware of would be a bank account in the US from USAA where incoming wires are free, but for most of us wanting to send USD, Revolut unfortunately won't be an option
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Old 30.06.2017, 15:58
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Re: Bank conversion fees from euro to CHF

isn't there a monthly transfer limit with revolut?

ah yes:

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Using Revolut to send, spend, withdraw and exchange in a foreign currency is free for the first £5,000 / €6,000 / $6,000 / Fr6,000 / 20,000zl per calendar month. A 0.5% fee will apply to any further cross-currency transactions performed during the same calendar month.
any thing to favour IB over revolut or vice versa?
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Old 30.06.2017, 16:03
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Re: Bank conversion fees from euro to CHF

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Revolut is quite bad for USD actually as it's sent to the US as a wire transfer This means a USD 20-40 fee per transfer for most US banks.
And how do you load USDs onto your transferwise or currencyfair account? Wouldn't you have the same dilemma with them or do they have a local swiss USD account?
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Old 30.06.2017, 16:03
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Re: Bank conversion fees from euro to CHF

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And then, the title of the thread was about changing euros. International EUR SEPA transfers are free at most banks


And now Revolut has changed to a SWIFT code that can not be used for SEPA payments so you have to go the expensive way of a foreign Transfer in order to top up your account.
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Old 30.06.2017, 16:08
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Re: Bank conversion fees from euro to CHF

How Revolut works is still unclear to me.
Although they now allow a balance in CHF, how do I transfer CHF to it? I am surprised they don't have an IBAN to which we can simply transfer CHF, similarly to Transferwise and others.
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Old 30.06.2017, 17:04
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Re: Bank conversion fees from euro to CHF

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And how do you load USDs onto your transferwise or currencyfair account? Wouldn't you have the same dilemma with them or do they have a local swiss USD account?
Nope, Currencyfair and Transferwise (as well as Paypal) uses ACH direct debit for USD transfer. This is the preferred method as there is no fee involved to receive the money. This is effectively the same way as how employers in the US pay their employees in monthly direct deposit.

I don't know why Revolut has to use wire transfers - seem silly
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Old 01.07.2017, 18:08
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Re: Bank conversion fees from euro to CHF

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Nope, Currencyfair and Transferwise (as well as Paypal) uses ACH direct debit for USD transfer. This is the preferred method as there is no fee involved to receive the money. This is effectively the same way as how employers in the US pay their employees in monthly direct deposit.

I don't know why Revolut has to use wire transfers - seem silly
Transferwise used to also use wire transfers, and then switched to ACH. Maybe it's a matter of regulations and it takes time.
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Old 02.07.2017, 17:57
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Re: Bank conversion fees from euro to CHF

Slightly off topic:

A while ago I posted a link which leads to a website. The link contained a tracking link which allows the website-owner to track where the visitor comes from, it wasn't referral (as such) and I wouldn't have gained a penny from it.

I never once posted a referral link in this forum which would have earned me a penny, mostly because I actually read Netiquette stuff before posting.

For the link I did post (as per above) the tracking part was removed and I was formally warned by an admin that I would be chucked out of this forum would it ever happen again.

Now I see plenty of "real" referrals in this thread, and no actions seems to be taken. They are even advertised by the relevant posters as referrals and they're already up for nearly a week.

Just wondering...

In all other regards I would also recomment revolut and/or currencyfair and/or transferwise.
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