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Old 15.07.2017, 17:20
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CHF account in UK

Hello,

I recently relocated to UK and UBS is telling me that I should close my swiss banking account in three months, or pay a fee of 30 CHF per calendar month.

I have seen that my bank in the UK has the option of holding CHF on a Currency Account.

https://www.hsbc.co.uk/1/2/currency-...y#apply-online

Question is, how much would it cost me to transfer money to it?
Anyone here uses their services?
Is their Swiss francs denominated account considered as foreigner or as Swiss? I think for an international transfer, the cost of transferring money is around 10CHF, while national transfers are free.

Thanks
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Old 15.07.2017, 17:28
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Re: CHF account in UK

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Is their Swiss francs denominated account considered as foreigner or as Swiss? I think for an international transfer, the cost of transferring money is around 10CHF, while national transfers are free.
Which account are your refering to? UBS is local, HSBC is "foreign". If I do an international transfer with UBS it costs me CHF 5. And you are transfering money abroad, not in-country. (Even if HSBC holds their Nostro account in Switzerland)
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Old 15.07.2017, 17:31
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Re: CHF account in UK

referring to HSBC's account in the UK, denominated in CHF.

I am wondering if I open that account, in UK, and I transfer my CHF from UBS to HSBC, how much that will cost me
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Old 15.07.2017, 17:37
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Re: CHF account in UK

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referring to HSBC's account in the UK, denominated in CHF.

I am wondering if I open that account, in UK, and I transfer my CHF from UBS to HSBC, how much that will cost me
HSBC will charge 12 to receive a foreign currency into a foreign currency account IIRC. You need to check depending on your status with HSBC.
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Old 15.07.2017, 17:37
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Re: CHF account in UK

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referring to HSBC's account in the UK, denominated in CHF.

I am wondering if I open that account, in UK, and I transfer my CHF from UBS to HSBC, how much that will cost me
Again, CHF 5 (most likely). Ask UBS? And as FMF said, some cost on HSBC side as well
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Old 15.07.2017, 17:43
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Re: CHF account in UK

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HSBC will charge 12 to receive a foreign currency into a foreign currency account IIRC. You need to check depending on your status with HSBC.
thanks, I'll check with them.
I'm on an Advance account, but if I'll transfer Swissies over I could ask for Premier easily.
I'm wondering if I should try to negotiate with UBS to keep my account open in Switzerland without having to pay the ridiculous 30 chf/month fee or opening the foreign currency account with HSBC.
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Old 15.07.2017, 17:45
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Re: CHF account in UK

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t
I'm wondering if I should try to negotiate with UBS to keep my account open in Switzerland without having to pay the ridiculous 30 chf/month fee or opening the foreign currency account with HSBC.
Do you have a couple of millions here ? Then it might work. Otherwise, no chance

(Think you need to have 250k or something like that?)
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Old 15.07.2017, 17:48
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Re: CHF account in UK

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Do you have a couple of millions here ? Then it might work. Otherwise, no chance

(Think you need to have 250k or something like that?)
haha I wish
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Old 16.07.2017, 10:22
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Re: CHF account in UK

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thanks, I'll check with them.
I'm on an Advance account, but if I'll transfer Swissies over I could ask for Premier easily.
I'm wondering if I should try to negotiate with UBS to keep my account open in Switzerland without having to pay the ridiculous 30 chf/month fee or opening the foreign currency account with HSBC.
Telling them you were leaving was the issue, delaying a few months until you had sorted out any Swiss liabilities might have been a better strategy.
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Old 16.07.2017, 11:15
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Re: CHF account in UK

you're right but I asked them about opening a second pillar account and that's how they knew
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