Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 30.01.2018, 17:39
Newbie
 
Join Date: Sep 2017
Location: Lausanne
Posts: 8
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
shmhs has no particular reputation at present
What happens to your UBS account once you leave Switzerland to US?

Let's say you don't have any bank accounts in US. You intend to open an account as soon as you arrive there, and transfer your UBS funds ASAP. Does UBS give you enough time to do this, or will they close your account the moment your flight takes off Geneva? Is there any other bank in Switzerland that can help with this? Thank you!
Reply With Quote
  #2  
Old 30.01.2018, 18:26
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Misery, but not the SoT one
Posts: 20,264
Groaned at 350 Times in 265 Posts
Thanked 14,717 Times in 8,461 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: What happens to your UBS account once you leave Switzerland to US?

Depends entirely on when you tell them you're moving to the US. If you do it before you leave, you'll be asked to close the account and transfer the funds - not always easy since you can't set up the US account until you get there.

If you get there, set up the account and then transfer it's probably easiest. The problems may come if you still owe any Swiss taxes or are expecting a refund from somewhere which would be paid into the Swiss bank.

And no, no other banks will do anything differently. Since most Swiss banks won't even accept anyone with a US taint you can expect your bank to ask you to close the account asap as soon as they find out you're moving.
Reply With Quote
  #3  
Old 30.01.2018, 21:48
Member
 
Join Date: Apr 2014
Location: Lausanne
Posts: 215
Groaned at 1 Time in 1 Post
Thanked 398 Times in 147 Posts
Tox_Rat has a reputation beyond reputeTox_Rat has a reputation beyond reputeTox_Rat has a reputation beyond reputeTox_Rat has a reputation beyond repute
Re: What happens to your UBS account once you leave Switzerland to US?

Quote:
View Post
Let's say you don't have any bank accounts in US. You intend to open an account as soon as you arrive there, and transfer your UBS funds ASAP. Does UBS give you enough time to do this, or will they close your account the moment your flight takes off Geneva? Is there any other bank in Switzerland that can help with this? Thank you!
Why wire the funds? Get it in cash and carry it with you over the border!

I'm actually being serious, you will have to declare the funds at the border, but in my past cross-border moves I have much preferred to bring a wad of cash with me to set up new bank accounts. From almost the moment you arrive, you will need to be spending money; unfortunately wiring funds to the US can take a while. If you show up with the cash at the border with the paperwork that says that you are moving, then there generally isn't any hassle. Same thing applies at your new bank; you can bring a recent Swiss bank statement to prove where the funds originated, but you probably won't need it.
Reply With Quote
This user would like to thank Tox_Rat for this useful post:
  #4  
Old 30.01.2018, 22:00
Forum Veteran
 
Join Date: Feb 2012
Location: CH
Posts: 2,304
Groaned at 87 Times in 73 Posts
Thanked 2,002 Times in 1,123 Posts
ivank has a reputation beyond reputeivank has a reputation beyond reputeivank has a reputation beyond reputeivank has a reputation beyond repute
Re: What happens to your UBS account once you leave Switzerland to US?

Quote:
View Post
Why wire the funds? Get it in cash and carry it with you over the border!
Ha ha, and risk that US government officials fully legally rob you of it once you cross the border? You can't just waltz with a suitcase full of money in there. Unlike in Switzerland where noone would even blink at it

For starters, https://en.wikipedia.org/wiki/Civil_..._United_States
Reply With Quote
  #5  
Old 30.01.2018, 22:35
Member
 
Join Date: Apr 2014
Location: Lausanne
Posts: 215
Groaned at 1 Time in 1 Post
Thanked 398 Times in 147 Posts
Tox_Rat has a reputation beyond reputeTox_Rat has a reputation beyond reputeTox_Rat has a reputation beyond reputeTox_Rat has a reputation beyond repute
Re: What happens to your UBS account once you leave Switzerland to US?

Way to overreact....

Sure you can carry cash into the US, provided there is an obvious and legitimate explanation for your possession of the funds. Civil forfeiture would only apply to your legal possessions if there has been a crime committed (not necessarily by the owner). Usually this is applied during a drug seizure, e.g. seizing the car used to run drugs in addition to the drugs themselves regardless of whether the owner was a participant in the drug running. Without evidence of a crime there is no probable cause and civil forfeiture does not apply. Bringing the appropriate bank receipt demonstrating the legitimate source of the cash would allay any concerns. Frankly, US Customs and Border Patrol has bigger fish to fry.
Reply With Quote
  #6  
Old 30.01.2018, 22:44
Forum Veteran
 
Join Date: Feb 2012
Location: CH
Posts: 2,304
Groaned at 87 Times in 73 Posts
Thanked 2,002 Times in 1,123 Posts
ivank has a reputation beyond reputeivank has a reputation beyond reputeivank has a reputation beyond reputeivank has a reputation beyond repute
Re: What happens to your UBS account once you leave Switzerland to US?

Quote:
View Post
Civil forfeiture would only apply to your legal possessions if there has been a crime committed
Yeah, yeah, tell that to the victims like this guy and many others.

A mere suspicion of a crime is enough as evidenced by the amount of cash on you. "You look guilty."
Reply With Quote
  #7  
Old 30.01.2018, 22:44
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Misery, but not the SoT one
Posts: 20,264
Groaned at 350 Times in 265 Posts
Thanked 14,717 Times in 8,461 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: What happens to your UBS account once you leave Switzerland to US?

If you do decide to take cash and do a change of planes in Europe, just make sure what the rules are in that country too. In the UK for example cash over 10,000 has to be declared.
Reply With Quote
This user would like to thank Medea Fleecestealer for this useful post:
  #8  
Old 30.01.2018, 23:51
Newbie 1st class
 
Join Date: Sep 2012
Location: Biel
Posts: 10
Groaned at 1 Time in 1 Post
Thanked 9 Times in 6 Posts
pgough has no particular reputation at present
Re: What happens to your UBS account once you leave Switzerland to US?

Do you have a friend or family member you trust in a non-USA and non-Swiss country? You could transfer your money there, and they could transfer it to your new USA account when it is setup.
Reply With Quote
  #9  
Old 01.02.2018, 09:41
Newbie
 
Join Date: Feb 2018
Location: Baar
Posts: 9
Groaned at 0 Times in 0 Posts
Thanked 2 Times in 1 Post
tomaha has no particular reputation at present
Re: What happens to your UBS account once you leave Switzerland to US?

We used Interactive Brokers to transfer our money to the US. The advantage of using a broker is that you can change your money directly on Forex which will cost you less than anywhere else. Most brokers should give you an option to do this (but e.g. if you use Swissquote they will also force you to close your account with them as soon as they learn that you are now an US person). You can keep your money in multiple currencies and also buy stocks with them or transfer the money to e.g. a US account by ACH transfer.
Reply With Quote
  #10  
Old 01.02.2018, 10:07
Spinal's Avatar
Forum Veteran
 
Join Date: Dec 2016
Location: Zurich
Posts: 740
Groaned at 5 Times in 4 Posts
Thanked 618 Times in 282 Posts
Spinal has an excellent reputationSpinal has an excellent reputationSpinal has an excellent reputationSpinal has an excellent reputation
Re: What happens to your UBS account once you leave Switzerland to US?

Transfer your money to currencyfair... close swiss acount and move to the USA. At that point, open US account and transfer money out.

Simples
Reply With Quote
This user would like to thank Spinal for this useful post:
  #11  
Old 02.02.2018, 11:51
Junior Member
 
Join Date: Jan 2017
Location: basel
Posts: 44
Groaned at 3 Times in 1 Post
Thanked 21 Times in 10 Posts
radams has no particular reputation at present
Re: What happens to your UBS account once you leave Switzerland to US?

Quote:
View Post
Ha ha, and risk that US government officials fully legally rob you of it once you cross the border? You can't just waltz with a suitcase full of money in there. Unlike in Switzerland where noone would even blink at it

For starters, https://en.wikipedia.org/wiki/Civil_..._United_States
I am a US citizen; lived there for almost 40 years. I would not carry around more than a few thousand dollars for this reason. Once they take it, you'll never get it back. And they are incentivised to take it, their police department spends it on toys/parties/equipment. It's corrupt.
Reply With Quote
The following 2 users would like to thank radams for this useful post:
  #12  
Old 02.02.2018, 22:22
Newbie
 
Join Date: Sep 2017
Location: Lausanne
Posts: 8
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
shmhs has no particular reputation at present
Re: What happens to your UBS account once you leave Switzerland to US?

Quote:
View Post
Transfer your money to currencyfair... close swiss acount and move to the USA. At that point, open US account and transfer money out.

Simples
I read currencyFair does not serve people who reside in the US. So, what happens after I move to the US? That doesn't seem to work. :P
Reply With Quote
  #13  
Old 02.02.2018, 22:27
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 8,531
Groaned at 298 Times in 245 Posts
Thanked 9,137 Times in 4,626 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: What happens to your UBS account once you leave Switzerland to US?

Quote:
View Post
Way to overreact....

Sure you can carry cash into the US, provided there is an obvious and legitimate explanation for your possession of the funds.
Sure. And you are sure nobody notices you carrying that money? Are you sure you cannot be detected?

Any amount over 10k in a lot of countries in Europe need to be declared. Somehow I am sure that that probably is the same in the US
Reply With Quote
  #14  
Old 02.02.2018, 22:31
Member
 
Join Date: Apr 2014
Location: Lausanne
Posts: 215
Groaned at 1 Time in 1 Post
Thanked 398 Times in 147 Posts
Tox_Rat has a reputation beyond reputeTox_Rat has a reputation beyond reputeTox_Rat has a reputation beyond reputeTox_Rat has a reputation beyond repute
Re: What happens to your UBS account once you leave Switzerland to US?

Quote:
View Post
If you show up with the cash at the border with the paperwork that says that you are moving, then there generally isn't any hassle.
Who said anything about not declaring amounts in excess of USD 10K???
Reply With Quote
  #15  
Old 02.02.2018, 22:35
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 8,531
Groaned at 298 Times in 245 Posts
Thanked 9,137 Times in 4,626 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: What happens to your UBS account once you leave Switzerland to US?

Have a look at what is going on, especially when crossing borders with cash. Anything in cash above a certain amount (and 10k belongs to that) is a reason for any government to be suspicious. Whatever reason you may think to have.
Reply With Quote
  #16  
Old 02.02.2018, 23:38
Forum Veteran
 
Join Date: Feb 2012
Location: CH
Posts: 2,304
Groaned at 87 Times in 73 Posts
Thanked 2,002 Times in 1,123 Posts
ivank has a reputation beyond reputeivank has a reputation beyond reputeivank has a reputation beyond reputeivank has a reputation beyond repute
Re: What happens to your UBS account once you leave Switzerland to US?

Quote:
View Post
I would not carry around more than a few thousand dollars for this reason
Even that is too much. According to some stats [link], their average catch is about $4500, median only $1000
Reply With Quote
  #17  
Old 03.02.2018, 00:18
Newbie
 
Join Date: Feb 2018
Location: Baar
Posts: 9
Groaned at 0 Times in 0 Posts
Thanked 2 Times in 1 Post
tomaha has no particular reputation at present
Re: What happens to your UBS account once you leave Switzerland to US?

I would also be careful with cash to the US because they don't really trust cash that much (e.g. never try to pay something with a $100 Dollar bill; you pay with credit/debit and $20 is the bill you get from ATMs). Even when we brought a little bit more than 10k from Switzerland to Germany with the everything documented (which bank we got the money from, B permit, etc) it was a big problem putting the money in a German bank account when we arrived.
Reply With Quote
  #18  
Old 02.06.2018, 00:34
Forum Veteran
 
Join Date: Feb 2012
Location: CH
Posts: 2,304
Groaned at 87 Times in 73 Posts
Thanked 2,002 Times in 1,123 Posts
ivank has a reputation beyond reputeivank has a reputation beyond reputeivank has a reputation beyond reputeivank has a reputation beyond repute
Re: What happens to your UBS account once you leave Switzerland to US?

More news hot off the printing press for folks who still think civil asset forfeiture is a thing they do to criminals only

A 64-year-old put his life savings in his carry-on. U.S. Customs took it without charging him with a crime.
Reply With Quote
This user would like to thank ivank for this useful post:
  #19  
Old 02.06.2018, 13:55
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Misery, but not the SoT one
Posts: 20,264
Groaned at 350 Times in 265 Posts
Thanked 14,717 Times in 8,461 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: What happens to your UBS account once you leave Switzerland to US?

Did he have paperwork proving where the money came from? If not, then it's not surprising it was seized and would happen in the UK, probably Europe as well. UK law it quite clear, anything over 10,000 has to be declared and you'll need paperwork to prove where it came from. Usually if you don't have the paperwork with you, you have so many days the money is held for so you can produce it.
Reply With Quote
  #20  
Old 02.06.2018, 16:03
Forum Legend
 
Join Date: Sep 2006
Location: SZ
Posts: 9,620
Groaned at 23 Times in 22 Posts
Thanked 21,328 Times in 6,854 Posts
meloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond repute
Re: What happens to your UBS account once you leave Switzerland to US?

Quote:
View Post
UK law it quite clear, anything over 10,000 has to be declared and you'll need paperwork to prove where it came from. Usually if you don't have the paperwork with you, you have so many days the money is held for so you can produce it.
Unfortunately, US civil forfeiture is not so friendly. If your property is seized, chances are you will not get it back, even when you, or rather your property, is wholly innocent.

In recent years, some police departments have expanded the use of civil forfeiture almost beyond belief. Most concerning you have little legal recourse.

If you have 16 minutes and change, John Oliver did a segment on civil forfeiture that will leave you shaking your head:

https://www.youtube.com/watch?v=3kEpZWGgJks
Reply With Quote
Reply

Tags
fund transfer, ubs, usa




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
If I leave Switzerland what happens to my bank account? JennDH Leaving Switzerland 30 22.11.2014 08:52
What Happens When You Are Nice To Your Neighbours Mrs. Doolittle Daily life 28 24.11.2013 10:49
What would happen to your kids if something happens to you and your spouse? chrisinzurich Family matters/health 32 26.07.2013 18:01
What happens to my apartment contract if I leave Switzerland? yloka Leaving Switzerland 13 09.09.2011 16:53
What happens if I wish to leave Switzerland within a year as a non-EU? giang Leaving Switzerland 2 08.05.2011 00:05


All times are GMT +2. The time now is 04:16.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0