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Old 14.07.2008, 17:05
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Transfer funds EUR to CHF

I used to work and live in France and now need to transfer some money from my French bank account to my bank account here in Switzerland. The fees and exchange rate offered by the French bank are not ideal. Does anyone know a company which offers a similar service as www.hifx.co.uk?

Any help would be greatly appreciated.

Cheers.
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Old 14.07.2008, 17:11
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Re: Transfer funds EUR to CHF

www.xe.com ?
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Old 14.07.2008, 17:12
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Re: Transfer funds EUR to CHF

Try http://www.xe.com


I have used them a number of times to do some transfers. Their rates are not that bad. You will need to register with them and they will have your account verified. All the best
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Old 14.07.2008, 17:48
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Re: Transfer funds EUR to CHF

I have been looking at the xe.com web site but have not found out whether there is a minimum sum for trades. Any information on that?

Thanks.
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Old 14.07.2008, 17:51
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Re: Transfer funds EUR to CHF

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I have been looking at the xe.com web site but have not found out whether there is a minimum sum for trades. Any information on that?

Thanks.
No minimum transfer rate as far as I am aware. But there is a fixed fee for wiring the money from the XE Swiss Bank holding account. About CHF 25. In effect, this dilutes the exchange rate you are quoted.
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Old 14.07.2008, 18:01
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Re: Transfer funds EUR to CHF

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No minimum transfer rate as far as I am aware. But there is a fixed fee for wiring the money from the XE Swiss Bank holding account. About CHF 25. In effect, this dilutes the exchange rate you are quoted.
No free beer

My bank charges $30 and tags on, IIRC, 3% to the interbank exchange rate. Not too hard to beat that!
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Old 14.07.2008, 18:23
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Re: Transfer funds EUR to CHF

Generally the cheapest way to do this is to have a EUR and CHF account with your Swiss bank.

You will already have a CHF account, by default...

Ring the bank, I assume it is a 'proper' bank and not one of these village-mong banks.. Ask them to open a EUR account and ask for their "French euro correspondant bank account details".

Move the money to the eur account of your bank to the French euro correspondant bank account, sub-account YOU.

Transfer the funds from your eur account to your chf account.

Job done.

You will pay the FX interbank rate +spread but often bank managers/relationship managers can negotiate this down. It should always be cheaper than sending the funds from, say SOCGEN Paris to UBS Geneva.

I could go into more detail if this sounds about right for you, an indication of amount would be helpful..
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Old 14.07.2008, 19:15
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Re: Transfer funds EUR to CHF

Thanks for your advice. Here is my previous experience: I asked my bank in France to transfer the equivalent of 5,000 EUR in CHF to my account in Switzerland. The exchange rate used was the "interbank" + 2%, so I didn't get the best deal, and they charged me 20 EUR for the wire. When Credit Suisse received the money, they charged me another 20 CHF. So overall, it wasn't a great deal.

Now I'm thinking about transfering the balance (30K) since I need the money in CHF for a deposit on a flat. The exchange rate factor is now more important. The bank manager at my local Credit Suisse branch told me the minimum balance for a EUR account is 100K, so not for me. If I use www.xe.com, will they charge a fee for receiving funds from a non-Swiss bank? if that's the case, that'd be 3 fees in total (French bank + xe.com + credit-suisse), the exchange rate offered must be more than 2% better than the bank rate to make it even.
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Old 14.07.2008, 20:11
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Re: Transfer funds EUR to CHF

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[snip]

If I use www.xe.com, will they charge a fee for receiving funds from a non-Swiss bank? if that's the case, that'd be 3 fees in total (French bank + xe.com + credit-suisse), the exchange rate offered must be more than 2% better than the bank rate to make it even.
I have never done a transfer into Switzerland, but I imagine you will only pay one wire fee. I imagine XE will have a bank account in every country they do business. So I guess you would pay the Euro funds into a bank account in the country in which the account is held, plus wire fee.

xe.com are based in Canada. Once you have opened an account (and to do this takes a few days and they will wish to speak to you personally), you get to set up transfers however you like. You just have to register the send or receive accounts with your account at XE. However, they will set an upper trading limit per trade. You will have to discuss this with them at the time your account is set up.

But please don't take my word for this. Speak to or e-mail one of their support people, who are very helpful and polite. Ask them the exact same question you ask here.

Last edited by BeastOfBodmin; 14.07.2008 at 20:12. Reason: Moved para 2 to be para 1.
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Old 15.07.2008, 10:27
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Re: Transfer funds EUR to CHF

I've had a quick look at xe.com and they seem similar to Oanda.com who are my FX rate providers of choice but xe seems better.

I would recommend trying them with 1,000 eur and if the FX rate is OK, go with the other 29,000...

It might cost you anything up to 4 x 20chf “wire fee’s” but better to pay 80chf than 2% of 30K…

I would also google xe.com’s name a few times to get some hits and read any comments about their service. Warning signs are “my money never turned up” or “XE.COM is being investigated by the FBI”…

With regards to your bank saying you needed 100K to open a euro account this sounds like some miscommunication to me. At UBS when you open an account AS STANDARD (its on the bloody form IIRC) you are asked what currencies you would like and at CS I have a gbp and eur account both with balances around about 0.01pence. No requirement to ever ship in 100K…. hahahahahaha like I would ever put 100K in a Swiss Bank whilst resident..

The 100K rule sounds to me like they thought you were an expat wanting to open an account. Now that would make sense. Did you speak to the work-experience kid and not your relationship manager? I repeat, I have a eur account at CS and there is/was no "100K" balance..
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Old 15.07.2008, 11:40
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Re: Transfer funds EUR to CHF

Also remember that if you supply the proper information to your Swiss and French banks and the transfer takes place in Euros, it is a SEPA transfer which means a really low fee.

http://en.wikipedia.org/wiki/Single_Euro_Payments_Area
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Old 15.07.2008, 11:55
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Re: Transfer funds EUR to CHF

In my experinece, the best method of tranferring money across the border is to put it into my pocket on one side of the border and to take it out on the other.

The biggest sum I took so far was 10,000 Euros. Do you think the muggers and robbers have X-ray eyes? Why should they attack me or why should I lose it. A bit more confidence please and don't let the banks get away with this theft.
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Old 15.07.2008, 11:55
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Re: Transfer funds EUR to CHF

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In my experinece, the best method of tranferring money across the border is to put it into my pocket on one side of the border and to take it out on the other.

The biggest sum I took so far was 10,000 Euros. Do you think the muggers and robbers have X-ray eyes? Why should they attack me or why should I lose it. A bit more confidence please and don't let the banks get away with this theft.
And you think the exchange rate you get for cash is the same you get for electronic transfers?
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Old 15.07.2008, 12:37
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Re: Transfer funds EUR to CHF

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Also remember that if you supply the proper information to your Swiss and French banks and the transfer takes place in Euros, it is a SEPA transfer which means a really low fee.

http://en.wikipedia.org/wiki/Single_Euro_Payments_Area
Thanks, I didn't know that. The problem is the exchange rate, a company like xe.com seems to offer a better exchange rate than the banks.
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Old 15.07.2008, 20:07
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Re: Transfer funds EUR to CHF

Try www.wechselstube.com, based in Switzerland, the spread is 0.75% I think (so your rate is the interbank rate + 0.75%), and no fee if SEPA payment, check the rates live online, and search this forum if needed as I posted about them before (not affiliated).

Last edited by muze7; 16.07.2008 at 12:30.
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Old 16.07.2008, 09:23
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Re: Transfer funds EUR to CHF

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In my experinece, the best method of tranferring money across the border is to put it into my pocket on one side of the border and to take it out on the other.

The biggest sum I took so far was 10,000 Euros. Do you think the muggers and robbers have X-ray eyes? Why should they attack me or why should I lose it. A bit more confidence please and don't let the banks get away with this theft.
And since he needs it to be in CHF in his bank account he has to walk into a Swiss Bank and deposit it, since its cash its interbank rate +4%.. So your solution would cost the OP an extra (ish) 1,500 EUR on 30K. Advice like this people don't need.
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Old 16.07.2008, 09:27
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Re: Transfer funds EUR to CHF

I have multiple currency accts at CS, and transfer Euros to dollars quite often. I def need to check this against www.xe.com

thnx

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Generally the cheapest way to do this is to have a EUR and CHF account with your Swiss bank.

You will already have a CHF account, by default...

Ring the bank, I assume it is a 'proper' bank and not one of these village-mong banks.. Ask them to open a EUR account and ask for their "French euro correspondant bank account details".

Move the money to the eur account of your bank to the French euro correspondant bank account, sub-account YOU.

Transfer the funds from your eur account to your chf account.

Job done.

You will pay the FX interbank rate +spread but often bank managers/relationship managers can negotiate this down. It should always be cheaper than sending the funds from, say SOCGEN Paris to UBS Geneva.

I could go into more detail if this sounds about right for you, an indication of amount would be helpful..
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Old 16.07.2008, 13:04
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Re: Transfer funds EUR to CHF

When we do a Euro (say 10,000 Euro) to SFr transfer via on-line UBS banking from our bank in Germany to our UBS account here in Switzerland, the most we get charged for the entire transaction is 1.50 Euro.

Maybe you could speak to a UBS representative (or your bank here in Switzerland) and ask them some questions about this before you go and transfer those Euros over using another means. Seems you could save yourself a bit of $$. There shouldn't be exorbitant charges for an electronic transfer.

Good luck.
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Old 16.07.2008, 13:11
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Re: Transfer funds EUR to CHF

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When we do a Euro (say 10,000 Euro) to SFr transfer via on-line UBS banking from our bank in Germany to our UBS account here in Switzerland, the most we get charged for the entire transaction is 1.50 Euro.

Maybe you could speak to a UBS representative (or your bank here in Switzerland) and ask them some questions about this before you go and transfer those Euros over using another means. Seems you could save yourself a bit of $$. There shouldn't be exorbitant charges for an electronic transfer.

Good luck.
Just as a demonstration Nyperi13 if you tell me the date (and time if you have it though I doubt it as it isn't normally reported) and how many CHF you got for your EUR10,000 I will tell you how much UBS 'really' charged you for that transaction..
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Old 16.07.2008, 13:16
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Re: Transfer funds EUR to CHF

That is what I am afraid of with CS...low cost to do the transaction, but not a very good exchange rate. Need to speak with my banker...

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Just as a demonstration Nyperi13 if you tell me the date (and time if you have it though I doubt it as it isn't normally reported) and how many CHF you got for your EUR10,000 I will tell you how much UBS 'really' charged you for that transaction..
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