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Old 06.08.2018, 11:43
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Equity Transfer of house sale in UK to CHF

Hello,

I am in the process of relocating with my family to Luzern from the UK. We have sold our house and now have the proceeds sitting in our UK account. We have a Raiffeisen account in Luzern and want to transfer the funds from the UK into that.

I have researched online and gone back over some of the previous threads here discussing the subject but for certainly I wanted to get the latest opinion on this?

Thanks in advance.

Kris
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Old 06.08.2018, 11:46
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Re: Equity Transfer of house sale in UK to CHF

What exactly is your question ?
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Old 06.08.2018, 12:48
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Re: Equity Transfer of house sale in UK to CHF

Apologies, my question... Is their an opinion on what is the most cost efficient way of transferring/relocating my funds from the UK to Switzerland considering exchange rates and services cost etc.. The internet seems awash with companies that will do this but wondered if anyone here had any experience in doing this.

Thanks

Kris
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Old 06.08.2018, 12:54
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Re: Equity Transfer of house sale in UK to CHF

I'd leave it in the UK if you don't need it probably get better interest.

I use CurrencyFair..guess best to transfer on days the government aren't making hash of brexit as the pound will be better
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Old 06.08.2018, 13:24
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Re: Equity Transfer of house sale in UK to CHF

Thank you for the detail regards currancyfair. This was one service on my radar. I have been nationalised Swiss through marriage to my wife. The move will be permanent and the idea is to transfer our funds into our 3rd column pension. As for the exchange rate I am kind of thinking the faster the better and am preferring to remove my assets out the UK for the foreseeable.
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Old 06.08.2018, 13:45
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Re: Equity Transfer of house sale in UK to CHF

As you didn't mention the size of the transfer, I chose an arbitrary number... However Monito should give you an idea of the better available options.
https://www.monito.com/send-money/un...chf/20000?mail
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Old 06.08.2018, 14:27
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Re: Equity Transfer of house sale in UK to CHF

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I'd leave it in the UK if you don't need it probably get better interest.
I wouldn't. The risk of the £ dropping further is too high.

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... the idea is to transfer our funds into our 3rd column pension...
I transferred a portion of my house sale profits into my 2nd pillar pension. The net result was that I had very little taxable income that year, and even qualified for some low-income assistance!
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Old 06.08.2018, 14:56
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Re: Equity Transfer of house sale in UK to CHF

LLoyds bank UK charge £19 per transfer to a £ account in non-EU Country and nothing within the EU with a limit of £100,000 per day...
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Old 06.08.2018, 15:08
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Re: Equity Transfer of house sale in UK to CHF

Presumably OP wants the received funds in local currency? So for 100k transfer from Lloyds you can add three grand, to allow for their conversion rate.
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Old 06.08.2018, 15:20
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Re: Equity Transfer of house sale in UK to CHF

Thanks for the feedback all.

My gut feeling is the banks will be offering "their" interpretation of the interest rate which will hit me in the pocket so looking at the brokers that offer the same service with a more realistic interpretation of the rate.

Interesting about the 2nd column. I will not start working until October so will need to investigate what I/we can claim the tax on.

We are looking to do the transfer at the end of the week so I will feedback with what I went with.
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Old 06.08.2018, 15:21
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Re: Equity Transfer of house sale in UK to CHF

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Presumably OP wants the received funds in local currency? So for 100k transfer from Lloyds you can add three grand, to allow for their conversion rate.

Yes funds in CHF.
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Old 06.08.2018, 15:31
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Re: Equity Transfer of house sale in UK to CHF

We have been using Caxton fx for 15 years, the last time in May. We phone up “our” account representative and discuss how good a rate he can give us for the amount we are moving, rate and amount fixed we then transfer funds to them and they forward. Last exchange took 48 hours in total.
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Old 06.08.2018, 22:14
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Re: Equity Transfer of house sale in UK to CHF

Personally, I use Tor FX

For big amounts, you speak to your dealer and haggle. For normal amounts (under 20k) rates are v good usually.

I use it every month to pay CHF salary to UK for the bills etc.

There are also arbitrage services. Can't comment as have not used but others here have.

Regards


Ian

As per previous advice, do not let a normal UK bank take your money in a bad exchange rate! Use a specialist FX trader like the ones recommended by me and others.
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Old 06.08.2018, 23:07
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Re: Equity Transfer of house sale in UK to CHF

The vsst majority of the online services will save you £K. Don't use your bank. And you can leave the money in your CH account for qutie a while before transfering to a pension.
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Old 06.08.2018, 23:29
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Re: Equity Transfer of house sale in UK to CHF

Out of interest, anyone know whether there is a limit to how much you can transfer across accounts (CH to UK and vice-versa) without having to 'declare' the money? i.e. do the banks/inland revenue query the incoming payment if its above e.g. 50K?

Just out of interest... in case the GBP sinks after brexit I might fancy transferring a lump to GBP..

thanks
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Old 07.08.2018, 01:10
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Re: Equity Transfer of house sale in UK to CHF

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Thank you for the detail regards currancyfair. This was one service on my radar. I have been nationalised Swiss through marriage to my wife. The move will be permanent and the idea is to transfer our funds into our 3rd column pension. As for the exchange rate I am kind of thinking the faster the better and am preferring to remove my assets out the UK for the foreseeable.
Presumably the house sale proceeds don't amount to much, or am I misunderstanding something? The tax-deductible limit for 3a pension contributions is CHF 6,768 per person in 2018, so between you and your wife, that's around GBP 10,500 all up. If you have more than that, you'll want to park it elsewhere; pillar 3a investments are bad enough with the tax deduction, and highly unattractive without. Pillar 3b is just plain unattractive in the face of alternative investment opportunities.

For forex, I have used OFX.com for many years -- very fast, all online, fee-free for transfers over a certain (not very high) limit, and excellent rates. You can get an indicative quote from their website and compare it to your pirate bank's rate.

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Out of interest, anyone know whether there is a limit to how much you can transfer across accounts (CH to UK and vice-versa) without having to 'declare' the money? i.e. do the banks/inland revenue query the incoming payment if its above e.g. 50K?
I'm sure there's some sort of a limit but I think it's pretty high. GBP 50k wouldn't trigger it.

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Just out of interest... in case the GBP sinks after brexit I might fancy transferring a lump to GBP..
Good luck with that.
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Old 07.08.2018, 08:40
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Re: Equity Transfer of house sale in UK to CHF

In principle money transfers over 10000 CHFs have to be declared. The bank which is receiving the money will want to know where it has come from. Often an oral declaration will suffice, but you may have to give them something more official (copy of the sale deeds for example). That is to protect the banks from money laundering issues.
The more complicated matter might be the tax authorities. They will want to know why your wealth has suddenly increased. If your property in the UK was already previously declared here, there won't be a problem. If it wasn't, start working out what to do about it.
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Old 07.08.2018, 08:51
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Re: Equity Transfer of house sale in UK to CHF

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Out of interest, anyone know whether there is a limit to how much you can transfer across accounts (CH to UK and vice-versa) without having to 'declare' the money? i.e. do the banks/inland revenue query the incoming payment if its above e.g. 50K?

Just out of interest... in case the GBP sinks after brexit I might fancy transferring a lump to GBP..

thanks
Large transfers usually have a line of what the source of the money was, Income/Pension lump sum/Investment. Depending on your relationship with your Bank & what they know about you they may ask questions or not. 1 Bank I have will query a 10k plus transaction where another ignores 100k plus transactions. I have made UK debit card transactions of £80,000 nobody said a word other than a text from my Bank to confirm it was genuine.

Banks do flag every transaction over 10k as required by law, however if you make 2 transactions of 9k this will be treated more suspiciously than 1 transfer of 18k.
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Old 07.08.2018, 16:42
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Re: Equity Transfer of house sale in UK to CHF

I used transferwise to move about GBP 80k into my Swiss CHF account. It was cheaper than Lloyds by a few thousand francs.

The receiving bank didn't question it (although they did know our situation as we were buying a CH property with them).

The tax folks wanted some evidence of where the money came from and presumably that there wasn't any more they should be getting their claws into. I provided a copy of the documentation from the UK solicitor and that satisfied them.
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Old 07.08.2018, 18:11
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Re: Equity Transfer of house sale in UK to CHF

For any amount above £100k I would recommend that you consult a serious FX broker who would not only advise on FX rate and commissions charged but also on Execution strategy based on your circumstances to get a decent average as the GBP/CHF rate is very volatile right now.

As a upper bound benchmark you could use Transferwise for comparison. They charge 0.50% on top of the market mid rate. I wouldn’t bother with any broker / bank who can’t even beat their (Transferwise that is) rate.

As a lower bound benchmark you could use IB for comparison. They charge 3 bps (0.0003) on top of the market ask rate. You won’t get this rate from anyone other than IB so don’t even bother looking.

Both of the above won’t guarantee you the best rate, in fact no-one can as the rate moves all the time, and the best you can do is get an average unless you have a magical crystal ball that can predict the future.

If you need further info PM directly, I can’t be bothered posting things on here as it will just get lost amongst the rest of the comments about people’s past experience.
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