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Old 11.06.2019, 09:47
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Sending Money from abroad to Swiss relative

Hi



i am shortly moving to Switzerland from Canada for a period. To cover some substantial initial expenses plus have some CHF to open an account there I thought it would be convenient to send some money in advance to one of my Swiss relatives. I have the banking info and the relative is someone I trust totally.


I am a total noob to international transfers but have signed up to XE.



Two questions



Is there any downside to this plan?


Does transferring a larger (but still modest) amount of money like CHF 20,000 trigger any hassle for my relative? Like having to account for source of funds? Is there a threshold for that?


Thanks
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Old 11.06.2019, 09:55
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Re: Sending Money from abroad to Swiss relative

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Does transferring a larger (but still modest) amount of money like CHF 20,000 trigger any hassle for my relative? Like having to account for source of funds? Is there a threshold for that?

Depends on the financial transactions of your relative, could be, could not be. Easiest if he/she just notifies the bank on the incoming transaction.
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Old 11.06.2019, 11:55
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Re: Sending Money from abroad to Swiss relative

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Hi



i am shortly moving to Switzerland from Canada for a period. To cover some substantial initial expenses plus have some CHF to open an account there I thought it would be convenient to send some money in advance to one of my Swiss relatives. I have the banking info and the relative is someone I trust totally.


I am a total noob to international transfers but have signed up to XE.



Two questions



Is there any downside to this plan?


Does transferring a larger (but still modest) amount of money like CHF 20,000 trigger any hassle for my relative? Like having to account for source of funds? Is there a threshold for that?


Thanks
I received CHF 26K from my relative in UK few years ago and had no issues. I did not inform about the transaction in advance (I bank with Credit Suisse and money was transferred from a UK bank account).

I don't know how XE transactions will be handled. Best if your relative to ask from the bank beforehand.
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Old 11.06.2019, 12:08
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Re: Sending Money from abroad to Swiss relative

Use Revolut. Then you can transfer the money to yourself, and you may get a better exchange rate.
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Old 17.06.2019, 23:17
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Re: Sending Money from abroad to Swiss relative

Thanks for the responses folks. Seems like Revolut isn't yet available to me in Canada.
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Old 18.06.2019, 07:11
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Re: Sending Money from abroad to Swiss relative

I had a $70k transaction frozen on Tuesday for a couple of hours until I proved source of funds, strange as I often transfer such amounts & nobody ever said anything before. What was even stranger is source & destination was the same branch of a Bank just different currencies, name on accounts identical.
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Old 18.06.2019, 08:04
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Re: Sending Money from abroad to Swiss relative

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I had a $70k transaction frozen on Tuesday for a couple of hours until I proved source of funds, strange as I often transfer such amounts & nobody ever said anything before. What was even stranger is source & destination was the same branch of a Bank just different currencies, name on accounts identical.
You may have used a trigger word in the remark. Some terms that may seem innocent have red lights flashing.

Not saying these are among them but acid, fertiliser, ammonium, for example may be tricky as they can be used to build explosives.
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Old 18.06.2019, 08:37
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Re: Sending Money from abroad to Swiss relative

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You may have used a trigger word in the remark. Some terms that may seem innocent have red lights flashing.

Not saying these are among them but acid, fertiliser, ammonium, for example may be tricky as they can be used to build explosives.



Those words are not particulary tricky, i use them regularly


What is probalamtic is Revolut have had to tidy up their act a little as they were accused of money laundering recently and are worried about keeping a banking license for the EU.
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Old 18.06.2019, 21:12
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Re: Sending Money from abroad to Swiss relative

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I had a $70k transaction frozen on Tuesday for a couple of hours until I proved source of funds, strange as I often transfer such amounts & nobody ever said anything before. What was even stranger is source & destination was the same branch of a Bank just different currencies, name on accounts identical.

I think you got caught by the curse of New Compliance Officer Trying To Make A Name For Themselves And Not Thinking.


Linked transactions (Same amount, same destination/source) sometimes get picked on. As do random ones if they trigger an amount/word/other criteria.



It's a new world order, if you have nothing to hide etc. etc.


My favourite was "Can you provide proof of the relationship between the two parties".



They were same name, different ages. So I sent a picture of mum pushing daughter's pram...
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