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Old 11.03.2020, 14:24
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Speed of transfers within the country

Hello, wanted to ask, is it normal that transfers arrive the next day in Switzerland?

Coming from London, I am used to instant payments most of the time, so it is strange to see that the transfers don't arrive the same day in a country that is known for its banking services...
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Old 11.03.2020, 14:29
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Re: Speed of transfers within the country

Same day if done before 10AM or so, otherwise next business day.

Tom
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Old 11.03.2020, 14:31
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Re: Speed of transfers within the country

Generally speaking, domestic transfer should arrive within the same day. I've noticed however, that after a certain time (late afternoon/evening), such transfers will usually be done the next day. I'm not familiar with international transfers but I can imagine, that there might be an additional day in delay.


Disclaimer: I've heard from several people using Post Finance, that even domestic transfers took up to 5 business days. According to Post Finance, this is within their acceptable time frame.
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Old 11.03.2020, 15:31
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Re: Speed of transfers within the country

Using the UBS I can make a domestic transfer up to midday. The default setting is for the next day, but I can change it to same day any time up until midday.

But if I do select the following day, the money remains in my account until that day.
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Old 11.03.2020, 15:57
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Re: Speed of transfers within the country

When I just arrived to CH I also thought it was an inconvenience.

Then found that payment is not needed to get goods and services. You get what you need, then the invoice a few days later by mail. Then realized instant payments to IBAN account is almost a solution looking for a problem.
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Old 11.03.2020, 16:11
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Re: Speed of transfers within the country

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You get what you need, then the invoice a few days later by mail.
With request for payment usually in 30 days
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Old 11.03.2020, 17:05
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Re: Speed of transfers within the country

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I'm not familiar with international transfers but I can imagine, that there might be an additional day in delay.
I've had incoming international transfers arrive on the same day.
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Old 11.03.2020, 17:13
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Re: Speed of transfers within the country

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I've had incoming international transfers arrive on the same day.

With SEPA this should be fairly normal. If the SWIFT network is used, it depends on the instructions so it can be same day or up to 2 days (or more, depending on the bank).
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Old 11.03.2020, 18:08
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Re: Speed of transfers within the country

I thought UK banks used 3 days for clearing to make money.
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Old 11.03.2020, 18:11
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Re: Speed of transfers within the country

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I thought UK banks used 3 days for clearing to make money.
That was for cheques, now most bank transfers take about 5 minutes 7 days a week.
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Old 11.03.2020, 19:32
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Re: Speed of transfers within the country

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That was for cheques, now most bank transfers take about 5 minutes 7 days a week.
First Direct applied the 3 days clearing for online banking at one time. I guess things have changed.
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Old 11.03.2020, 19:36
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Re: Speed of transfers within the country

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First Direct applied the 3 days clearing for online banking at one time. I guess things have changed.
Instant Payments now
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Old 11.03.2020, 20:14
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Re: Speed of transfers within the country

For anybody wanting to conduct a field test, feel free to pm me for my Iban number.
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Old 12.03.2020, 09:50
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Re: Speed of transfers within the country

If you're making the transfer by e-banking, then many banks default to making the transfer the following working day. However you change this to be the same day up to a certain time, which will depend on the bank. The transfer itself is pretty rapid, though at one time PostFinance sat on the money for a day. In these days of negative interest, it probably doesn't do that any more.
I made a transfer to UK a few days ago and to my surprize it arrived the same day, though the UK bank ripped the recipient off for 15 GBP, even though the transfer was made in GBP.
SEPA transfers to the Euro zone are same day.
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Old 12.03.2020, 13:30
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Re: Speed of transfers within the country

Thank you for your responses. Another question: is it possible to transfer money from Switzerland to the UK somehow without fees?

When I was trying to transfer, there was a fee of 12 CHF.

Maybe there is a workaround with Revolut/Transferwise, something like this?

Thanks.
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Old 12.03.2020, 17:37
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Re: Speed of transfers within the country

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Thank you for your responses. Another question: is it possible to transfer money from Switzerland to the UK somehow without fees?

When I was trying to transfer, there was a fee of 12 CHF.

Maybe there is a workaround with Revolut/Transferwise, something like this?

Thanks.
I use Revolut.
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Old 12.03.2020, 17:51
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Re: Speed of transfers within the country

Taking into account the current stock market plunge, I would stay away from companies that sacrifice profit for the sake of growth. You never know which is the first one going belly up.
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Old 12.03.2020, 18:16
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Re: Speed of transfers within the country

Iv used TransferWise as late as 4pm and the cash has been deposited in the UK same day. Iv not used any bank to transfer abroad since discovering TransferWise. Super cheap and reliable.
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