Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 11.03.2020, 15:24
Junior Member
 
Join Date: Mar 2020
Location: Geneva
Posts: 34
Groaned at 4 Times in 4 Posts
Thanked 3 Times in 3 Posts
NewinGeneva has no particular reputation at present
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...
Reply With Quote
  #2  
Old 11.03.2020, 15:29
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 32,059
Groaned at 2,416 Times in 1,757 Posts
Thanked 39,065 Times in 18,419 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Speed of transfers within the country

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

Tom
Reply With Quote
The following 5 users would like to thank st2lemans for this useful post:
  #3  
Old 11.03.2020, 15:31
lost_inbroad's Avatar
Forum Legend
 
Join Date: Dec 2009
Location: Town or region
Posts: 11,491
Groaned at 655 Times in 417 Posts
Thanked 16,388 Times in 6,379 Posts
lost_inbroad has a reputation beyond reputelost_inbroad has a reputation beyond reputelost_inbroad has a reputation beyond reputelost_inbroad has a reputation beyond reputelost_inbroad has a reputation beyond reputelost_inbroad has a reputation beyond repute
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.
Reply With Quote
  #4  
Old 11.03.2020, 16:31
Forum Legend
 
Join Date: Oct 2014
Location: Nyon
Posts: 5,696
Groaned at 312 Times in 223 Posts
Thanked 7,775 Times in 3,641 Posts
bowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond repute
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.
Reply With Quote
This user would like to thank bowlie for this useful post:
  #5  
Old 11.03.2020, 16:57
Axa's Avatar
Axa Axa is offline
Forum Legend
 
Join Date: Oct 2019
Location: Suhr, Aargau
Posts: 3,649
Groaned at 43 Times in 43 Posts
Thanked 4,894 Times in 2,272 Posts
Axa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond repute
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.
Reply With Quote
This user would like to thank Axa for this useful post:
  #6  
Old 11.03.2020, 17:11
Forum Legend
 
Join Date: Oct 2014
Location: Nyon
Posts: 5,696
Groaned at 312 Times in 223 Posts
Thanked 7,775 Times in 3,641 Posts
bowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond repute
Re: Speed of transfers within the country

Quote:
View Post
You get what you need, then the invoice a few days later by mail.
With request for payment usually in 30 days
Reply With Quote
This user would like to thank bowlie for this useful post:
  #7  
Old 11.03.2020, 18:05
amogles's Avatar
Forum Legend
 
Join Date: Mar 2008
Location: Zurich
Posts: 12,361
Groaned at 340 Times in 276 Posts
Thanked 26,264 Times in 11,001 Posts
amogles has a reputation beyond reputeamogles has a reputation beyond reputeamogles has a reputation beyond reputeamogles has a reputation beyond reputeamogles has a reputation beyond reputeamogles has a reputation beyond repute
Re: Speed of transfers within the country

Quote:
View Post
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.
Reply With Quote
This user would like to thank amogles for this useful post:
  #8  
Old 11.03.2020, 18:13
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 11,236
Groaned at 373 Times in 313 Posts
Thanked 14,350 Times in 6,654 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: Speed of transfers within the country

Quote:
View Post
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).
Reply With Quote
This user would like to thank roegner for this useful post:
  #9  
Old 11.03.2020, 19:08
NotAllThere's Avatar
Modulo 2
 
Join Date: Oct 2008
Location: Baselland
Posts: 14,151
Groaned at 254 Times in 222 Posts
Thanked 21,003 Times in 8,534 Posts
NotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond repute
Re: Speed of transfers within the country

I thought UK banks used 3 days for clearing to make money.
Reply With Quote
This user would like to thank NotAllThere for this useful post:
  #10  
Old 11.03.2020, 19:11
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,376
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Speed of transfers within the country

Quote:
View Post
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.
Reply With Quote
The following 2 users would like to thank fatmanfilms for this useful post:
  #11  
Old 11.03.2020, 20:32
NotAllThere's Avatar
Modulo 2
 
Join Date: Oct 2008
Location: Baselland
Posts: 14,151
Groaned at 254 Times in 222 Posts
Thanked 21,003 Times in 8,534 Posts
NotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond repute
Re: Speed of transfers within the country

Quote:
View Post
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.
Reply With Quote
  #12  
Old 11.03.2020, 20:36
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 11,236
Groaned at 373 Times in 313 Posts
Thanked 14,350 Times in 6,654 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: Speed of transfers within the country

Quote:
View Post
First Direct applied the 3 days clearing for online banking at one time. I guess things have changed.
Instant Payments now
Reply With Quote
  #13  
Old 11.03.2020, 21:14
lost_inbroad's Avatar
Forum Legend
 
Join Date: Dec 2009
Location: Town or region
Posts: 11,491
Groaned at 655 Times in 417 Posts
Thanked 16,388 Times in 6,379 Posts
lost_inbroad has a reputation beyond reputelost_inbroad has a reputation beyond reputelost_inbroad has a reputation beyond reputelost_inbroad has a reputation beyond reputelost_inbroad has a reputation beyond reputelost_inbroad has a reputation beyond repute
Re: Speed of transfers within the country

For anybody wanting to conduct a field test, feel free to pm me for my Iban number.
Reply With Quote
The following 3 users would like to thank lost_inbroad for this useful post:
  #14  
Old 12.03.2020, 10:50
Forum Veteran
 
Join Date: Nov 2011
Location: Mies
Posts: 980
Groaned at 15 Times in 11 Posts
Thanked 742 Times in 420 Posts
catandmouse has earned the respect of manycatandmouse has earned the respect of manycatandmouse has earned the respect of many
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.
Reply With Quote
  #15  
Old 12.03.2020, 14:30
Junior Member
 
Join Date: Mar 2020
Location: Geneva
Posts: 34
Groaned at 4 Times in 4 Posts
Thanked 3 Times in 3 Posts
NewinGeneva has no particular reputation at present
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.
Reply With Quote
  #16  
Old 12.03.2020, 18:37
Forum Legend
 
Join Date: Oct 2014
Location: Nyon
Posts: 5,696
Groaned at 312 Times in 223 Posts
Thanked 7,775 Times in 3,641 Posts
bowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond repute
Re: Speed of transfers within the country

Quote:
View Post
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.
Reply With Quote
  #17  
Old 12.03.2020, 18:51
Axa's Avatar
Axa Axa is offline
Forum Legend
 
Join Date: Oct 2019
Location: Suhr, Aargau
Posts: 3,649
Groaned at 43 Times in 43 Posts
Thanked 4,894 Times in 2,272 Posts
Axa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond repute
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.
Reply With Quote
  #18  
Old 12.03.2020, 19:16
Member
 
Join Date: Feb 2019
Location: Switzerland
Posts: 223
Groaned at 17 Times in 12 Posts
Thanked 84 Times in 63 Posts
ormesome has earned some respectormesome has earned some respect
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.
Reply With Quote
This user would like to thank ormesome for this useful post:
Reply




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
Multiple speed camera and speed limit questions Swi Daily life 33 18.08.2015 18:23
xe.com money transfers P&J Finance/banking/taxation 22 01.07.2015 18:22
bank transfers FROM the US phillyman Finance/banking/taxation 3 09.01.2013 19:18
Speed ticket and leaving the country Danielfb Transportation/driving 104 15.05.2009 01:33
How to learn ski-touring / back-country cross country skiing mjjnl Sports / Fitness / Beauty / Wellness 38 27.11.2008 12:57


All times are GMT +2. The time now is 10:56.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0