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-   -   High Value International Money Transfers (https://www.englishforum.ch/finance-banking-taxation/306164-high-value-international-money-transfers.html)

ilpostino 14.10.2021 10:48

High Value International Money Transfers
 
hi all


I have been trawling through the old posts trying to find a similar situation to my own. There have been several posts here about using Wise or Revolut etc to do international money transfers (CHF to euro) from Swiss banks to EU banks since the bank exchange rates are simply not competitive . But what about doing 6 figure international money transfers from swiss bank to euro bank - is Wise/ Revolut still the best option or is there a better non P2P option that people are using ? The internet is full of "broker"(or such like) companies with a myriad of terms of conditions attached to each - super confusing.

Basically want to do 1 or 2 high volume transfers and finding it diffcult to work out the the cheapest way to do this = lowest charges and most competitive rates ( the rates return seems to dwarf the bank charges the bigger the volume)

DL21 14.10.2021 11:10

Re: High Volume International Money Transfers
 
yep revolut is fine. you might sometimes get ask to explain the origins of the money if its rare for you.

your subject say 'high volume' which implies many transfers but reading the post body it seems you mean high value?

Nocando 14.10.2021 11:30

Re: High Volume International Money Transfers
 
Quote:

Originally Posted by ilpostino (Post 3355957)
hi all


I have been trawling through the old posts trying to find a similar situation to my own. There have been several posts here about using Wise or Revolut etc to do international money transfers (CHF to euro) from Swiss banks to EU banks since the bank exchange rates are simply not competitive . But what about doing 6 figure international money transfers from swiss bank to euro bank - is Wise/ Revolut still the best option or is there a better non P2P option that people are using ? The internet is full of "broker"(or such like) companies with a myriad of terms of conditions attached to each - super confusing.

Basically want to do 1 or 2 high volume transfers and finding it diffcult to work out the the cheapest way to do this = lowest charges and most competitive rates ( the rates return seems to dwarf the bank charges the bigger the volume)

I have an almost identical situation. Interactive Brokers seem to offer better rates than Revolut / Wise. You will see a small thread started by me on this topic.
Did one small test conversion and it was easy and definitely cheaper. They allow one free transfer out per month and charge only 8 USD for subsequent ones which is nothing if you are talking high value.

Axa 14.10.2021 11:40

Re: High Volume International Money Transfers
 
Timing is everything. The day-to-day variation is sometimes larger than the prices differences between different service providers: old banks, new banks, apps, whatever.

If you're not in a hurry, use a service that allows to set a minimum price of the exchange rate that triggers the operation.

Nocando 14.10.2021 11:59

Re: High Volume International Money Transfers
 
Quote:

Originally Posted by Axa (Post 3355970)
Timing is everything. The day-to-day variation is sometimes larger than the prices differences between different service providers: old banks, new banks, apps, whatever.

If you're not in a hurry, use a service that allows to set a minimum price of the exchange rate that triggers the operation.

Interactive Brokers does allow you to set the desired price.

FunnyDjo 14.10.2021 21:14

Re: High Value International Money Transfers
 
I also use Interactive Broker for investment but also Forex exchange. You will get the best deal avoiding odd lot (aka >20k) but the exchange will cost maximum 2chf. The rates are slightly better than Revolut premium. I estimated a saving of 120-180chf due to a better spread on IB.

As the other members said timing the rate will make the big difference.


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