Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 14.10.2021, 09:48
Newbie 1st class
 
Join Date: Dec 2007
Location: basel
Posts: 10
Groaned at 0 Times in 0 Posts
Thanked 4 Times in 2 Posts
ilpostino has no particular reputation at present
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)
Reply With Quote
  #2  
Old 14.10.2021, 10:10
Forum Veteran
 
Join Date: Jul 2014
Location: lugano
Posts: 789
Groaned at 87 Times in 51 Posts
Thanked 686 Times in 382 Posts
DL21 has earned the respect of manyDL21 has earned the respect of manyDL21 has earned the respect of many
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?
Reply With Quote
  #3  
Old 14.10.2021, 10:30
Member
 
Join Date: Jan 2019
Location: Belmont
Posts: 159
Groaned at 16 Times in 9 Posts
Thanked 200 Times in 66 Posts
Nocando has an excellent reputationNocando has an excellent reputationNocando has an excellent reputationNocando has an excellent reputation
Re: High Volume International Money Transfers

Quote:
View Post
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.
Reply With Quote
  #4  
Old 14.10.2021, 10:40
Axa's Avatar
Axa Axa is offline
Forum Legend
 
Join Date: Oct 2019
Location: Suhr, Aargau
Posts: 3,440
Groaned at 40 Times in 40 Posts
Thanked 4,621 Times in 2,131 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: 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.
Reply With Quote
This user would like to thank Axa for this useful post:
  #5  
Old 14.10.2021, 10:59
Member
 
Join Date: Jan 2019
Location: Belmont
Posts: 159
Groaned at 16 Times in 9 Posts
Thanked 200 Times in 66 Posts
Nocando has an excellent reputationNocando has an excellent reputationNocando has an excellent reputationNocando has an excellent reputation
Re: High Volume International Money Transfers

Quote:
View Post
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.
Reply With Quote
This user would like to thank Nocando for this useful post:
  #6  
Old 14.10.2021, 20:14
Newbie 1st class
 
Join Date: Apr 2018
Location: Genève, GE
Posts: 10
Groaned at 0 Times in 0 Posts
Thanked 2 Times in 2 Posts
FunnyDjo has no particular reputation at present
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.
Reply With Quote
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
xe.com money transfers P&J Finance/banking/taxation 22 01.07.2015 17:22
International money transfers using xe, skype, banks, or others? EmaF Finance/banking/taxation 27 12.01.2015 16:18
Taxes on money transfers to US lchi Finance/banking/taxation 3 12.02.2013 19:42
Are international money transfers monitored? Scoobysue Finance/banking/taxation 10 24.04.2009 20:50
Need help bad. Money transfers. k3vi0 Finance/banking/taxation 5 07.10.2008 13:54


All times are GMT +2. The time now is 15:50.


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