These regulations are put in place to catch money laundering. A one-off transfer of 20k is not going to attract attention. Just remember to tell the truth if asked.

Keeping the original EUR account is not an option when you move to Switzerland? I still keep my account from where I left and it doesn't cost or bother me.

As an alternative Wise/Revolut provide free EUR account.
Free EUR account in Switzerland I doubt there is, it's not the usual account you need here. Neon looks like a cheap CHF option.


To answer question 1) probably exchanging with Wise/Revolut would be cheaper. Compare the costs. From my experience nobody from Wise asks when I moved 10s of kEUR, and even if they did... no problem.


4) yes, it seems a great idea. If volumes of exchanged currency become bigger probably Interactive Brokers becomes attractive.

Transferred 70k from Etniki (Greece) to Credit Suisse recently, no questions asked.
Both accounts were in my name, did it from bank app on my phone

UBS and CS offer free EUR accounts with your CHF account. I recommend checking the exchange rate you will get verses spot rates.

We have only had money transfers questioned and reported when we transferred through a friend in a bank for better exchange rates and name didn't match. They lodged a suspicious transaction report and blocked the account but only after money was transferred onwards to our solicitor for a house deposit.

Messed up our direct debits and the bank dropped us after we wouldn't send our work contract - all they need to know is job title.

We now only use interactive brkers with no issues. Kept cash there until ready and then transferred.

You DON'T need a reason if both souce and target accounts are in your own name!


If you saved your own money over the years, what would be the "source"? It is already taxed, inside the banking system, that proves that it isn't money laundering.


I moved several times within the EU over the past years, opened bank accounts in several countries, in several currencies (GBP, EUR, CHF....), moved >10k funds across many times, through the legacy banks and via Wise as well. Never once was I asked where my money comes from.... because it is my money.


The only instance when I was asked this question was when I was transferring from an account which was in my wife's name, but I had access to it... (it was Wise who asked) - I told them that it was a joint account, and they accepted this without a problem. Even in this case they weren't interested in the "source" of the funds - they were just interested whether I had legal access to the money.

Then maybe you were lucky as questions can be raised even with the same name on both sides.

Money being inside the banking system, as you say, still can be used for fraudulent activities and raise Compliance issues.

But that is very easy to prove, a death certificate and a copy of the will is sufficient.

Because both accounts are in your name and CS will assume, rightly or wrongly that your Greek bank have already done due diligence on source of funds.

No proof required.

Tom

No, that we are aware of Tom, unless the bank asks for prove of funds!


I presume your wife knows her bank well enough and they know her well enough not to have to ask......


The bank have to do due diligence on source of clients funds and they are now accountable by law for this.


Evidently they cannot do this for every piss pot transfer over Chf 10k as the system would totally grind to a halt. They look for transfers that are unusual or not common for the account holder and then may or may not go further by requesting proof of funds or other documentation.

I found the platform exchangemaket.ch apparently backed by the ZKB and they have really good rate for chf/eur exchange. Do you guys have experience with them? couldn't find many informations/reviews