Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 09.01.2009, 20:20
evZENy's Avatar
Junior Member
 
Join Date: Nov 2008
Location: IL, USA
Posts: 40
Groaned at 0 Times in 0 Posts
Thanked 3 Times in 3 Posts
evZENy has no particular reputation at present
transfer money to CH when moving in

I am moving to CH from the USA.
One of the (many) issues I wonder about is what is the best way to move my money? I guess ideally having an account with a bank that operates both in CH and USA might help. I know USB has some presence here, but not so much in the individual banking.

Any suggestions?

Thank you!
Evgeny
Reply With Quote
  #2  
Old 09.01.2009, 20:30
HollidayG's Avatar
Forum Legend
 
Join Date: Jan 2008
Location: Kanton Zürich
Posts: 3,038
Groaned at 50 Times in 35 Posts
Thanked 1,179 Times in 737 Posts
HollidayG has an excellent reputationHollidayG has an excellent reputationHollidayG has an excellent reputationHollidayG has an excellent reputation
Re: transfer money to CH when moving in

Hi.
I would open an account when you get here and transfer what you need
later. There is a lot of bureaucracy in the US about transferring money
especially to Switzerland.
Reply With Quote
  #3  
Old 09.01.2009, 20:37
evZENy's Avatar
Junior Member
 
Join Date: Nov 2008
Location: IL, USA
Posts: 40
Groaned at 0 Times in 0 Posts
Thanked 3 Times in 3 Posts
evZENy has no particular reputation at present
Re: transfer money to CH when moving in

Actually I don't see any problems in the USA - I bought 2 businesses in Europe and transferred more than 20 times in the last 3 years.
With my current bank it is also free!
It is the receiving part that usually creates the problems - taxes, proof of origin of the money etc.
Reply With Quote
  #4  
Old 09.01.2009, 23:49
Papa Goose's Avatar
Forum Legend
 
Join Date: Apr 2008
Location: Ägeri
Posts: 3,700
Groaned at 193 Times in 162 Posts
Thanked 4,254 Times in 1,805 Posts
Papa Goose has a reputation beyond reputePapa Goose has a reputation beyond reputePapa Goose has a reputation beyond reputePapa Goose has a reputation beyond reputePapa Goose has a reputation beyond reputePapa Goose has a reputation beyond repute
Re: transfer money to CH when moving in

Quote:
View Post
Actually I don't see any problems in the USA - I bought 2 businesses in Europe and transferred more than 20 times in the last 3 years.
With my current bank it is also free!
It is the receiving part that usually creates the problems - taxes, proof of origin of the money etc.
Not to sure why your asking then if you've done it before, worth making the distinction between Europe and the EU though.
Reply With Quote
  #5  
Old 10.01.2009, 00:30
Forum Veteran
 
Join Date: Jan 2008
Location: Near Luzern
Posts: 1,496
Groaned at 93 Times in 51 Posts
Thanked 1,835 Times in 827 Posts
Patxi has a reputation beyond reputePatxi has a reputation beyond reputePatxi has a reputation beyond reputePatxi has a reputation beyond reputePatxi has a reputation beyond reputePatxi has a reputation beyond repute
Re: transfer money to CH when moving in

Find a US bank that will allow you to make a wire transfer without you actually being present at the bank(either online or via a fax). Wells Fargo will not allow me to but I can via TD Ameritrade. Alternatively you could have someone else on the account that can setup the transfers in the US.

On the Switzerland end, set up a Swiss Franc account as well as a US Dollar account at whatever bank you choose. I wire directly to my US Dollar account so that I can do the currency exchange with a bit more control of timing, rate, etc.,...
Reply With Quote
The following 2 users would like to thank Patxi for this useful post:
  #6  
Old 12.01.2009, 20:30
evZENy's Avatar
Junior Member
 
Join Date: Nov 2008
Location: IL, USA
Posts: 40
Groaned at 0 Times in 0 Posts
Thanked 3 Times in 3 Posts
evZENy has no particular reputation at present
Re: transfer money to CH when moving in

Thanks, guys

I will move to CH earlier than my wife, so she might be able to transfer the money. I talked with UBS USA yesterday - can't do it with them, as they don't offer cross border accounts. Go figure!

As other options I also thought

1) Keep on using my USA credit cards and pay online with the US bank accounts as I currently do (found a card with no international transfer fees, but this is for now)

2) Open an account with online bank (like Capital One), which might allow online transfers more easily.

The 401(k) into IRA and then ...? will be trickier...

P.S. Yes, EU is not same as Europe. And CH is its own beast, isn't it? :-)
Reply With Quote
  #7  
Old 13.01.2009, 21:34
Jim2007's Avatar
Forum Legend
 
Join Date: Jun 2006
Location: Kt. Bern
Posts: 3,772
Groaned at 130 Times in 113 Posts
Thanked 5,688 Times in 2,668 Posts
Jim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond repute
Re: transfer money to CH when moving in

Quote:
View Post
Actually I don't see any problems in the USA - I bought 2 businesses in Europe and transferred more than 20 times in the last 3 years.
With my current bank it is also free!
It is the receiving part that usually creates the problems - taxes, proof of origin of the money etc.
I think it depends an lot on who you bank with in the USA. If you deal with a small bank or one who has little or not international business you may find that they use a representative bank to do the transaction on their behalf, so three parties become involved. Now this was a common practice many years ago in Europe too, but no longer. So when this strange transaction hits your Swiss bank the automanted systems have no idea what to do but stick it in a suspense account until it is processed manually!

This happened me about two years ago when a client I had in "Small Town, USA" used his local bank to send me a payment. When it arrived in my Swiss bank they seemed to have no idea how to handle it and it spend about a week doing the rounds internally before it got sorted. In a way it was funny because they were able to tell me they could see it in the system, but could not figure out how to get it moving so that it would hit my account.

Since you have already found a route that works well I'd stick to it if I was you.


Good luck,

Jim.
Reply With Quote
  #8  
Old 09.03.2011, 14:43
Newbie 1st class
 
Join Date: Jan 2011
Location: vaud
Posts: 23
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
RobA has no particular reputation at present
Re: transfer money to CH when moving in

Quote:
View Post
If you deal with a small bank or one who has little or not international business you may find that they use a representative bank to do the transaction on their behalf, so three parties become involved.
Jim.
I believe that 80% of any wire transfers coming in or going out of the US pass through the Bank of New York.
Reply With Quote
  #9  
Old 09.03.2011, 15:17
Member
 
Join Date: Aug 2009
Location: Zürich
Posts: 117
Groaned at 1 Time in 1 Post
Thanked 62 Times in 38 Posts
Saulius has made some interesting contributions
Re: transfer money to CH when moving in

Quote:
View Post
I believe that 80% of any wire transfers coming in or going out of the US pass through the Bank of New York.
I thought international wire transfers go through FedWire, through the
Federal Reserve. http://en.wikipedia.org/wiki/Fedwire

The Fed charges banks $75 per month for the right to participate in the FedWire system, plus transaction fee of between .19 and .30 cents per
transfer. And then the US banks pass on the incoming wire transfer fee
to their customers, at a rate of $15-25.

I think it's the Federal Bank of New York, not Bank of NY the wires pass through.
Reply With Quote
  #10  
Old 09.01.2009, 20:38
WorldFoodie's Avatar
Junior Member
 
Join Date: Dec 2007
Location: Vaud
Posts: 63
Groaned at 0 Times in 0 Posts
Thanked 10 Times in 7 Posts
WorldFoodie has no particular reputation at present
Re: transfer money to CH when moving in

Things to note:

1. depending on with whom you want to open an account, you may not be able to do so until you get here (I could not open one until I had started work here, and then at one branch they refused to open it without my B-permit for which I was waiting; at another branch they opened it without any problems)

2. if you are the only human being involved, not that it is very difficult to transfer money out of the US if you are not physically there. I needed a large sum to buy a car, and I ended up sending a check to my father and having him transfer it to me here - I could not manage to get the money transfered myself, from my accounts, while I was in Switzerland. Ridiculous.
Reply With Quote
This user would like to thank WorldFoodie 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
International Money Transfer andrew1306 Finance/banking/taxation 29 10.05.2016 12:36
Money Transfer from eBank coomteng Finance/banking/taxation 11 03.09.2008 13:54
Money transfer to US DennisH Finance/banking/taxation 7 29.06.2008 00:20
Money transfer : UK to Switz Acto Finance/banking/taxation 9 23.07.2007 00:36


All times are GMT +2. The time now is 12:46.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0