Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #21  
Old 16.07.2010, 13:18
GenevaSculler's Avatar
Forum Veteran
 
Join Date: May 2008
Location: Geneva
Posts: 1,260
Groaned at 7 Times in 5 Posts
Thanked 1,033 Times in 534 Posts
GenevaSculler has a reputation beyond reputeGenevaSculler has a reputation beyond reputeGenevaSculler has a reputation beyond reputeGenevaSculler has a reputation beyond reputeGenevaSculler has a reputation beyond repute
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Quote:
View Post
GenevaSculler, what is the usual spread you get, roughly, in %? I just calculated the spread on 10k in pounds and it is 0,07% which seems way to small for them to make money, even if you include the USD fee! So if you remember roughly what you got, could you post? (Or is this really as good as it sounds? I am asking because I used to 0.75%! with my present exchange company...)

Herc82: I presume SEPA would not work, as the pound is not part of the Euro deal...

Meanwhile, I did find this on Oanda.com, but still have a hard time believing you can actually get a spread this low on a single transaction of a few k!
Yep, that's about right. It is a LOT cheaper than a bank.... It takes a little while to set everything up (usual money laundering checks etc), but well worth it if you are going to be doing more than one transfer (or even for one large transfer). They never actually quote the spread, just give you the up-to-the-minute rate that they will do the trade at, but when doing direct comparisons with quotes I was getting from a couple of banks, it was significantly cheaper.

If you want any more details about how it works let me know.
Reply With Quote
  #22  
Old 16.07.2010, 13:20
Carlos R's Avatar
Forum Legend
 
Join Date: Dec 2009
Location: Roundn'about Basel
Posts: 7,238
Groaned at 105 Times in 95 Posts
Thanked 9,934 Times in 4,178 Posts
Carlos R has a reputation beyond reputeCarlos R has a reputation beyond reputeCarlos R has a reputation beyond reputeCarlos R has a reputation beyond reputeCarlos R has a reputation beyond reputeCarlos R has a reputation beyond repute
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Quote:
View Post
On the ATM route, I can only draw out 200 CHF a day which is a pain as I want to pay my rent up front for the next few months, so not a viable option unfortunately!

You can withdraw more if you go into the bank and specifically withdraw as many CHF as you want using a cashier.

I've taken out 45,000 CHF like that.
Reply With Quote
  #23  
Old 16.07.2010, 13:25
Forum Veteran
 
Join Date: Oct 2007
Location: Ticino & London
Posts: 1,972
Groaned at 165 Times in 89 Posts
Thanked 1,132 Times in 622 Posts
Cashboy has a reputation beyond reputeCashboy has a reputation beyond reputeCashboy has a reputation beyond reputeCashboy has a reputation beyond repute
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

If your monies are in England and you are looking for work in Switzerland how about this Charge Card.

It looks as if you top it up from a UK bank account of your choice on line (you know the exact amount of Euros when you do the transfer) and then you use it like a credit card. It sort of looks like a pre-pay credit card in Euros. You can also draw out cash from an ATM.

http://www.fairfx.com/

I do not possess one myself, but was looking at it.
Reply With Quote
  #24  
Old 20.07.2010, 11:18
marton's Avatar
Forum Legend
 
Join Date: May 2008
Location: Kt. Zürich
Posts: 10,035
Groaned at 446 Times in 384 Posts
Thanked 18,517 Times in 9,811 Posts
marton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond repute
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Quote:
View Post
... and you'll be slapped with the least advantageous exchange rate possible. The difference is often at least 1% -- so to exchange say £10,000 (around CHF 16,000), you may receive at least CHF 170 less if you let your Swiss bank do the conversion.

The fee they charge is the very least of your worries when converting currencies!
not my experience
Reply With Quote
  #25  
Old 21.07.2010, 18:20
Guest
 
Posts: n/a
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

The fees and commissions may be the least of your problems. Either buy a wheelbarrow to hold your English banknotes, or buy currency futures to hedge the coming financial débâcle. http://www.scribd.com/doc/34648049/G...-to-21-07-2010

At least that's what some pundits say...
Reply With Quote
  #26  
Old 01.09.2010, 16:54
Newbie 1st class
 
Join Date: Aug 2009
Location: Pac NW
Posts: 13
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
pinot has no particular reputation at present
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

I cannot find a closer thread for this question redirect me or just tell me to shut up if needed.
I just sold a house in USA. I want to transfer the US dollars here to protect them from partnerships and other issues…enough said.
I understand I can transfer from the US bank to a Swiss bank and keep the money in US dollars until the exchange rate is a bit more favorable. Is this correct?
And this would protect my money from US agencies (not government) trying to attach them?
Reply With Quote
  #27  
Old 21.10.2010, 18:46
muze7's Avatar
Forum Veteran
 
Join Date: May 2006
Location: Uk now after Neuchatel
Posts: 1,242
Groaned at 3 Times in 3 Posts
Thanked 158 Times in 102 Posts
muze7 is considered knowledgeablemuze7 is considered knowledgeablemuze7 is considered knowledgeable
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Has anyone more info on which UK banks allow you to do electronic international transfers simply from within internet banking?

With LLoyds (SWIFT = 20 pounds or 35 above 5000!) and the Co-Operative bank (Swift costs 0,25% of total, min. of 13 up to 35 pounds) , they tell me you have to visit a branch or telephone, which is a pain!. A forum member said Nationwide (SWIFT 25 pounds) allow it online if you have the reader.

Any have any info on whether you can transfer online with these banks?
  1. Halifax
  2. HSBC?
  3. First direct?
Some tips
  1. Voltrex is a UK company that also offers online FX services like Oanda, they were very fast so far (if you want the spread I got, let me know).
  2. Raiffeisen offers free UK sterling accounts (only costs 15chf if you close it), unlike PostFinance which is not free if you have less than 7.5k in your set
  3. You can transfer pounds to your Swiss account in pounds (see above) and use local companies to transfer to CHF/EURO or other currencies (example Wechselstube.ch)
  4. Nationwide will change the overseas withdrawal fees! From November I think it will be much more (check out their site, cannot remember how much http://www.nationwide.co.uk/current_...nt-changes.htm)
Reply With Quote
  #28  
Old 21.10.2010, 21:31
22 yards's Avatar
All mod cons
 
Join Date: Jul 2009
Location: Basel-Land
Posts: 9,148
Groaned at 290 Times in 229 Posts
Thanked 19,529 Times in 7,690 Posts
22 yards has a reputation beyond repute22 yards has a reputation beyond repute22 yards has a reputation beyond repute22 yards has a reputation beyond repute22 yards has a reputation beyond repute22 yards has a reputation beyond repute
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

First Direct definitely offers online transfers internationally -- unsurprisingly, given it's an online/telephone-only bank. You need all the usual account info (IBAN/SWIFT number etc). From memory, the fees aren't negligible.

Maybe HSBC too, since First Direct is a subsidiary of theirs. A quick phone call would give you the answer.
Reply With Quote
  #29  
Old 09.11.2010, 10:35
Junior Member
 
Join Date: Jul 2010
Location: Switzerland
Posts: 75
Groaned at 1 Time in 1 Post
Thanked 8 Times in 8 Posts
maverick77 has slipped a little
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Quote:
View Post
Just pay an English cheque into your Swiss account - costs about 10 chf
Ah this is an interesting way....however what are the pros and cons of this method?
Reply With Quote
  #30  
Old 09.11.2010, 10:38
Junior Member
 
Join Date: Jul 2010
Location: Switzerland
Posts: 75
Groaned at 1 Time in 1 Post
Thanked 8 Times in 8 Posts
maverick77 has slipped a little
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Quote:
View Post
You can withdraw more if you go into the bank and specifically withdraw as many CHF as you want using a cashier.

I've taken out 45,000 CHF like that.
Yes possible, but you pay 2.5% fee i thought?
Reply With Quote
  #31  
Old 09.11.2010, 11:01
GenevaSculler's Avatar
Forum Veteran
 
Join Date: May 2008
Location: Geneva
Posts: 1,260
Groaned at 7 Times in 5 Posts
Thanked 1,033 Times in 534 Posts
GenevaSculler has a reputation beyond reputeGenevaSculler has a reputation beyond reputeGenevaSculler has a reputation beyond reputeGenevaSculler has a reputation beyond reputeGenevaSculler has a reputation beyond repute
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Quote:
View Post
First Direct definitely offers online transfers internationally -- unsurprisingly, given it's an online/telephone-only bank. You need all the usual account info (IBAN/SWIFT number etc). From memory, the fees aren't negligible.

Maybe HSBC too, since First Direct is a subsidiary of theirs. A quick phone call would give you the answer.
A lot of banks will do it, either through internet banking or via a phone call. A small problem is that there is normally a moderate fee involved, but the big issue is the rate that they give you for the exchange. It's here that you get ripped-off, and if you are moving reasonable sized amounts around (thousands rather than hundreds) it is well worth the hassle of using a specialist ForEx transfer account or agent such as those previously mentioned.
Reply With Quote
  #32  
Old 09.11.2010, 11:45
MrChilli's Avatar
Junior Member
 
Join Date: Apr 2008
Location: Zurich
Posts: 72
Groaned at 0 Times in 0 Posts
Thanked 8 Times in 8 Posts
MrChilli has no particular reputation at present
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Assuming you have GBP and you want CHF, then you'll be paying an exchange rate whichever method you use, and, generally, the easier it is to use, the more you'll be paying.

If it's a significant amount, then a 25 quid fee will be insignificant compared to what you'll lose in exchange rate.

If you use the exchange desks at the Airport, from memory they change you about 5%!

PayPal fees are generally outrageous, so I wouldn't touch them with a barge pole - their website doesn't even tell you the rate up front, saying it'll tell you once you've done the transaction, but there's a 2.5% fee on top.

If it's a decent amount, you're probably better off going via a dealer, the big names are currenciesdirect.com, HiFx.co.uk or maybe XE.com. They're really easy to use, so don't be put off by the fact that you might need to 'open an account'.

If you find work in a bank, you might get (virtually) free currency exchange ;-)
Reply With Quote
  #33  
Old 10.11.2010, 15:24
Newbie
 
Join Date: Nov 2010
Location: Vevey VD
Posts: 4
Groaned at 0 Times in 0 Posts
Thanked 3 Times in 1 Post
Jester56 has no particular reputation at present
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Hi folks,

I work in a Bank in Switzerland, to find the best option it's important to determine :

- How much
- Which currency

I don't know the fees that a british bank would charge, but I advise you to open a GBP account here in Switzerland, and then transfering the monney from the GBP account to a CHF account.

By doing this way, you'll avoid the automatic change if it's directly sent to a CHF account.

With E-banking acces you'll have no fees normaly to transfer monney from an account to another one as long as it's in the same bank.

Cheques are not a good solution, too much fees (approx 10-20 sfr)
Reply With Quote
  #34  
Old 10.11.2010, 15:35
The_Love_Doctor's Avatar
Forum Legend
 
Join Date: Aug 2009
Location: Zugerberg, Zug
Posts: 3,274
Groaned at 77 Times in 60 Posts
Thanked 3,697 Times in 1,745 Posts
The_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond repute
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Quote:
View Post
I work in a Bank in Switzerland
Which bank?

Quote:
View Post
I advise you to open a GBP account here in Switzerland, and then transfering the monney from the GBP account to a CHF account.
This is not necessarily a good idea, anyone thinking of this needs to consider the monthly fee for having a GBP account which is normally non interest paying.

Quote:
View Post
By doing this way, you'll avoid the automatic change if it's directly sent to a CHF account.
True however if you do transfer from the GBP account to the CHF account held at a swiss bank, the bank will give you the best they can do at the time, which they normally charge around 2% spread for!

Quote:
View Post
With E-banking acces you'll have no fees normaly to transfer monney from an account to another one as long as it's in the same bank.
Yes there are no fees for the transfer per se but it's all made up for through the spread!!!
Reply With Quote
This user would like to thank The_Love_Doctor for this useful post:
  #35  
Old 10.11.2010, 16:25
Newbie
 
Join Date: Nov 2010
Location: Vevey VD
Posts: 4
Groaned at 0 Times in 0 Posts
Thanked 3 Times in 1 Post
Jester56 has no particular reputation at present
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Quote:
View Post
Which bank?



This is not necessarily a good idea, anyone thinking of this needs to consider the monthly fee for having a GBP account which is normally non interest paying.



True however if you do transfer from the GBP account to the CHF account held at a swiss bank, the bank will give you the best they can do at the time, which they normally charge around 2% spread for!



Yes there are no fees for the transfer per se but it's all made up for through the spread!!!
Raiffeisen but I'm going to change.

Of course there will be a spread when you change the monney, the bank live from that. You won't avoid that.

About the fees for a GBP account, they are not more expensive than a CHF account, and you're right ther is no interest BUT the target is to change your GBP when you need it at a rate that you'll know.

I gave this sollution for amount up than 2000 GBP I would say that every little transaction beyond 2000 GBP it won't be efficient

That's the best sollution I found and I process like that for me with €
Reply With Quote
  #36  
Old 10.11.2010, 16:32
Newbie
 
Join Date: Nov 2010
Location: Vevey VD
Posts: 4
Groaned at 0 Times in 0 Posts
Thanked 3 Times in 1 Post
Jester56 has no particular reputation at present
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

The global idea is to have your savings on a GBP account in Switzerland (as long as you'll stay for a long time here) and transfer what you need to live monthly or weekly.

If you withdraw monney from a GBP account you'll be charged with agio (0.5% usually).

As I said there is no THE best sollution there is one sollution for each case =)
Reply With Quote
  #37  
Old 10.11.2010, 16:52
inWinti's Avatar
Member
 
Join Date: Aug 2009
Location: Winterthur
Posts: 238
Groaned at 0 Times in 0 Posts
Thanked 95 Times in 62 Posts
inWinti has earned some respectinWinti has earned some respect
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

I have a GBP account at PostFinanz and transfer from pounds to pounds. NatWest charges me £20 for the transfer. This process seems more transparent to me. I try not to do this much though - changing pounds to Swiss Francs has become a quite painful experience
Reply With Quote
  #38  
Old 13.11.2011, 10:11
ecb's Avatar
ecb ecb is offline
Forum Veteran
 
Join Date: Jun 2010
Location: out n about - it's summer!
Posts: 2,183
Groaned at 8 Times in 8 Posts
Thanked 3,527 Times in 1,311 Posts
ecb has a reputation beyond reputeecb has a reputation beyond reputeecb has a reputation beyond reputeecb has a reputation beyond reputeecb has a reputation beyond reputeecb has a reputation beyond repute
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Reviving a part of this thread .. and not the part of the thread that is in the title, but the discussion about what to do with the money that you have transferred.

I have been advised to not keep money in the UK as even though I am non resident, I will be required to report to the Inland Revenue with regard to the interest earned etc, which my advisor says "will be a nuisance". (Will it?)

His advice is to transfer it into a GBP account in CH and to wait until the interest rate perks up (I have no immediate need for the money at the moment).

Which banks offer free GBP accounts? And from this thread, am I getting the feeling that I will then face a poor exchange rate when I eventually changing my money into CHF as I will not be able to shop around for a rate?

Up until now, I have usually transferred GBPs to CHF by using a foreign exchange trading company and depending on the amount I want to exchange, have usually been quite successful at going between several companies and negotiating a good rate.

This is not something I do very often. Advice from the more savy members of the forum would be greatly appreciated.
Reply With Quote
  #39  
Old 13.11.2011, 10:39
GenevaSculler's Avatar
Forum Veteran
 
Join Date: May 2008
Location: Geneva
Posts: 1,260
Groaned at 7 Times in 5 Posts
Thanked 1,033 Times in 534 Posts
GenevaSculler has a reputation beyond reputeGenevaSculler has a reputation beyond reputeGenevaSculler has a reputation beyond reputeGenevaSculler has a reputation beyond reputeGenevaSculler has a reputation beyond repute
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

PostFinance offer GBP accounts. I think if you have more than around 7,500CHF in total assets with them there are no charges. They pay no interest, but then the normal savings account (e-deposito) is only 1% so you aren't losing that much.

If you want to use a ForEx company at a later date to do the conversion into CHF, I see no reason why you couldn't. I use OandA, and if I were doing this would just need to set up my PostFinance account as a "funding" account in OandA before sending the money to OandA.

Whether you think GBP is going to go up against CHF or not is something I will leave to you to decide on though :-)
Reply With Quote
This user would like to thank GenevaSculler for this useful post:
  #40  
Old 13.11.2011, 11:07
ecb's Avatar
ecb ecb is offline
Forum Veteran
 
Join Date: Jun 2010
Location: out n about - it's summer!
Posts: 2,183
Groaned at 8 Times in 8 Posts
Thanked 3,527 Times in 1,311 Posts
ecb has a reputation beyond reputeecb has a reputation beyond reputeecb has a reputation beyond reputeecb has a reputation beyond reputeecb has a reputation beyond reputeecb has a reputation beyond repute
Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Thanks for your reply.

I will check out the Post Finance.
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
Cheapest money transfer USA -> CH? zufimufi Finance/banking/taxation 11 02.04.2010 15:11
Unforseen bank charges for money transfer Angela-74 Finance/banking/taxation 19 12.02.2010 13:20
Best bank for money transfer... oktatabyebye Finance/banking/taxation 19 02.12.2009 13:06
relocate to Zurich- how to transfer bank account? potatoding Finance/banking/taxation 1 11.08.2008 16:36
Most cheapest/convenient bank account? Gaggiol0 Finance/banking/taxation 5 14.02.2008 20:00


All times are GMT +2. The time now is 06:35.


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