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Old 15.07.2010, 19:27
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What is the cheapest way to transfer money from UK to Swiss bank account?

Hi all,

I’ve been working in the UK for the last few months so I need to move some money from my UK bank account to my Swiss account to fund my living costs here while I try to find work. I’ve spoken to my bank in the UK and they will charge a one-off fee of £25 to make the electronic transfer, but they warned me that the Swiss bank could also make a similar charge to complete the transaction.

Seems like an expensive way to move a few quid between banks! Does anybody know of a cheaper way? I’ve heard of companies like Moneybookers.com offering this kind of service, anybody used them before?
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Old 15.07.2010, 19:42
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Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Have you looked into Paypal?

Additionally, you could withdraw the funds from your debit card and deposit the cash in person at your Swiss bank.

Last edited by vwild1; 15.07.2010 at 19:53. Reason: merged 2 successive posts into 1
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Old 15.07.2010, 19:50
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Re: What is the cheapest way to transfer money from UK to Swiss bank account?

I have a Paypal account but I've never used for this type of transaction, I'll have a read on the website now and see what the charges are. Thanks.

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!
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Old 15.07.2010, 20:00
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Re: What is the cheapest way to transfer money from UK to Swiss bank account?

What about in person at the bank and then carry it to Switzerland in person? Surely there's no (unreasonable) limit to the cash you can withdraw at a branch?

Of course personally I'd be certain to leave the envelope behind on a table at Heathrow...
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Old 16.07.2010, 13:20
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Re: What is the cheapest way to transfer money from UK to Swiss bank account?

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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.
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Old 09.11.2010, 10:38
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Re: What is the cheapest way to transfer money from UK to Swiss bank account?

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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?
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Old 15.07.2010, 20:01
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Re: What is the cheapest way to transfer money from UK to Swiss bank account?

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Have you looked into Paypal?

Additionally, you could withdraw the funds from your debit card and deposit the cash in person at your Swiss bank.
Paypal take 4 days and charges 3.4%, then you have to transfer it to your bank account. Try asking the post office, they have very favourable rates in Europe.

The bank begins to look attractive.
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Old 15.07.2010, 20:05
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Re: What is the cheapest way to transfer money from UK to Swiss bank account?

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Paypal take 4 days and charges 3.4%, then you have to transfer it to your bank account. Try asking the post office, they have very favourable rates in Europe.

The bank begins to look attractive.
You can register both banks with your PayPal account and move money from one to the other for free.
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Old 15.07.2010, 20:06
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Re: What is the cheapest way to transfer money from UK to Swiss bank account?

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You can register both banks with your PayPal account and move money from one to the other for free.
Well there is the exchange rate you have to watch but I have found it works.
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Old 15.07.2010, 20:08
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Re: What is the cheapest way to transfer money from UK to Swiss bank account?

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Well there is the exchange rate you have to watch but I have found it works.
That sounds like the way forward! I'll make sure the exchange rate isn't too scary and give it a go.
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Old 15.07.2010, 20:09
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Re: What is the cheapest way to transfer money from UK to Swiss bank account?

i use xe.com

they dont charge fees, they're basically market making a currency trade, so they shave a little off of every transfer you make.

from what i recall they take about 1-1.5%
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Old 15.07.2010, 20:08
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Re: What is the cheapest way to transfer money from UK to Swiss bank account?

Sorry for not being too specific, but I thought SEPA transactions are fee-free (or almost)?
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Old 09.11.2010, 11:45
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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 ;-)
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Old 10.11.2010, 15:24
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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)
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Old 10.11.2010, 15:35
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Re: What is the cheapest way to transfer money from UK to Swiss bank account?

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I work in a Bank in Switzerland
Which bank?

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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.

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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!

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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!!!
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Old 10.11.2010, 16:25
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Re: What is the cheapest way to transfer money from UK to Swiss bank account?

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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 €
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Old 10.11.2010, 16:32
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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 =)
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