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Old 09.07.2007, 07:09
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best rate to transfer CHF to USA(Citi Bank)?

Hi there,

I have left CH for a while, and I have tried to keep my
UBS account with my friend's address in CH. But since from I lost my wallet and had to reorder the bank cards, the new pin code was sent via register mail, I failed to show up to pick it up, therefore, the account was blocked due to 'loss of correspondence'....
I was told that if I change to my USA address, I won't be able to use ebanking, due to some law blahblah, so I decide to close UBS account and transfer all the money to my citi account.
Well, before I call UBS to do so, I just wonder if there is some way to get a better rate than usual one? The amount is >50k CHF. And I suppose is ok to transfer such amount of money between CH and USA???

Any opinions or comments are welcome!
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Old 09.07.2007, 10:44
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Re: best rate to transfer CHF to USA(Citi Bank)?

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Hi there,


Well, before I call UBS to do so, I just wonder if there is some way to get a better rate than usual one? The amount is >50k CHF.
Yeah. Wink knowingly at the banker while thumbing through a bundle of new crispy two dollar bills.

I'm sure he's going to say "Why, yes, of course we're willing to lose some money to give you a better-than-market rate".
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Old 16.07.2007, 09:12
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Re: best rate to transfer CHF to USA(Citi Bank)?

>50k not a problem. If you do it through a bank officer, then you're probably going to get a 'duck' rate. If you have access to e-banking, than Sfr10 is all you will pay and you get market rate. If you can re-instate your ebanking, move your money out to Citi then close the UBS bank account, that would be best case scenerio.

http://www.oanda.com/

is good for mid market rates. Look at the bid/ask for your own needs.
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Old 16.07.2007, 10:32
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Re: best rate to transfer CHF to USA(Citi Bank)?

Don't forget that anything over 10,000US* will get flagged by the "authorities".


*I can't find the exact amount right now. It could be 9000. Point is you should check out the tax implications (if any) of sending in CHF50K.
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Old 16.07.2007, 11:25
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Re: best rate to transfer CHF to USA(Citi Bank)?

First Rate FX was recently recommended to me as giving a good exhange rate - don't know if it's of any use to you, but just in case...
http://www.firstratefx.com/
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Old 16.07.2007, 14:19
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Re: best rate to transfer CHF to USA(Citi Bank)?

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Don't forget that anything over 10,000US* will get flagged by the "authorities".


*I can't find the exact amount right now. It could be 9000. Point is you should check out the tax implications (if any) of sending in CHF50K.
The 10k limit is for "hard cash" carried over to the US. There are no tax implications for moving money to your own account. You will have to declare your interest earned to the IRS.
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Old 16.07.2007, 14:47
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Re: best rate to transfer CHF to USA(Citi Bank)?

I thought when you transferred more than US$10K out of the US, it could get flagged, regardless of whose account it was going to (Homeland Security and RICO thing). Does not the same thing happen to transfers into the US?

I am not sure about this, but as I do a lot of transfers back and forth with my company in the US, I seem to remember someone telling me this...

fduvall

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The 10k limit is for "hard cash" carried over to the US. There are no tax implications for moving money to your own account. You will have to declare your interest earned to the IRS.
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Old 16.07.2007, 21:18
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Re: best rate to transfer CHF to USA(Citi Bank)?

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The 10k limit is for "hard cash" carried over to the US. There are no tax implications for moving money to your own account. You will have to declare your interest earned to the IRS.
Thanks for all the replies.
I am not familiar with USA (or CH) tax declaration. I suppose the tax of the interest has been taken from the Swiss side. So I only need to declare the tax
for the interest I earn for the period in my citi account?
BTW, is now CHF weak against USD? Shall I wait a bit to do the transaction?
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