Best way to transfer Euros to CHF

Finance, Taxes, Banking, Insurance and Retirement
1
Hi everyone,

We are in the process of buying a home and would like to transfer about 150K EUR from a French account to our Swiss bank account.

What would be the best option to do this and limit transaction fees / get good exchange rates? If it matters, we currently bank with UBS and Neon.

2

I think one of the cheapest exchange is Interactive Brokers. This is how-to https://www.youtube.com/watch?v=I6xHovrRTKo
From what I know you would have to register including sending a passport/ID scan.

Otherwise I think you could use wise.com, currently having a EUR-CHF fee of 0.39%. It might need identification as well.

3
Check out WISE. They usually have very competitive rates.

4
Wise or Revolut is what I use.

5
Check OFX

6

Actually, wise.com fees for 150,000 EUR to CHF: 725.64 EUR (0.48%)

0.39% is for same amount CHF to EUR

7
I have heard a few stories about Revolut blocking payments for a few weeks, which makes me nervous. Is that something that randomly happens?

8
Any chance your French bank has a partner here in Switzerland? When we were looking the other way (buy in France, send CHF to EUR), we were told to work with Credit Agricole since they have partner banks in Geneva and France.

9
Interactive Brokers are indeed the cheapest. But they frown at folks using them purely to exchange currency and can restrict your account if they find you doing that. Also there are some limits for how much money you can transfer out at one go.

10

Simply transfer from your French account to your Swiss account. The fees can't be that high?

11

You need to advise them first of what you want to do and show where the money came from and that it is clean

Once you done these few simple steps their is no problem.

Currency fair is another service but rates not as good as Revolut

12

Any "normal bank" with rape you on Fx charges compared to the internet banks, up to 1% difference

13

At 75 years old, you don't know better ?

14
They never earn money on the fees.

They earn it on the spread i.e. the Foreign Exchange Rate which they offer.

Always check the Mid-Market rates using online calculators like xe.com and then contrast the rate that is being offered to you. The closest to MM rates that you get, the better.

That is why I like WISE. It is very transparent re. its fees and exchange rate.

OP, if the exchange is not time sensitive, then check out the currency movement rates and set up a price alert. On WISE, you can set a target conversion rate and you get regular updates on how the rates track.

To be clear, I dont have any vested interest in WISE.... LoL

I have used them for many years and consistently find them the most competitive.

And recently they have started doing real time conversions i.e. amount is credited very quickly after they get the funds. Which is such a big difference from Revoult. Especially for big amounts.

15
+ for IB

16
Well I simply transfer from my Australian bank to my Swiss bank. Never thought about doing it in another way.

17
Then you lost a LOT of money that way Mr O.

18
Pray tell. How should I have done it?

19
Multiple suggestions have been made on this very thread!

20

In Goats quite likely