I've heard some people suggesting to use German banks to get the best rate.. However no idea if this is really the best way and how to arrange it.
Any hints?
Thanks!
I have an account with UBS and CS and would like to convert some amount of CHF to EUR (around 10K). Could anyone suggest the best schema of converting CHF to EUR?
You first have to open a euro acc. or look for someone on ef who wants to swap...
Wait! - you will get more eur for your CHF, today 1.25 chf will buy one euro.
Thanks Marton! Where would you suggest to make a transaction to get the best rate?
Did you ever find anywhere good in Switzerland?
I just opened a UBS EUR account and they are charging about 1.6% margin on the exchange rate for transfer from my UBS CHF to EUR account.
I know UK brokers which can do better, but I want to avoid converting from CHF to GBP and back to EUR, incurring more costs than I save.
Thanks,
Stu
do it with swissquote...
they charge around 75pips / 0.5% and then EUR10 to take the money out.
Try FX trading online for the best rate
Do you know which site that would be - there are dozens listed on Google with those keywords...thanks.
I have a CS Euro account and do transfers on the internet, I was told there is no charge for transfer, but no control over the rate.
I have an ATM card for the Euro account and I was told there would be no additional charge to withdraw Euro in Europe.
Waiting for my first statment.
I'm sure you could do the same for Sterling.
I use OzForex -- no fees for reasonably-sized transfers and excellent rates, far better than the banks. (You don't have to be Australian to use OzForex ... )
Right, there is no fixed fee, just a hefty percentage mark up on the rate which is around CHF700 more expensive on EUR30000 than the cheapest rate I've found, and that pays for a few pizzas in Zurich
I spoke to my client advisor yesterday and he warned me that UBS will charge 1% of EUR withdrawl from an ATM or over the counter. I didn't think to ask whether that was just in CH or Europe-wide though...
Do you mean OzForex? I'd be surprised if their rate wasn't better than most others. I usually get a quote from them online, then one of their dealers calls to confirm and at that point I ask for a better rate, and always get it (unless the market has moved substantially in the intervening 5-10 minutes).
Not many.
Depending on the package you have with UBS, there should be no fee for withdrawing Euros in CH, but there may well be one for withdrawals in Europe, and elsewhere (where obviously you would be withdrawing some other currency from your euro account, and additionally incurring an exchange cost).
No, I was replying to 'Alreadypacked' regarding UBS margins...I am signing up for OzForex now and see what they can do.
Thanks for all the pointers everyone!
Euro has fallen 2 pips vs the CHF today, by the way -- make sure you compare your forex offers simultaneously!
Right! It's always hard with something that fluctuates so much.
FYI, Oanda are quoting something pretty damn good on their public page, but it could well be just a lure. Will find out when my registration is complete.
I signed up for Oanda (verification over email), OzForex (will call them to complete), XE (they will call me) and Swissquote (posting documents for me to sign!).
When I've got access to all, I'll send an update with my findings on the rates/costs...
You'll find it's a 119 pips as we speak...
I give up posting on these threads I don't think anyone is willing to understand or compare all these foreign exchange services in a methodical way!
Simply look at the mid rate and the actual exchange rate that you get! The difference is what's being charged! That amount can be huge depending on the size! Beating the bank is nothing to write home about these days! Even I will beat the bank rate for you hands down, and the post office and your online broker in Timbuktu!
Yup, apologies, it was around 200 at the time of writing (not 2!). But not any more ... seems the market had already factored in a weaker Germany.
Well since you're going to do this I suggest a methodical way of comparison, whereby we compare the spread as well as any additional necessary fees.
Example: Swissquote (since I did this with them before)
1. Spread: They charge 75pips that means 75/10000 over the mid, so if the mid is 1.1187 add 0.0075 and you get the rate they will charge you to buy EUROs and substract 0.0075 to find the rate they charge you if you want to sell EUROs, this means the spread is 150pips wide . 150/1.1187 means the spread is 1.34%
2. Additional Fees: If you need to take the money out they will charge you 10 of whichever currency you want to transfer and they only deal in 4 currencies (CHF/EUR/USD/GBP). Furthermore you will be charged by the recipient bank for receiving the money, in the UK they charge me GBP9 per transaction.
I would be interested to see a table with all of these details when you get around to it so that it's easier for people to understand it. I would also suggest a nominal amount of CHF10,000.- and the equivalent in the exchanged currency after all the fees etc.
Agreed, the trouble I have found is determining the correct mid...for example, OzForex aren't showing me the mid (UBS does), so I'd have to use UBS another site (XE) to determine the mid and hope OzForex are basing their quote off of the same mid...or just call and ask them.
Anyway, I will make a table with the spread/fees/transfer fees (UBS only) and time needed to open an account.
Stu
Well the correct mid is [ ( their bid + their ask ) / 2 ], so simply get a buy quote and sell quote, sum up, divide by 2! Simples :-)