Slightly off-topic, but I find that using a dedicated forex service makes life very easy. Granted, I usually move money the other direction (from Europe to US) where setting up a wire transfer is usually very simple and cheap.
I use xe.com -- rates are reasonable, no commission, and I can send money from my account in Switzerland (domestic transfer, no bank charges) by ACH to my account in the US (no receiving fees at the other end). Takes 2-3 days from instruction to receipt of the money.
As others have pointed out, depositing a USD cheque is a royal pain.
I just received a check for $200 from a family member sent here to Switzerland. It seems a bit steep that i would have to pay 20-30chf (plus the exchange rate drops it to abozut 175CHF to start)to deposit it in my swiss bank account since the amount is so low. However, other than mailing it back to the states it doesn't seem like i have many options? Any other ideas?
I have the same issue, but I usually just hold on to the checks and cash them when I'm back home once or twice a year. Pain in the butt, but again, not many other options.
Yep, that's what we do. I did recently change banks in the US to a small community bank in the city where my sister lives. THe interesting thing about them is that there is a procedure I can follow to wire money from the US to here where I don't have to be physically present. They do work through another bank for international transfers, and I've not done one yet, but I'm betting it's still better than BOA and its stupid service.
I can just mail the check I want to deposit to my US bank (or my sister) and ask them to deposit it. It will probably take less time than waiting 3 or 4 weeks for the money to clear via Switzerland.
This works fine when you're dealing with businesses, but with individuals (who may or may not be diligent about balancing their chequebooks) it can cause havok if you don't deposit the cheque in a timely fashion...
Mailing it back is the most straight-forward and cheapest option. My bank has a 'Postal Teller' address where you can send deposits. Just pop the cheque and deposit slip into an envelope, and about 4-5 days later it's normally on my account.
I would have just brought it back to the states with me but i don't plan to be back this year so seems like a waste to hold it for so long. Plus i dont want to look ungrateful to the person who gave it to me by not cashing it fairly quickly. I guess i can mail it to my sister and have her deposit it there for me. Not much use to me here then though...
I told my parents years ago rather than send checks, get an Amazon gift certificate. Even sold something to a guy in the UK once, and that was the cheapest payment option (i.e. no cost or overhead).
Be careful about not depositing them quickly enough. Some companies will issue checks that are only valid for 90 days or so. I've had to get a few of them reissued because I forgot to make a deposit in time.
Some US banks (USAA is one) allow you to deposit checks by scanning them in and sending them an image.
My godmother still insists on sending my birthday/xmas checks. It's lovely of course & I'd never look a gift godmother in the mouth. Call your bank and tell them you want to mail a check for deposit. They will give you the address. Write "for deposit only" and your account number on the back and mail it in. It's much quicker than you think.
I just found out the hard way, that my US bank will not do a wire transfer without me being physically present as well (after being told by the branch manager at my bank in the US to send a notarized letter and she would do it. But, she is on vacation this week and I can't vent my anger directly at her, maybe I can convince her on Monday when she is back). Anyways, they suggested writing a personal check to the bank in CH and it looks like people have done this before, but it can take time. Anyone with some recent (or more) experiences with this? I really don't want to fly over to the US just to do a wire transfer. Seems a bit antiquated if you ask me.
postfinance will not cash it and ubs will only cash it if i ooen an acciunt and transfer my salary there.i have no us account.this is a us tax refund as result of doing the exit tax after giving up my green card and doing the exit tax.any ideas what to do? thanks!
This Saldo article "Are there still banks which accept US dollar checks?" says:
Answer: "Yes. There are still banks which process US dollar checks - UBS, Raffeisen or individual cantonal banks. "
A quick summary of key points:
- ZKB processes US dollar checks since 1 July 2016 only if these have been issued by ZKB customers.
- Raffeisen charges as a rule CHF 60 for processing a check which is credited to a (customer's) account, but is planning a fee increase as of 1 January 2017.
- The Fribourg Cantonal Bank charges CHF 100 for processing a check.
Many banks in the US have an app that allows you to take a picture of the check and deposit it this way. Schwab is one I recommend as they basically have no fees on the accounts and their ATM card is maybe the best deal you will find anywhere
Is it a tax refund check as in a US Treasury check?
I am tempted to help you if it's a small sum, and deposit it via app. Although check clearance in the US is not bullet-proof, US treasury checks can be verified online. Well, contact me if you are really really stuck and the amount is small (I live in Zurich).