i am facing very annoying problem with UBS bank !

Finance, Taxes, Banking, Insurance and Retirement
21
Isn't skimming money off of financial transactions what keeps the entire Swiss economy afloat? Where's your sense of national pride?

22
@tupac I hate hyperbole.

First, you're not losing 200 CHF, you're quibbling over 136 CHF (14688 vs. 14552) on a transaction over 14,000 CHF. Before you lament to the public, get your facts straight.

The corollary to that is that you will not be losing "400 to 500" when you convert it back to USD. You'll be losing less than 300 CHF, a full 25% to 40% LESS than you claim you'll be losing.

Second, it's less than 1% on the full amount of the transaction. All in all, that's not worth your time even posting. Not too mention, it's pretty damn reasonable conversion fees from a bank.

Third, what do you think you would gain by posting something *here*? Your time would have been better spent *talking to UBS directly*.

Fourth, *you* gave someone your bank details to make the transfer. You know full well that your account is CHF not USD. So, it's your own fault. Quit your whinin'.

Fifth, you said this happened before. So, you didn't learn the first time? And you are looking for sympathy? Not from me.

Things to be happy about :

1. The person/company who said they'd pay you, did so.

2. The bank credited the account you told them to transfer it to, instead of refusing payment or holding it up indefinitely while waiting for you to realize the payment hadn't been made.

3. You're over 14,000 CHF richer.

Merry Christmas.

23
If you want other places' rate, then open an account at "other places".

24

so let's see... what was the lesson learned from that last time, again?

25
Sounds like UBS has just gained an annoying problem in you rather than the other way around.

26
To the OP:

Big surprise coming up....."Banks make money by handling money" Tada...!

I suggest to go down in your bank and starts a looooong talk with them.

Not that it will help you any good, since you did not prepare yourself and your account(s) for receiving USD but at least you don't have to be bothered by all that noise you have in your appartment at home.

27
When we decided to buy our house here, the £ was CHF2.50 - it is now .... don't dare look actually. And of course our pensions is paid in £ then converted. NOT funny, I know.

At least you can follow the above advice and open a $ account.

28
Use an FX broker like Oxforex.com. there are loads of them out there

Check they are regulated

Open an account

Save around 0.8% which on 14000 is er, erm, errrrrr? about 120CHF (that might be oh so wrong as I did it in my head)

29
Do you carry a piece of paper with you at all times which has " Breathe. PTO" written on both sides? I think you may need one based on your recent threads.

30
Tupac, you can use the following link to calculate the conversion for UBS

http://www.ubs.com/1/e/index/bcqv/calculator.html

When buying or selling the banks make money with the spread. If you had sold 14975 USD today ( when the bank received USD in a CHF account), UBS would have give you 14504 CHF ( So lower than what you got on the 8th), xe.com shows a rate of of 14702 CHF. The xe rate is the average of the selling and buying rate.

If you on the other hand want to buy 14975 USD from your CHF account, you would need 14876CHF.

14702 quoted by xe.com, is approximately the avg of ( 14504 + 14876) = 14690...

Some online xrate trading site have a lower spread than banks.

31
I was just going to post the very same thing. After all Tupac you bank with UBS so obviously (or not) you should be looking at their exchange rates. There is no point looking at what other banks or institutions are giving on the day better or worse it won't apply to UBS. Also complaining to UBS will not work either. There is nothing they can do about the transaction. I would suggest bookmarking that link below and use it for future reference. Or as was previously suggested open an USD account with UBS.

32
There is no financial institution in the world which would transfer the money without a little spread. The spread in your case works out to be less than 1%. Even in Oanda if you reverse the transaction (meaning take your 14,541.2 and go back to USD), you'll not get your full money back. I don't see any point here.

Also some people generalising and blaming the whole Swiss banking and Financial systems should just reboot their thoughts on the country they live in. I suppose if you were in any other country as well, there could have been some charges for a transaction. BTW, the calculator you use has a possibility of entering an interbank charge which has lowest of lowest of 1 % and highest of 5%. UBS charged you lower than Lowest.

So go back to your ebanking and write a thanks note to your account manager

33
It does not matter what the rates were else where, if you send USD to an account denominated in CHF, it will be converted on the date at the bank's rates - in accordance with the terms for your account. End of story.

If you did not bother to check this out before going ahead with the transaction then that is 100% your fault and not theirs!

Jim.

34
That's just a subtle way of telling you that you transfered to little money. They want more. It's CH, remember?

35
So why did you give the sender details of your CHF account