So usually we need to submit transfer request today for transferring amount for next day's date. We cant place request for today itself if we see high rates ? or is it like we can place for the same day and if yes is there any other processes or extra charges for the same.
thanks a lot the links where very very useful, based on your above answers i got one more question now,
Hi thanks for the reply "try somewhere else" means are u suggesting other ways like money transfer and other vendors than banks? If yes kindly suggest me which one are good from your point of view let me check if they would be useful for me
Transferwise.com is one of the better options for once-in-a-while transfers <10k CHF. FX rate is much better than Banks and delivery usually within a day or two. If you're into FX trading, then other sophisticated options are available
I would normally suggest IB as the cheapest solution, but they don't seem to have INR as a supported currency. They have 22 others though. And they do support trading on Indian exchanges, but just for Indian residents/citizens due to some legal restrictions. Perhaps with such an account type you could trade INR, I don't know, how else would you buy Indian stocks.
Otherwise look at transferwise, currencyfair ofx etc. More expensive than IB, but cheaper than the banks
Or find someone in person who needs to do the trade in the opposite direction, ask coworkers
You can place transfer request in UBS for the same day eg. for today 22/11/2017. There should be no extra charges. The money will get debited from your CHF account instantaneously. However, it will take a day or two (or more) to reach the Forex branch of your bank in India. Then, the bank will convert the CHF into INR at that day's prevailing rate and credit you INR. So, that rate (as on future date ) will be applicable.
Hi all,
Thanks for all the suggestions over this forum which helped me a lot.
I got 2 more questions
1. If we use some money transfer agencies like transwise/azimo I observed their exhange rates are better than banks
If i use this method will Indian/receiving bank put any additional charges?
If yes approximately how much taking exmaple of 100 CHF?
Or is it like i pay only transfer fee to transwise and indian bank doesnt charge me anything?
2. Transferring using bank account or such exchangers which is safe and better in general?
1. No, generally not. Only fee you pay is to TF.
2. I prefer TF or CurrencyFair at the most. Take a look at Revolut too but I have yet to use it
you can try .
I have used many currency brokers over the years. The online ones offer the best rates (I work for a bank and transfer regularly). I used to use TransferWise for over 5 years, but find CurrencyFair has a nice feature to allow you to transfer based an a desired rate. This may mean you have to wait, but if you are not in an immediate rush, I find this useful. They will also tell you how much you will save compared to the regular high street retail banks. The number of currencies are increasing regularly.
You will get €30 free if you transfer more than €2000.
Link: https://www.currencyfair.com?channel...gn=sharebutton
I have looked at Revolut, looks quiet interesting...but they are a young FinTech.
At 0.5+% markup they aren't cheap. And they don't support INR so your little ad is completely off topic here
So they kick €30 back but still pocket about €70 for themselves he heh
Hi all thanks for each and every reply i really appreciate. As i need more specific answer let me quote a perfect example. For example when I transfer directly from my swiss bank to Indian bank setting up all charges borne by beneficiary i see three things in Indian account 1. Forex exchange rate which is one rupee lesser than transwise. 2. For every transfer they deduct 50 INR 3. they charge 0.1% markup fee in INR.
Will this be almost similar charges when transferred from trans wise or by end of day i can see better money if sent through trans wise? and one more important question:I always face one issue when i set up transfer through my bank it takes for next day and i will not be knowing what will be forex exchange rate for tomorrow so it leaves me no clue whether its good day to transfer for better rates. In transwise will the exchange rates be given same as shown on the screen once we confirm or is it like exchange rate is considered what ever is there for next day?
More likely up to 5% as the example earlier in this thread showed
I'd still suggest to go through IB as the cheapest option. Personally I can't trade INR and Indian stocks in my account with them, but with your indian passport you probably can:
"You can fund your account in any of the following currencies...:
...
Indian Rupee (Available to customers with Interactive Brokers (India) Pvt. Ltd. accounts only)
..."
Does it matter? They'll charge you 5% on good days *and* bad days, whatever. So if giving up 5% of your wealth for no reason doesn't sound like a good option to you, don't go through a bank
IB do u mean interactive borkers? just for my clarification as i did not understand what IB means.
I tried in transwise creating account and checking out things and comparing with my current direct bank transfer below is the question i have
1. When i transfer from my swiss bank to direct indian bank it will get scheduled for next day, during that time we exactly dont know whether exchange rate would be higher than today or lesser than today
Is it same case if i transfer from transwise also.
2. When i tried transferring from transwise at the end they asked me to transnfer money to transwise account now again when i transfer from my swiss bank to their account it will be tomorrow.
and tomorrow when they execute from transwise to my indian account will the exchange rate be as shown of today or will it be of tomorrow during transfer time
The difference might not be too much but actually i want to understand how it works.
Yes
You, but you can bet they'll milk a few percent off of you either way, whether the rate's good or bad, don't you get this?
I can't answer your questions about transferwise, i don't use them - too expensive.
With IB, currency conversion is instant, you can give a market order or a limit order with the exact rate you want to get (but with the risk then that it may not execute or take a while to fill). Theirs spreads are extremely tiny at least for other major currencies, you wouldn't get better rates anywhere else. Commission about $2-3 per $100k conversion.
Hi Ivank, thanks for quick replies and suggesting the best ones.I highly appreciate that and really happy for your proactive responses.
But, as they dont support INR, I didnot want to take any chance.
IB is really a good option and looks very impressive for trading and mutual fund investments i would like to discuss with you and get more knowledge about this in seperate thread which is fine and my next plans.
If possible share me some threads which explains more on trading with IB i would like to read them.
So my basic questions till remains,
1. In banks: Commission amount, markup percentages are fixed but in bank conversion rate is low
Online forex (exmaple transwise or anyothers) they have transfer charge only but better exchange rates.
IS is common across all banks and online forex or is my banks chrging some component extra
2. When i transfer from my swiss bank to direct indian bank it will get scheduled for next day, during that time we exactly dont know whether exchange rate would be higher than today or lesser than today
Is it same case if i transfer from transwise also.
3. When i tried transferring from transwise at the end they asked me to transnfer money to transwise account now again when i transfer from my swiss bank to their account it will be tomorrow.
and tomorrow when they execute from transwise to my indian account will the exchange rate be as shown of today or will it be of tomorrow during transfer time
The difference might not be too much but actually i want to understand how it works.
How about peer to peer transfer
I need some money in CHF and you can collect INR in cash /account transfer in NCR.
Same day transfer, we can do the exchange at Mid rate.
Let me know if that suits you.
Thanks
This would be the best option
thanks but as of now i cant go with this option
And risk that the other person makes a run on you?
They don't support trading it for non-indians - this has something to do with your legislation or central bank or whatever, but they have a presence in India and support opening special account type for Indians with which I imagine you should be able to trade INR or otherwise what's the use? If you're looking for the cheapest option and have a sizeable amount to convert, I have a hard time imagining something cheaper than IB based on past experience. Everyone else will charge you a lot more
Banks will typically charge you 2+% in spread compared to fair market rates. It's just how all banks work
0.5+%
They'd pocket at least 0.5% either way I bet
If you want to be sure of the rate, you need what is called a limit order. IB or another real ECN forex brokerage can do them for you. Your average bank or forex shack - most likely not, and they'll do all they can to hide the real cost (i.e. 2+% spread) from you such as all that bullshit that you'll only get to know the rate tomorrow.
Hi ivank many thanks, its clear now on below 2 things
1. Other than IB or real ECN forex brokerage other take their percentage one or the other way.
2. Either bank or online forex we cant know finally what rate reaches to our account as its most of the times next day.
Other than IB or another real ECN forex in this whole world is there no other way where one can get the money transparently what ever exchange rate is there at that moment?