Please let me know what do you think.
Thanks
Hello, is it worth to transfer from ubs chf account to us bank $ account money? I am trying to figure out the fee that UBS will charge, but it's not clear nor easily to understand what to expect. Or it's cheeper to just go with transferwise ? With transfer wise for exemple..if you want to transfer 1000 chf you know exactly how much dollars will be transfered and how much commision you pay, and also the excenge rate chfusd ... With UBS, I can not figure out.
Guys, sorry for destroying the english language in my previous post =)))
look into transferwise or currencyfair, way cheaper than a direct transfer
Thanks..that's what I plan to do... but still I would like to have an idea about what I should expect from Ubs to charge , but I don't know where to look for.
Hi, I have done SWIFT transfers to Mexico trough the UBS website.
To get the exact quote, you may try to do the transaction on the UBS site, input the info of the receiving bank, the exact price is displayed before you confirm the transfer.
Transaction costs are the sum of (i) UBS fees, and (ii) the beneficiary bank fees. You can choose if you want to split those costs between the sender and the receiver. Splitting the costs is irrelevant if you're sending money to yourself. You may choose to pay all the costs in Switzerland. It's a fixed cost of 20-25 CHF no matter the amount sent.
Usually if you do order the payment before 10h00 (Swiss time), it will "appear" on the other side of the Atlantic by 18h00 (also Swiss time).
Plus the conversion cost from Chf to Usd...!
That's the thing... at what conversation rate will happen. is it the real one from forex.. if it's not.. for sure the better option is transferwise .. You know exactly how much you pay for commission and at what conversion rate it's converted.
Well, it is a FX rate, just with a lot of pips added......
If I understood correctly, you want to exchange CHF to USD and send it to your USD account in the US.
You can do it for free, at the mid-price, with Revolut. Just add CHF to Revolut by bank transfer, convert to USD in Revolut, then send the USD to your US account.
Be careful with using Revolut for international transfers - in some countries they charge hefty fees for transferring from a Revolut account to a local bank account. Switzerland is/used to be one of these, no clue if the US is.
If you place the order using online banking you can expect to pay a 5-franc order fee, a 20-franc transfer fee (OUR) plus a currency exchange spread equal to around 3.40% (half of that for a one-way exchange) of the amount transferred from the UBS CHF account to your US account. Some US banks charge incoming transfer fees, so you should look into those as well.
I think Transferwise would work out cheaper because the UBS currency-exchange spread is high. You can transfer directly from UBS to the Swiss Transferwise account and from there to your US account. You could also use the Monito website to compare other options. I can't vouch for the accuracy of their comparison, but at first glance it seems about right.
I made transfers to my own Swiss accounts, plus others' UK accounts and Mexican accounts and never had any fees for those....for the US I don't have experience.
Hi,
I agree I have used Transferwise to send chf to a US account and it is much cheaper than when I did through UBS directly. For example I don't get charged a wire transfer charge.
all the best
Martin
With revolut I could transfer for free, convert at the mid price and not other intermediary fees, but only if I would transfer somewhere in europe.. where for the transfer it's used the SEPA system , for exemple if I would send chf to german account in euro... or uk account in GBP . But for US... with USD account , SWIFT system will be used... which means that other intermediary banks will process my transaction to the destination bank. So in this case... and i could be charged as much as ..20..30 usd.
From what I understand..in Switzerland was a problem with revolut to fund the revolut account... because before there was no swiss iban.. so i had to transfer from swiss to GBP account.. so the local bank will charge you fees here in Switzerland. Now they have a swiss iban.. so you can fund the revolut account without any fees, and back from revolut account to swiss account... I think it's free of fees, since will be SEPA transfer . I did transfer from revolut back to ubs.. but 10 chf only.. and no intermediary fees was charged... but I don't know for sure if it's the same case for serious money.
Yes, thank you. You are totally right.
Thank you, yes.. transfer wise i think it's the best service for my context.
For your own swiss acc. it's free, since it's sepa transfer. also uk.. but mexican.. I don't think so.. since it's a swift transfer. So intermediary bank might be involved.. that will retain something , but not 100% sure.
Yes, thank you.
I was / am using 3 methods to send money:
1. transferwise
2. direct to our Charles Schwab account (they got a CHF account in Europe with IBAN number so you can transfer CHF into it and Schwab will convert it)
3. revolut
With Schwab in October the loss was approx. 0.65%. Transferwise is approx. 0.35% and with revolut there is no fee.
Revolut only works to the US well (they are working on a US banking license but nothing yet) and it takes close to 1 week for the process to finish. It is the cheapest way though as long as you stay below their monthly limits (5000 GBP) and also exchange only while the exchanges are open (otherwise you pay a 0.5% risk premium).
The laziest version is Schwab since you can just setup a recurring transfer and forget about it. Everything else requires interactions.
I can recommend Revolut (actually just received a smaller amount yesterday to my US account after exchanging my left over GPB to USD). I also do use their debit card abroad once in a while (e.g. last weekend in London for topping up an Oyster card).
Don't need to top up your oyster card, you can use Revolutz tap and go card exactly same way as Oyster card works
Great to know, thanks a lot. During this visit I still needed to cover our 14 year old son but good to know for the next visit. Now still need to drain the left over money on the Oyster card.
Most of the cost will probably be from the US receiving bank. I think UBS has a flat small fee for online or ATM transfers.
I confirm everything (transferwise, Schwab, revolut) because I used these three in the past.
I don't think I ever need a week to move CHF to USD via revolut though. Funds from postfinance are in Revolut the next day, and to the US bank the day after. Three, maximum four days.
And yes, you should avoid the weekends.