I have just checked both accounts. The money has left my CH account but is not yet in my UK account.
Anyone have any idea how long it usually takes for the money to be deposited?
Many thanks
Yesterday (Sunday) I transferred a sum from my CH Raffeisen account to my HSBC account in the UK using online banking.
The money travels instantly, but the receiving banks usually like to keep your cash for at least 3 full working days.
Thanks Sbrinz!
Hi Gnaula,
I have a monthly transfer to my HSBC account in the UK and checked this morning and its gone out today and is showing in my HSBC account already, so maybe have a look later, it is usually quite quick.
On your advice Kechi I just had another check, and the money is in there now.... excellent!
Hi
I thought that banks are always more expensive than money transfer solutions, according to what I read on the worldbank prices report.
Isn't it true?
If the bank has to do a currency conversion they will take 2 days (to start with). Same currency is with SWIFT within seconds and can be debited and credited same day, but that depends on your bank
In future, you might want to use CurrencyFair. You get a better fx rate, and if you accept the market rate, your transfer can be completed within the same day.
There are still people doing direct transfers without using currencyfair and/or transferwise?
You should really look into above, it'll save you a lot!
+1 for TransferWise
The only drawback is that TransferWise takes longer (arround 5 working days)
FWIW: the time I did it, which was a few weeks ago, BCGE -> Lloyds took about 3 hours.
The delay may not be the UK bank actually, as for me it just takes 1 day from UBS to HSBC UK. I also use Currencyfair for most transfers. The marketplace section is competitive
Just called customer support. They explained that - unlike in the Euro zone - in Switzerland they use World Pay as the middleman, which is why there are occasional delays if you'd like to convert your CHF.
They said it would be a good idea to add one's payment and customer numbers to the payment reference field. Apparently, it allows them to track you transfer automatically and thus to speed up the process.
It's not just international transfers that can take more than a day. I closed and transferred the balance of a PF account to my Raiffeisen account today; it has already left PF, but not yet appeared at the Raiffeisen.
As a point of interest, for how much would you consider 3rd party currency transfer tools; is it worth the hassle for smaller amounts? For example, I used one for transferring several 1000s from UK to here for a flat purchase some years ago, but I often send money home (
PF are always a day behind, thats historically why they charge less. If you make the transfer early in the morning it usually will arrive the same day.
I looked at transferring 85k, I had a rate from HSBC premier, which was slightly less good than currency fair so I opted to use currency fair. By the following day the market had moved slightly against me & the rate I got was worse than HSBC premier so it's not totally risk free.
Personally, I would use a 3rd party tool for this. The saving might be quite small, but I also like the great control you have over the funds. That is, you can decide the rate, and you can then decide when to move the money. Once you have the account with transferwise or currencyfair, I think you have more control and it is easier and more flexible...
That is quite bad luck. Why did it take a day to move the money into a CurrencyFair account? I don't think this has ever taken more than an hour for my funds to arrive at CF.
One thing to be aware of for those who transfer to their UK accounts is that the rate of protection for funds is being reduced from £85,000 down to £75,000 shortly. So might be worth transferring soon is your balance exceeds that amount.