To make bank transfers from UBS to EU banks what do you suggest?
As UBS asks for currency exchange fees and another fee to make the international transfer, what do you suggest?
Any experiences with Revolut, Wise or other tools?
Thanks.
To make bank transfers from UBS to EU banks what do you suggest?
As UBS asks for currency exchange fees and another fee to make the international transfer, what do you suggest?
Any experiences with Revolut, Wise or other tools?
Thanks.
For regular smaller transfers I use Revolut - works very well, but if you exceed 1.2k per month you'll need to look to their paid plans as the fees start going up. Revolut also works for big transfers, if you already have it with a paid plan, and is more convenient longer term. It also helps if the receiving party has Revolut as Revolut to Revolut is almost free (for now)
For all big transfers with any decent platform (even with the bank) you have to go through AML checks so you need to have your papers in order and be prepared for delays.
For very big amounts I have always sucked it up as wanted to avoid issues with wise etc but was outside of EU.
Just be aware you can't currently get CHF bank details so it's not yet possible for someone else to send you a bank transfer in CHF from outside Wise. They would need to first load the money to their own Wise account.
Remember that CH is inside the EU-money-trasnfer-scheme. Which means that what you do is:
1) First convert the amount to EUR (like having it in our EUR account)
2) And then you make EUR -> EUR transfer. That falls under SEPA rules where a bank may not charge more than for a local national transfer.
The best is: move CHF out of UBS to any of the neo banks mentioned before. And then make a SEPA transfer. On regular agreement, UBS will charge you an annoying exchange fee AND their exchange price (CHFvsEUR) is also not the best.
I'd like to find an alternative. Primarily for converting CHF to GBP and sending it to a UK account. Smallish amounts of 5-10k.
If I can motivate myself I will check out Wise and N26 as possible alternatives.
(Better than WISE, etc.)
It uses SEPA payment, so transfer made during the day usually arrives in seconds/minutes (better than Swiss Banks?)
For the Revolut free plan, I think you got 1250CHF / month.
But whatever plan you choose, the exchange during the weekends will still cost extra fee -- So do it during weekdays.
They've recently changed the setup, so now you can't leave the money with them until the rate hits your wanted level... but still one of the best platforms out there.
Just to check, I ran a sample across three platforms (all in the same 5min or so)
100,000 CHf -> EUR
Recipient gets:
Xe: 104,720 eur
CurrencyFair: 105,020
Revolut: 104,929.53
Edit:
Wait, I just registered CurrencyFair and did the same test:
For 10,000 CHF:
CurrencyFair: 10,519
Revolut: 10,599
I have Revolut plan, so no fees. I guess your comparison is based on Revlut (with fees, Revolut has only 1250CHF free quota / month).