If I have a (foreign) bank account in US dollars, with a debit card, and would like to get that money (about $1000) as cash, what would be the best way to get it in your opinion? Thought about opening a postfinance account in USD and then ordering cash from there, and then closing the account again, but there might be better/faster/easier ways?
Hi everyone!
Fastest and easiest way, draw the CHF equivalent in cash from an ATM. Take said cash into a bank or money exchanger and convert to USD.
Presumably you need to use the cash in the US, so you could withdraw when you are there?
Erm, sadly not really, this is for preparing to travel to a country where US dollars are accepted and welcome, but where it is not the main currency of the country. Zurich airport seems to have a Travelex ATM, does anyone know if the fee is really fixed at 4 CHF per withdrawal? Or would there be any surprises?
The PostFinance suggestion most probably won't work. I have a USD account and also some USD in cash. It is impossible to deposit the cash in the USD account. They said they need to convert to CHF, deposit to my CHF account and then convert again to USD to send the money to the USD account. I assume the same applied to the reverse process, plus you would have to pay high fees to transfer the money from the foreign bank to PostFinance.
The whole thing is do-able, but most likely very expensive...
Yes, the exchange rate will be horrific. Sadly I think you need to find the bank or exchange bureau with the best rates and use them.
Another option with PostFinance (and other banks) is the Swiss Bankers currency service: https://www.postfinance.ch/en/privat...ts/change.html
You can, for a fee, order an amount in foreign cash and it will be delivered to you. The fee is not small but the rate is clear and everything is transparent.
Can’t you use your debit card at your destination?
Ouch Thank you for the warning!
But why exchange rate? If the card and the account are in USD, and you withdraw USD?
Thank you, looking into it!
I am a bit afraid that there won't be any direct USD ATMs there, same as it is here... so then again exchange twice, paying fees every time.
Geneva Airport UBS has (or at least did have) a USD Bancomat. $20 notes IIRC. Maybe Zurich has the same?
But only for UBS Maestro card holders.
It's called "disagio" which is basiclly the bank charging you for the inconvenience of using notes rather than telegraphic transfer (read electronic)
Somebody needs to ordfer the notes, the notes have to be packed up and transported from US federal reserve to Switerland, distributed to various banks, counted several times which is where the excessive cost comes in.
Open a Revolut account, transfer your USD to your USD revolut account, use a local ATM to withdraw money is probably the cheapest way, if this is possible, if ypou really need cash, then you'll have to bite the bullet for 5-8% of the value......sorry.
Sorry, I misunderstood what you are trying to do. Is it feasible to do a test withdrawal? It’s possible that it still does a USD to CHF to USD conversion and/or you get charged by your overseas bank for a foreign withdrawal.
@Biro the Revolut idea won’t work if it is a country that doesn’t have USD ATMs as it isn’t an official currency. That was my idea initially too.
If there is a USD atm for UBS customers like Bowlie says, perhaps you could check what the costs would be to open an account with them, transfer the funds and then withdraw. It would probably be cheaper to go via Wise or Revolut to UBS though, as the international transfer charges are likely cheaper than UBS would charge. I’d guess you are looking at account fees for a year and maybe CHF 40 for issuing a debit card.
I highly doubt that this this would be your only cost. If you redeem Amex travellers cheques (not issued in CH any longer) they charge 10% of the face value. The CHF exchange rate they present online for 1k is 0.99 only vs .92 for electronic currency, some way or other they will charge you accordingly if you don't need exchange.
There is an atm for 7 currencies at Zurich airport, next to the travelex counter
on the right side of terminal 2 groundflor , in front of starbucks.