I ended up doing an inter broker transfer. My Canadian broker warned me they’ll close my account because I’m no longer a resident and as such they’d waive the broker to broker transfer fees. So I sold my shares (because they didn’t exist in ibkr) and had ibkr request a cash transfer. Normally cost 100–200$. It took 6 or 7 tries because ibkr being ibkr, they wouldn’t inform me when it failed or why. It was painful and I wouldn’t do it again but that was the only way.
I also know someone who tried with TransferWise and even though they have a reference field, they drop it and don’t include it in the transfer. But if the amount and name matches, ibkr picks it up anyway and then asks you for some proof or documentation to release the funds (can’t remember what they wanted). This is also cheap because you can transfer CAD into ibkr and do the conversion there.
Overall it was a gigantic pain and I’d never do it again if I can avoid it.
Revolut’s management are also rather unethical, extracting unpaid labor and sales from prospective employees. And they work their employees to the bone hinting that they should be working on Sunday nights like their fearless leader. Fuck revolut, I refuse to use them on that basis personally.
Do you have any suggestion for my situation? I just wish to transfer CAD from Switzerland(this online bank Yuh which doesn’t support transferring CAD to Canada as they need IBAN) to Canadian account. I don’t need to convert FX unless I am forced to do so.
for Yuh, I have no idea if it’s the “real exchange rate”
for UBS, I don’t know what is the total cost, but just to transfer CAD from Yuh to UBS would cost me 1% (charged by UBS),and this is not even transferred to the Canadaian account yet
yes, same person, you know I don’t have control over other people. it happens you need a currency and after a week the situation changes… any suggestion to my questions? who should I choose to rip me off to transfer the fund? or there is a better option?
The post you replied to contains everything I know. I wanted to take CAD out of Canada and this is how I did it.
In any case, I’d look in ibkr or TransferWise’s direction. If they can’t do it then you’d either have to fly over and deposit cash or bite the bullet and pay the bank fees.
The thing is: He/she already took the funds out of Canada - successfully, to his Yuh account. Which now very much limits his/her options for further free/cheap transfers. A direct transfer to either Wise or IBKR is not supported.
Wise’s Borderless account doesn’t supporting incoming CAD through SWIFT - and they don’t provide an IBAN either.
Revolut does provide a GB IBAN to receive CAD though. Probably your best and most convenient bet for a CAD account with an IBAN.
But yeah, good luck in getting around (or not) explaining that in- and outgoing transfer to Revolut’s compliance. I vaguely remember you received these funds from relatives, so proof of the transfer from them to you and…
…should likely suffice. It’s probably not getting any more intrusive than that, is it?
no, my CAD was not received from Canada, I don’t have account in Canada…
I am travelling in Canada now, I went to a RBC branch yesterday as I also thought about withdraw my CAD in cash and wonder if there is a solution to pay IBKR directly as they have their CAD account with RBC
Yuh hasn’t specified any max withdrawl limit outside Swizterland, only shows it costs 4.9 CHF
but the staff told me I have to have an account in Canada to be able to pay IBKR and their ATM will not allow me to withdraw 70k CAD, and they can’t open an account for me because I don’t live in Canada…
IBKR won‘t let someone deposit 70 grand in (physical) cash.
Their bank won‘t let a non-customer do it over the counter either.
Neither will Yuh allow withdrawing 70k through a foreign ATM in any reasonable timeframe/amounts.
Nor will RBC‘s ATM spit out that money.
I wouldn‘t be surprised if even Mastercard blocked that.
Edit: did I miss anything? Oh yeah…
That‘s not such a stretch, especially in Canada.
Though irrespective of the fact that it wouldn’t solve your problem (since, again, you won‘t be able to move your funds from Yuh to this account on the cheap), unless that was your very first question to the RBC representative, you‘ve probably raised so many red flags that there was no chance.
A possible option would be a Swissquote account. It has a multi-currency account with a single IBAN. By default only CHF, EUR and USD are enabled but it seems you can ask support to enable CAD as well. Assuming you can transfer CAD from Yuh to Swissquote, you could then do a SWIFT transfer from Swissquote to IBKR for a flat fee of CAD 20. I haven’t tried this myself, so can’t guarantee it will work but I don’t see why it wouldn’t.
As far as I know, it’s fairly simple to open a Yuh account if you already have a Swissquote account. I don’t know whether the opposite is also simple or whether you’d have to follow the regular account opening process with proof of identification.
why did you say so? Yuh website hasn’t specified any max amount (at least I have not foiund) so I assume I can withdraw 70k by paying the 4.9 CHF?
Thanks for your input, are you saying that with Swissquote it’s possible to pay Canada WITHOUT IBAN?
already have 3 accounts in CH (UBS, Yuh and Revolut) and still can’t avoid getting ripped off (transfer 70k CAD without having to pay >1% commission/fee) and have to open a 4th account, I don’t want to complain but it’s so time-consuming,
Irrespective of that, ATM operators may enforce lower limits (and often do) per transaction.
Side note: When requesting proof of source of funds, I doubt that any financial services provider (and their compliance team) is going to “like” your explanation and paperwork provided for your consecutive daily withdrawals over a period of 54 days
Do you think there is any chance this limit only applies on CHF? if it also applies on other currencies, I think they should write “or equivalent to 1000 CHF for any other currencies”, I haven’t found any footnote for this.
20?? I struggle to understand what you mean
BTW if I choose to convert to another currency with Yuh(and pay the 1% fee ), which currency do you recommend or it doesn’t matter? I guess I shouldn’t choose USD as the same issue (without IBAN) with a US bank, and to CHF and Euros then I shouldn’t put more than 50k to IBKR to avoid negative interest, so I should choose GBP, SGD or which other currency?
Unless you just want to hold it as cash reserve and it‘s a depreciating currency (CHF historically is the opposite, so quite a good currency to hold at non-negative interest) or you‘re receiving interest well below market rates (Yuh doesn‘t pay interest on cash balances, do they?).
Looking forward to your next thread about how to cheaply move/exchange SGD to something else.
As I understood your last thread about it, you don‘t want to invest these funds for the time being.
If you don‘t anticipate how you are going to spend it, and considering the time and effort you spend pondering about this subject, I‘d exchange to a currency that you can at least transfer easily and cheaply to somewhere else.
Yes, Swissquote is a full bank supporting regular international SWIFT transfers without IBAN. The following is the Swissquote form I’d expect to work (but again, no guarantees):
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), which currency do you recommend or it doesn’t matter? I guess I shouldn’t choose USD as the same issue (without IBAN) with a US bank, and to CHF and Euros then I shouldn’t put more than 50k to IBKR to avoid negative interest, so I should choose GBP, SGD or which other currency?
