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.
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.
If you can open a CAD account (Kontokorrent) at UBS, I’d expect the transfer to work as well without a percentage fee. I don’t know whether they even offer CAD accounts in Switzerland but they might. For a one-time transfer it’s still not ideal as you have to open a new account and then close it again to avoid paying monthly account fees in the future. I don’t know whether UBS has an issue / extra fee if you do something like that. You could ask your account manager in the e-banking messaging system.
That said, this might still be more convenient than opening a Swissquote account, unless there is a shortcut for Yuh customers or you anyway want a Swissquote account.
The only account that is really limited is Yuh as it has very limited options for wire transfers, i.e. lacking a normal bank account function.
You can hardly withdraw more than 5-10k CHF from your CHF bank account on the CH ATM in a single go.
It’s logical that these digital banks won’t enable you to withdraw that amount of foreign currency in a foreign country.
…for countries that actually use* IBAN or at the very least have defined a structure for them according to ISO 13616, yes (it’s still questionable because the devil’s often in the details and thus disadvised).
There’s no way to directly make a bank transfer to a Canadian account using only IBAN (and BIC).
EDIT: To clarify, there are additional countries that have at least defined their format but aren’t officially using them and haven’t registered with SWIFT. I think you may get away with using IBAN in some cases, depending on the receiver’s bank. But Canada, most definitely no.
Does anyone know why IBKR doesn’t allow us to fund our account with a debit card(like Revolut) or Paypal? That would be much easier. I assume we can’t because I haven’t found such info
I need USD to buy US stocks, but I assume Yuh wouldn’t be able to transfer USD to US as there is no IBAN
I didn’t want 6 months ago, but I clearly want now
what currency would it be? That’s why I mentioned SGD(this is just a brainstorming idea), but I have never done SGD transfer so there is uncertainty.
Thanks, I also believe a traditional bank like UBS would be able to transfer CAD to Canada, but do I really have to open an account with Swissquote? I already have 3 different CH accounts as mentioned and I am already quite fed up, ideally I woulld only have 1-2 account.
Thanks for having specified this number, yes I am aware of the number of hours I have spent and its cost and I feel frustrated.
As San_Francisco has said(if I have understood both him and you), it’s useless to open a Wise account in my case because I can’t transfer CAD from Yuh to Wise, unless Wise account has an IBAN number.
So Wise is also charging 0.56%? so I open an account just to save 0.39% (the spread of converting currency with Yuh and Wise)
You are trying to find the cheapest way to execute your wish, and we are trying to provide one for you.
You will not find what you need for free, as these services cost money (especially for those amounts), so I suggest to stop dreaming, accept reality, and get ready to pay something to get this “problem” out of your agenda.