IBKR wonât let someone deposit 70 grand in (physical) cash.
Their bank wonât 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 RBCâs ATM spit out that money.
I wouldnât be surprised if even Mastercard blocked that.
Edit: did I miss anything? Oh yeahâŠ
Thatâs not such a stretch, especially in Canada.
Though irrespective of the fact that it wouldnât solve your problem (since, again, you wonât 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, youâve 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 havenât tried this myself, so canât guarantee it will work but I donât see why it wouldnât.
As far as I know, itâs fairly simple to open a Yuh account if you already have a Swissquote account. I donât know whether the opposite is also simple or whether youâd have to follow the regular account opening process with proof of identification.
why did you say so? Yuh website hasnât 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 itâs possible to pay Canada WITHOUT IBAN?
already have 3 accounts in CH (UBS, Yuh and Revolut) and still canât avoid getting ripped off (transfer 70k CAD without having to pay >1% commission/fee) and have to open a 4th account, I donât want to complain but itâs 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 âlikeâ 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 âor equivalent to 1000 CHF for any other currenciesâ, I havenât 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 doesnât matter? I guess I shouldnât choose USD as the same issue (without IBAN) with a US bank, and to CHF and Euros then I shouldnât 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 itâs a depreciating currency (CHF historically is the opposite, so quite a good currency to hold at non-negative interest) or youâre receiving interest well below market rates (Yuh doesnât 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 donât want to invest these funds for the time being.
If you donât anticipate how you are going to spend it, and considering the time and effort you spend pondering about this subject, Iâd 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 Iâd expect to work (but again, no guarantees):
If you can open a CAD account (Kontokorrent) at UBS, Iâd expect the transfer to work as well without a percentage fee. I donât know whether they even offer CAD accounts in Switzerland but they might. For a one-time transfer itâs 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 donât 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.
This is starting to cost you more money (convert to your hourly rate for example) and (definitely) time than it takes to open a Wise account and launch the transfer to your CHF IBAN.
Here is a simulation, fees come to ~0.56%.
And be done with it, not worth the stress.
You can hardly withdraw more than 5-10k CHF from your CHF bank account on the CH ATM in a single go.
Itâs logical that these digital banks wonât enable you to withdraw that amount of foreign currency in a foreign country.
Again, the question is: How is he/she funding this transfer from Yuh?
Unless you show us the following steps, in which Wise has to provide an IBAN account number for the incoming transfer of 70k CAD, I remain unconvinced.
(cause Yuh, as mentioned above, on outgoing transfers require an IBAN number for the recipientâs account - Wise in this case)
I would actually try that. I always thought that the IBAN is just a convenient way to combine all other numbers involved (account number, BIC, SWIFT, etcâŠ)
âŠfor countries that actually use* IBAN or at the very least have defined a structure for them according to ISO 13616, yes (itâs still questionable because the devilâs often in the details and thus disadvised).
Thereâs 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 arenât officially using them and havenât registered with SWIFT. I think you may get away with using IBAN in some cases, depending on the receiverâs bank. But Canada, most definitely no.
Does anyone know why IBKR doesnât allow us to fund our account with a debit card(like Revolut) or Paypal? That would be much easier. I assume we canât because I havenât found such info
I need USD to buy US stocks, but I assume Yuh wouldnât be able to transfer USD to US as there is no IBAN
I didnât want 6 months ago, but I clearly want now
what currency would it be? Thatâs 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), itâs useless to open a Wise account in my case because I canât 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 âproblemâ out of your agenda.
), which currency do you recommend or it doesnât matter? I guess I shouldnât choose USD as the same issue (without IBAN) with a US bank, and to CHF and Euros then I shouldnât put more than 50k to IBKR to avoid negative interest, so I should choose GBP, SGD or which other currency?
