Bank transfer to IB question

Hi all,

I am new to the investing world and I have planned to create an IB (Interactive Brokers) account this week and transfer 40 thousand CHF to start investing. In my country of origin usually when carrying transfers of such amounts one first needs to previously contact the bank and the tax administration, giving information that a transfer of x amount will take place for x reasons. For this reason, I am concerned whether if here, in Switzerland, I should follow some similar procedure or, instead, I can transfer this money directly to my IB account without any problems?

Thanks a lot in advance!

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You can just transfer it, no worries. Your bank might call you.

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I can second that, transferred similar amounts and it was no issue.

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I just transfered 30k from one bank yesterday, arrived today. Other bank a couple of times 20k, no problem either. For those kind of amounts I have to use 2FA to confirm the amount and receiver (after already being logged in 2FA)

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Don’t worry, banks and tax administration in CH aren’t too onerous on poor people or small amounts.

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Some banks will put a fee on all withdraws above a certain amount in a specific period. It can depend as well on the bank account type. I had this issue with PF and their saving accounts. My workaround was to cancel that specific saving account (wait period was 2-3 months), move the money to a salary account at PF and then move it to IB.

This applies to all savings accounts, I think this is a banking regulation that has to be followed by all banks.

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More likely it’s capital/risk management (the reward for the higher interest is reduced liquidity).

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You‘re right, I now read about it. They do it to be within Finma regulation and not risking falling out of a certain threshold.

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