Stolen by an unspecified intermediary bank, obviously. You can raise a complaint with them and get the details who it was. A colleague of mine once did this a long while ago. IIRC, turns out the intermediary was also called postfinance or something very related. Caught redhanded like this, they succumbed and waived him the fee for once, but warned of their full fee schedule for next time - it varies by amount.
But in general I wouldn’t count on reimbursement, you agree after all somewhere when placing the payment order that you can be robbed off by arbitrary intermediaries along the way, and it’s just how this industry works. Just use a different bank, like the saying goes fool me twice, shame on me. There was a thread here with people’s experiences with fees for many banks if you don’t feel like playing this multi armed bandits game yourself
Just noticed this, CornerTrader has a nice tool to get an overview of the fees of any given symbol. Just go to the WebTrader/Account/Trading Conditions. This is probably obvious to some people, but I hadn’t realized this was there, and was using the generic fees table (which doesn’t list stuff like the exchange fee):
Well transferring money from Saxo to IB directly was kind of a bitch move but it still cote me 22$.
Turns out you have to fill a form whenever you want to withdraw something from Saxo and it costs at least 10CHF, another reason to leave.
Well of course Raiffeisen had to have a merger right when I wanted to do the transfer to IB so I will have to wait a bit before I can test the transfer fees there.
My transfer of VWRL from CT to IB just came through. There were no costs that I can see, the only strange thing is that it appears as a transfer with 0 comissions at 75.438.- at CT, while at IB it came in with an average purchase price of 77.06.- (probably the price at the time of the transfer). This makes the profit/loss stats unusable, so I’m hoping they can fix that.
I finally opened an account as well at Interactive Brokers. Saxo Bank is really too expensive.
Some remarks :
-As advised by some of you, I confirm that when doing a cash transfer, choosing “Expenses borne by beneficiary (BEN)” leads to a free transfer (IB does not charge anything).
-I’ve tried their two factors identification app (IB Key). Watch out! If you have an Iphone and don’t use its fingerprint authentification, then the app does not work. I had to call the IB hot line to fix the situation.
Haha, sorry about that, decided to have more privacy since I seem to be in this forum for the long run
I have been doing BEN with PostFinance, but it still costed me 10CHF for a 30000CHF transfer. Tomorrow I’m transferring 10000CHF more, and I’ll see if it is proportional.
Interesting, I guess Raiffeisen has better intermediaries.
I would guess it is not proportional since the other options (shared and sender) are a fixed price, interested to know how this turns out.
I am just glad I do not have to get another account.
Who would have though Raiffeisen would be cheap in any way.
We very much regret to inform you that we do not offer an option fo an international transfer free of charge for the sender. You basically only have the the possibility to choose between our cost and shared cost. In oder to save on fees we recommend you to chose the option our cost.
We thank you for your understanding and wish you a pleasant day.
If I remember correctly, someone already tried Our cost and saw it was worse than shared cost, or not? :-/
UPDATE: Wire from CH account to IB - #10 by T78a (20.- + 2.- for “our cost” option). Apparently they either are ignorant about their own costs, or are trying to push customers to costlier options.
Yeah, I think it would be overkill (even if it is for 6-10 CHF, since we’re talking about transfers of 10000+ CHF). I think globally PostFinance saves me much more than that. I’m just curious to see what their answer is, since I confronted them with the real costs which show that Our cost is actually worse.
Although if I’ll take into account CHF/USD exchange (50CHF for 10’000CHF invested), then it might make sense to start investing on IB from beginning. If I’d invest 10’000 x 4 times a year, then the total cost of CT becomes 4 * 20CHF (commission) + 4 * 50CHF = 280 CHF. That’s way too un-mustachian solution.
Currency conversion is surely one factor to take into account. The other might be stamp duty (for foreign securities it’s 0.15% -> 60 CHF on your yearly 40k).
Last factor: transaction costs also depend on which stock exchanges you buy. Buying in USD at LSE (London) - for example the well known VWRD - only costs 0.05% (min. 5 USD).
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