Choosing a bank account for a big Euro transfer

Banks, Insurances & Third Pillar
1

Hi
I’m french citizen and swiss resident (VD - B permit). I sold my house last july, and I’m going to get the money now from the notary, after the process of splitting common patrimony between my ex and me

It will be around 170’000 €

I don’t trust french government at all, and not a lot french banks.

If I transfer this amount from the notary on french bank accounts that I have, i know that it will be hard to move it afterwards. In my Axa bank account, transfers are limited to 15’000 €. And it’s probably the same with Caisse d’epargne (CEBFC, I’m Burgundish).

So I’m thinking about other options :

  • My UBS account : I can open a Euro account for 5 to 10 CHF per month. They will charge any currency exchange and probably any Euro transfer to french bank accounts in the future
  • I have a WIR bank saving account and maybe I can open an Euro account there, plus the Top Packet (or something like this) with debit card. Euro account costs 5 CHF/month and the same, fees apply when you transfer money to foreign account
  • Using my IBKR account. Money would be rewarded with few interests, and I will invest it at the end anyway. Currency exchanges is probably cheaper and I have no idea about the costs of money transfers towards France or Switzerland

My main concern is about security. The second one is about the fees. I must secure the money first

Splitting it between 2 Swiss bank accounts should protect the full amount, even if in EUR

IBKR offers some warranties about deposit, but is it as secure as banks ?

I don’t want to convert to CHF right now, because EUR/CHF is so low now, so maybe I can wait for a better period of time. But maybe I’m wrong on this.

I’d love to read your opinions about my situation

2

Are you sure, that’s surprising (never had any issue with large transfers with fr banks)

Sepa Transfers are often free (or really cheap)

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3

Won’t work for a direct transfer.

Check cantonal banks.

Don’t.

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4

limited to 15000 € per transfer if no previous notice to the bank services for Axa bank. Maybe I’ve asked to the other bank, not sure, but the same limits may apply. Add ti this that some delays may occur for any bank transfer around these amounts.

For Sepa transfers, fees apply at WIR bank. I need to check with UBS

5

Would you elaborate ?

Don’t what ?

6

Don’t wait, EUR has been going slowly down for ages

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Is that a problem? It’s probably a security feature. Just tell them you want to transfer and do it.

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Well it could be

But yes you’re right, this kind of transfer will be stopped in Switzerland too, as it has happened to me previously between UBS and WIR.

9

So true. And so good when you’re paid in CHF

Does everybody believe it will be the long-term trend ?

Maybe I’m just making a stupid bet by wishing to keep it in Euro and not changing it immediately ?

10

Let me ask my crystal ball.

:crystal_ball:

Yes.

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You could also see it this way: Invest in an ETF now and earn ~6% per year (average over many years) vs. wait and hope that the euro gains a few percent. But yeah, what happened yesterday is not necessarily what will happen today, and no one knows what tomorrow will bring.

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12

exactly

well first I need to get my money.

After having talked with a banker from my CEBFC agency, it’s better to bring it to switzerland directly. As she told me, any cross-border transfer might require numerous papers, so it’s better to transfer it to Switzerland and transfer some amounts to France when needed

13

I think they don’t know what they’re doing. Never had any issue doing sepa Transfers across countries :grinning_face_with_smiling_eyes:

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14

Been there, I had a ton of euros to transfer and I did it over multiple years and lost so much I don’t want even to calculate it.

OTH, as the funds were invested in italian bonds, I got some safe return and things have not be as bad as it could have been

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15

Unless France is even worse than Italy, I’d say this is crap. I have transferred Euros to Wise (BE) in chunks up to 90k from Italy and then from Wise to Switzerland almost without questions.

The only paper you need is the notary sale and perhaps the split of the money between the ex-owners which presumably is also handled by the notary on behalf of some court order or a court-sanctioned agreement between you and your-ex

16

let’s say that I want to make it simple

It should be easy, at least on paper

Yes true I probably need to inform banks before transfering such amounts, in any places. And having the notary papers

From France, and let’s say for big amounts ?

Like ach, I’m used to transfer money by using Wise. For small amounts even a few thousands, it’s ok

But for example each time my father transfers money to my wise account in Euro, it will be blocked. For small amounts like the last that was only 180 € . I need to fill a form, give the full name of my father, etc. Easy to solve but annoying

17

Yeah definitely did high 5 digits without issue even to IBKR.

18

Succumb to anchoring and loss aversion biases.

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Swissquote offers multicurrency account which is free of charge

20

I know I am off topic, but this sounds REALLY odd, I am Greek and the notoriously paranoid and interventionist Greek banks allow 3,000EUR/day web transfers without paperwork, but if you want to move more you simply need to go into a branch where they’ll ask for some compliance/proof of origin of the money/signatures etc paperwork but then you just move whatever you like.