EUR <--> CHF currency conversion (electronic money / bank account balance)

Investing / Funding & Currency conversions
21

If anything, it’s the other way round.

SEPA prohibits “someone along the way” charging intermediary and/or third-party fees (unlike SWIFT transfers), but it does not have to be free at either end. I.e., payer’s and payee’s bank may charge fees for SEPA transfers.

On personal accounts though, many banks in the EUR have decided to offer free SEPA transfers to consumers, at least when initiated through online and other self-service channels.

I think I’ve covered it in a post of mine a while ago - but I’m unable to find it.

  • Sender’s bank in EU/EEA: Usual fees for outgoing SEPA transfers. Which means free on many personal accounts. AFAIK they’d be allowed to charge other (higher) fees sending to Switzerland than to other EU countries - but few if any do so, to my knowledge.

  • Intermediary fees: None

  • Bank Cler as receiving bank will convert to CHF at their foreign currency rates. I couldn’t find it easily on their web site, but will probably be 1% surcharge or something. Considerably more than TransferWise, I’d be willing to bet.

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22

Notice that Revolut pricing is changing in August: https://www.reddit.com/r/Revolut/comments/h0ct5n/new_fees_starting_from_august_12_2020/
Depending on your use case it may mean that Transferwise or CurrencyFair will be cheaper.

It think the only other option I am aware of that has not been mentioned on this thread is OFX. I have no personal experience with them and every time I looked it seemed more expensive than CurrencyFair.

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23

Yeah with the new revolut limits it depends on the monthly amount. (Assuming no conversion on the weekend)

  • < 1250chf: revolut
  • 1250chf < x < 2600 chf: transferwise

  • 2600chf: revolut with premium (premium is 8.99 chf, so if transferwise fee is more, then revolut premium is worth it)

This is only in case you don’t already have an interactivebrokers account, as this would be even cheaper (but only works if you have 100k in assets with them)

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24

Transfer from an EUR account via SEPA to Zak CHF account. Hope this clarifies.

Thank you

25

Yes @San_Francisco this is what I was expecting and same for me: I could not exactly locate this information in their documentation.

Thank you for the confirmation.
Don

26

Thank you @Krunchfor the heads-up, very informative!
Also I was not aware of CurrencyFair.

27

Thank you for the wrap up!
You guys are convincing me to have 100kUSD + IB, problem solved :slight_smile:

28

Hi everyone, it’s me again, I would like to ask you how I can transfer some swiss chf into my italian bank account, of course without paying anything (if possible)

p.s. big problem, I cannot use anymore revolut (no idea why :frowning: )

thanks

29

Transferwise …

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30

Never tried and know nothing about them, but I once came across https://exchangemarket.ch

31

I change them on Interactive Brokers.

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32

but with transfer wise do I need to register both cards and doing everything on their website isn’t it?

33

I don’t understand what cards you mean. On the website you make a login, then register the transfer you want to make (i.e. to which EUR account), then transfer the money to the Transferwise account that they give you.

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34

I’ll check, never used it. Thanks a lot

35

Transferwise CHF-EUR foreign exchange will “cost” you about 0.5% fees above the interbank rate, so not “free”. Just so you know. But compared to many other foreign exchange possibilities, that’s quite low/competitive.

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36

While you can pay for your transfer with a debit card or credit card (i.e., you make a card payment to TransferWise, they will send a standard (or instant) SEPA bank transfer to your account), that only adds up costs if it’s not urgent.

I always use bank transfers to transfer funds to TransferWise - no need to register any card.

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37

How much money are you looking into transferring? Revolut or Transferwise might be good options, check their cost, I think for a large transfer (10.000+) Revolut is much cheaper.

If you want to transfer a lot of money there is a high chance Revolut/Transferwise will block your account and request proof of funds (bank statement, payslip, tax return etc.) due to money laundering laws and this will take a few days to complete, so your money will remain locked for a few days.

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38

it’s probably gonna be once n a month but maybe a few thousands, not a lot

39

Hello,
I need to transfer euro (approx. 20’000 EUR) from a banking account in Europe to my banking account in Switzerland (for a real estate purchase) and I would like to know the best solution to reduce the banking fees and get the best exchange rate? I have already Zak and Neon. I’m sorry if the question was already asked but I haven’t found it on the forum.

Thank you for your advices!

40
  • If you already have an account with them: use your Interactive Brokers account
  • The fast and easy way: use an FX service such as Wise or Exchangemarket
1 Like