EUR/CHF FX rate conv: suggestion?

Investing / Funding & Currency conversions
1

Hi all,

I have some EUR on. my bank account (PF) which I want to convert in CHF.
Checked today, and the fx rate is 0.9347 offered. Today the FX rate official was around 0.95
To exchange 10K, it means losing c.ca 150 bucks.

I was wondering if I could move the EUR from PF to my Yuh account, convert and then move the CHF back into PF. Reason of not keeping in Yuh is that I need to then transfer to Finpension Wealth.

Woud you suggest this action (tax and feasibility wise) or do you know better approaches?

THank you in advance
Cap

2

If your EUR account can send EUR => Revolut, Wise, and/or IBKR

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3

Yes, PF is in EUR account. Same for YUH, where I have also the EUR one.
Should that be possible also for YUH, or are there any restriciton with that?

4

You complained about high cost of currency conversion, I gave you default choices for low costs. I suggest you look them up, and compare them to PF and Yuh.

You can post your results here, if you want. I or someone else can check.

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5

Just to be sure

Finpension doesn’t allow you to deposit Euros? Just check with them.

6

Yuh has a currency exchange fee of 0.95%, meaning EUR 95 for 10’000 EUR, approx. CHF 90.

Savings will be roughly chf 60. Is it worth the hassle of transferring money on various accounts back and forth?

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7

Revolut up to the free allowance, after that Wise, Yuh?

8

Nope, only in CHF

9

I wanted to know, in principle, if this action is OK from a tax/or whatever prospective, assuming all these accounts are fully declared.

When I read the customer obligation in every financial relevant contract, there are a lot of little disclaimers, and I wonder if this action, is in principle correct and allowed.

Why only 60 bucks? I did a simulation (yesterday), to convert 10K EUR in PF it was 9’347 CHF, and with YUH it was approx. 9500 (I do not remember the exact figure, but the amount I see on YUH when simulating should be the final rate, with all commission on it), so I recall c.ca 150 CHF.

10

Tax only cares what’s there at the end of the year (wealth) and what you gained throughout the year (income)

Banks care about money laundering, and as long as you transfer money to the same beneficial owner, you will not run into issues. Some banks are sticklers for exact name matching, so “first name last name” is not an exact match to “first name middle name last name”

So the remaining question is: do you trust Revolut, Wise, etc. enough to route your money through them. I do/did, but still think saving 100 CHF is not worth trusting an unknown counterparty with your 10k, if you are a novice.

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