What is the best way to transfer ~2000 USD in physical (paper) cash to IB in Switzerland? I currently don’t have an account in USD, only one Postfinance account in CHF. Is it worth the hassle of opening a USD account, putting paper money there via Postfinance counter, transferring it digitally and closing the account? I don’t plan to have any more USD cash in the future.
(the original post is edited for clarity)
For 2000 USD it’s probably not worth the effort to open an IB account, unless you want to keep it for investing. I would just use TransferWise, the 0.5% fee is just 10USD.
Thank you! I already have an IB account. My question is how to transfer physical (paper) USD banknotes to IB.
Rather save it for holidays in the US or try to exchange it in person with somebody… how did you get that amount of cash in the first place?
It was a gift Maybe I’ll save it for an eventual trip to the US. However with the current travel/pandemic situation this is not gonna happen soon
The most efficient/easy might really be to exchange in person, any other way will cost X%. If you have access to a trusted community of peers who regularly travel regardless of pandemic, it’s a good way to do that.
Thank you, good idea!