For a real estate purchase, I need to change CHF into € in the next few weeks, given that the purchase will be made in Italy. Figure around 20k. What is the safest and cheapest way to do this?
IBKR, of course. 20 chars
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(post IBKR)
If you face challenges with input/output accounts (that need to be IBAN in your name afaik), or not using it just as a “passthrough” (which they won’t like) - a fair alternative is Wise too.
Yes fees are higher than IBKR, but fewer constraints might be worth the tradeoff.
Edit: I believe there are at least 1+ threads on this; why yet another one?
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from IBKR to a revolut or Italian account (or perhaps someone who has had experience with accounts in other countries) are there high fees? Is the system fast? I have only ever wired into the IBKR account and never outbound from IBKR.
Do I need to create a Wise account to see expenses or is there a calculator?
It will be a straightforward SEPA transfer from either IBKR or Wise to the Bank.
But the funds will not originate from an account in your name (unless you use the Wise multi-currency account - not “on-demand” transfer and exchange - with them).
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All transfers are free ones per month from the side of IB. There is no fees from intermediate corresponding banks for SEPA transfers. Arrival time is the same or next day.
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Not unsafe - but not the safest either.
The safest way? Instruct your Swiss (“high street”) bank, e.g. UBS, CS, Postfinance or cantonal bank that manages your salary account to make a SEPA transfer directly to the Italian and/or EUR account. Probably the easiest and quickest way to do it, too (except… if Wise do SEPA Instant transfers that Swiss banks can’t).
Your Swiss bank will convert the funds for you, and the funds will be on their way without using additional (customer-facing) intermediaries such as Wise, IBKR or moneymarket.ch. Is that the cheapest way, too? Hell no!
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I can’t find a dedicated Wise thread so I’m posting here, the problem may be with me and my searching abilities.
Wise are adapting their fees.
They’ve made a summary of the changes in a .pdf (download link): Wise_FeeUpdate_24_EN
[Edit: these are my understanding of the changes after a quick read, I may have misread it:]
Mostly, for CHF: things are becoming more expensive, except for bank transfers from CHF when in large amounts, which are becoming cheaper (it is still getting more expensive for lower amounts).
For existing Swiss users, the changes will apply in 62 days. No idea how that works for non currently registered users.
You scared me a bit. I just looked at my use cases and they actually get cheaper.
Depositing CHF to you Wise account with bank transfer is still free, as today.
Exchanging CHF internally to Euro gets cheaper!
Only bank transfer going out from Wise will get a 20cents more expensive. But that‘s something I barely use.
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