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
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?
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).
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.
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!