I and my wife have BCGE and Postfinance accounts (CHF). I have a Revolut metal account with CHF and USD balances, and my wife and I also hold a brokerage account with Interactive Brokers (base currency is USD).
I plan on investing 200,000 CHF of our BCGE funds in our IBKR account in the next couple of weeks.
My thinking is that I am best off to do the following:
- Transfer the CHF to my Revolut account.
- Buy USD within Revolut at a good exchange point.
- Transfer the USD from Revolut to IBKR.
As I’d never transferred funds from Revolut to IBKR I did a 100 USD test transfer last week. Revolut does not seem particularly well suited for transfers to IBKR. The only fields you can enter are:
- Name of beneficiary (this was where I put Interactive Brokers - credit account number XXXXX which was the only place I could put my account number. IBKR states it is important that incoming transfers always clearly indicate the customer account number to which they are being sent.)
- Address of beneficiary (I put address of Interactive Brokers and NOT of their bank)
- Account number (based on the information provided by IBKR I used 633736902)
- Branch code (also based on IBKR information given I used 021000021)
On Revolut the transfer shows as having completed the day I made it. On my IBKR account it is still showing as pending after one week. I had a chat with IBKR customer service just now and they say they have no record of it, and that they find Revolut does not work reliably to make transfers as incomplete information is provided. This was just a 100 USD transfer but as a test case it shows me I need to make some changes before making the larger transfers.
It seems to me I have two options:
Change some details in Revolut and try again - Mr Cheese if you are reading this I saw one of your posts where you indicated you transfer from Revolut direct to IBKR so if you or anyone else see what I need to change in my Revolut transfer please let me know.
Open a USD bank account (Postfinance and BCGE offer them, as well as other banking institutions) and do the transfer from there. If I go this route I want the bank account to be something I can set up, transfer the money from my Revolut to the new USD account here in Switzerland, transfer the USD to IBKR, and then close the account or leave it open with very little funds in there. I do not plan on repeating this operation so do not want to maintain an open USD account if it is costing me very much. If I go this route I am also aware that some USD accounts here in CH set annual withdrawal limits (I believe I saw BCGE had a limit of 50,000 CHF annual withdrawal without a prior notice of 1 month), so thanks for suggestions on whether there may be other USD banking options in CH that would allow the USD equivalent of 200,000 CHF to be transferred out to IBKR without requiring a long advance notice.
Hope that is clear. Essentially, I am looking for advice on how I can inexpensively take advantage of Revolut’s great exchange rates on this large sum of money and get it transferred to IBKR .