wiLLBe banking app

Banks, Insurances & Third Pillar
94

European Central Bank publishes a 0.9846 EUR/CHF reference rate for yesterday.

That would make EUR 2031.28 / CHF 2000.
You actually received slightly more.

EDIT: Xe gives this chart for CHF/EUR, daytime yesterday (UTC) highlighted in red by me:

Xe

2 Likes
95

I do not want to be cynical and 1.3% is still very good, but the expectation that this would happen after they locked in the first batch of new customers made me wait until things have settled down a bit.

96

This is based on the decision by SNB. No bank is giving you a higher interest rate than they receive from the SNB or similar risk-free products.

Therefore, you can expect higher interest rates once the CHF key interest rate rises again.

Since FED/ECB did not reduce the key interest rate, the interest rate on EUR and USD are exactly the same.

4 Likes
97

If no sales people were involved, that is how it might be from a pure technological point of view.
Sure, they will follow the trend - but the rest is marketing and sales.

98

They aren’t playing catch the customer here, they explicitly state on their website that the will continuously adapt the interest to reference interest rate changes (as everyone does).

They are offering reference rate less 20 bps (0.2%) for 50k, less 35 bps for 100k, and now have improved the offer up to now 150k with an average of 1.1% or 40 bps below reference rate. That is a comparatively very good offer.

3 Likes
99

Hello, I’m going to transfer money from alpian to willbe. Could you please tell e me how to figure out the outgoing iban from alpian?

100

Sure thing, although I was struggling with that as well. Apparently the IBAN that you see and send to Alpian is the multi-currency IBAN and the outgoing dedicated IBAN is a separate one. I needed to chat with Alpian in their support chat to get this dedicated IBAN no. Maybe there is a way to find this IBAN in the app but I did not really check long time and just contacted the support chat which was relatively quickly. But I remember that it was hair pulling as I thought that the issue is on the wiLLBe site and complained there first :face_with_open_eyes_and_hand_over_mouth:

101

yep, Alpian chat service asked me if I had to transfer money in Liechtenstein and they gave me a slightly different IBAN. I have whitelisted that one in the willBe app and everything worked :slight_smile:

102

Hello,

I have opened a wiLLBe account, but I don’t know how to validate an account to deposit money.
I’ve added the IBAN of my NEON account, but my account is still pending.
Do I have to make a transfer from NEON to be validated?
Also, from NEON, do I need to make an international transfer? Neon doesn’t offer me CHF currency for international transfers.
Thanks

103

But you still need to declare them in Switzerland?

104

Just because you don’t have to pay the 35% WHT doesn’t mean it’s tax-free money. You must declare the full amount as income.

1 Like
105

Yes, you do to activate the IBAN. Local/swiss transfer will work for Lichtenstein

106

anyone have experience transfer CHF from wiLLBe to IBKR? 1. can you transfer directly without passing by a Swiss bank like UBS? 2. if you make the order before 5pm on day 1, would you receive the money on IBKR the next morning?

Thanks

107

anyone have experience transfer CHF from wiLLBe to IBKR? 1. can you transfer directly without passing by a Swiss bank like UBS? 2. if you make the order before 5pm on day 1, would you receive the money on IBKR the next morning?

Thanks

109

thanks for having shared your experiece

OK noted sir, didn’t know can’t ask the same questions in 2 relevant threads :sweat_smile:

I believe he was talking about transferring money from IBKR to wiLLBe, while I am asking the other way, is it the same rule? :sweat_smile:

111

sorry I don’t get it: I thought we can’t transfer from wiLLBe to IBKR directly because IBKR account is NOT with our own name. Do you mean wiLLBe account will not be under our own name? Yuh and UBS has IBAN with our own name on it. thanks

113

I already transferred money from Yuh to IBKR directly in the past, why can’t Willbe if it’s in my name? sorry still don’t get it

115

wiLLBe offers a lean onboarding by doing only a limited know your customer (KYC) process, effectively outsourcing the full KYC to your brick and mortar bank or proper broker. But, that means they only will allow transfers to and from accounts in your name. Many neo banks and fintechs do the same nowadays.

3 Likes
116

True
 though didn‘t Yuh do the same? :wink:

117

I am not sure how Yuh does it. I was already a Swissquote customer so opening a Yuh account was automated and took less than a minute. From others I hear their onboarding is indeed quite light, but it also seems that this is only for the immediate account opening. Once you cross certain thresholds they need more information, and ultimately they seem to do the full KYC procedure including for example asking for your tax number and status per country (which is unavoidable as they offer a traditional retail banking). I think they just take a bit of risk to initially quickly grow the business, which seems to have worked well for them.