Wire from CH account to IB

Hello,

I have just openrd an IB account and would like to transfer from my Swiss bank account to the UK IB account.
Which transfer fee option should I choose ? SHA, BEN or OUR ?
Which bank has the lower transfer fee ?

Best hands down experiences I’ve had was with BCGE. Submitted payment order around 7am, money was credited already at 9am, and the best part it was all free: no fees charged (even after several months time), the full sum arrived, and they didn’t ask me stupid questions like if I want SHA/BEN/OUR/etc. It seems like they treat IB’s account specially as a domestic transfer, not sure if that’s a glitch or they have some special deal with Citibank or IB.

For other banks the fees from what I’ve seen and heard:
Swissquote: 2 Fr
ZKB: 4 Fr + 2 Fr surcharge if from savings account
UBS, PostFinance: about 10 Fr, some money gets stolen by the intermediary bank

SHA or BEN should be normally the cheapest, differing only in whether your bank’s fee gets deducted from the payment befroe it’s sent or on top of it. OUR means they need to clarify the costs with the other banks in advance before executing the order and this may cause extra charges.

Which bank do you have ?

For 10 kCHF I’ve paid:

  • 8 CHF with Postfinance
  • 5 CHF with Migros Bank
  • 2 CHF with SwissQuote

Migros Bank has been quite slow (2 days). Postfinance 1 day (If I recall correctly). Swissquote same day.

It might also depend if you have some special conditions with your bank. MrRIP wrote he pays 0 with UBS but other have stated they pay variable amounts (5-10 CHF).
Il possible I think it’s better to chose BEN. IB shouldn’t take anything. As @hedgehog writes, it also depends on intermediary banks (which then depend on your bank…)

My banks are:
BCV
Swissquote
Postfinance
Raffeisen
UBS

I don’t know which is the cheapest. Raffeisen displays 21.-, UBS 5.- with SHA
I will a do a try with Swissquote

@MrRIP How have you paid 0.- with UBS ?

Swissquote I can confirm 2 CHF, both for EUR and CHF (tried both currencies).
Will be deducted on leaving -> send 10’000, receive 9’998

EUR transfers are free with PostFinance to all SEPA countries.

The transfer would be in CHF. In most (all ?) banks, CHF wire are not SEPA

That’s correct. “E” in SEPA stands for Euro. For other currencies transfers would probably go via SWIFT

Thanks for the info. I will do my first transfer with Swissquote and maybe the next one with UBS depending on MrRip’s answer.

Hi Wapiti,

From PostFinance to IB UK, I used to select “shared cost” and paid between 6 to 10 CHF depending on the amount.
This was taken from the amount transferred.

EDIT: I have been charged 20 CHF + 2 CHF with the “our cost” method. I will revert back to the “shared cost” method for the next transfers


One day I tried to select “our cost” and was happy to see that PostFinance charged 2 CHF for the transfer.
The 2 CHF are taken from your account and the full amount transferred reaches IB UK.

Screenshot from e-finance giro page while preparing a transfer:

Fees that apply for international GIRO from PostFinance


It takes 1 or 2 business days to arrive at IB UK.

1 Like

OK. I never tried “OUR” with PostFinance, because they write about this 20 CHF “forfait” on their leaflet (general conditions).
So your experience confirm this.

I did a wire with Swissquote. 2 CHF as fee and the transfer has been executed on the same day that I placed the transfer

Selecting “all costs borne by beneficiary” :slight_smile:

It’s ZERO costs on me on either side. really.

That’s with UBS? I have to try that, last time they charged me 10CHF!

Check that they didn’t charge it at the end of the month. PF bills me fees at the end of month IIRC

I did a 15k CHF transfer from Interactive Brokers UK to PostFinance last week and the full amount was credited on my PostFinance account the same day.
So far I don’t see any commission on either side for the transfer.

A friend of mine with UBS tried a CHF transfer to IB. They charged him 5 CHF at the end of the month, “E-banking cross border payment”. Rip off.

@wapiti

Did you try to do the Raiffeisen transfer from a savings account, because their price-list suggest that it would cost 3CHF from a normal account and not 21CHF?

Page 3 of this:
https://www.raiffeisen.ch/content/dam/www/oberes-gaeu-aare/dienstleistungspreise/dienstleistungspreise_2017/Dienstleistungspreise_Privat_ab_01.01.2017.pdf
or page 2 of this:
https://www.raiffeisen.ch/content/dam/www/rch/pdf/e-banking/broschueren/de/Dienstleistungspreise-Anlegen-E-Banking-DE.pdf

Raiffeisen is one hell of a fragmented bank.

As I and @Julianek found out selecting BEN with Raiffeisen leads to a free transfer to IB.
Also the transfer was really quick (executed at 05:14 notification from IB at 07:21)

@wapiti maybe you should look into this.

@chestwood96 Maybe fees are applied at the end of the month or some days later. Let’s just wat a little and see… :wink:

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