Wise account in CHF with IBAN available now

Banks, Insurances & Third Pillar
1

Just to inform: wise gives you now a personal CHF account with IBAN, same as EUR or USD and many others. The account is not based in Switzerland but is in CHF.

I usually convert currencies at Interactive Brokers and then send it to a wise account. That was not possible with CHF until now, needed another account in Switzerland.

Last year I checked and there were no CHF accounts available. USD accounts were not available 1.5 years ago, but both are now.

:+1:

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2

In the “top-up wizzard” I still get the instruction to use the JPM Bank in ZH with my Ref#

Anyone tested a CHF transfer to the given IBAN?

3

Does the account start with CH or GB ?

4

It starts with GB.

5

Not yet, probably not until end of year.

6

Yeah, I think I had that since I can remember. It’s a Swift account based in London. What I don’t know if I get my salary there, will there be any fees ? Probably not, I just don’t know.

7

You actually could send CHF to Wise already beforehand. You‘d send it to their CH account in ZH and they would credit to your account.

You could always hold chf in Wise and convert there for the low fee.

Now it‘s just easier and you can send and receive CHF to/from anyone.
But it could still cost more fees this way as it‘s a GB Iban (for me).
I probably will keep using the JPM account, as it‘s a in-country transfer to a CH Iban, that doesn‘t cost anything.

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8

IB only accepts accounts in your name, so I could not send directly until now. You can always send to Wise to be credited to your account, no problem, you don’t need an account in your name for that. But IB does not accept it.

9

I have and used USD and EUR accounts, no fees, so I think there will be none in CHF.

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10

btw I have been always using Revolut, back in December I exchanged some CHF to EUR and Wise had a better conversion.

11

Interesting. I started using (Transfer-)wise for currency exchange, but do that now at IBKR, even better rates. But I spend money in many currencies and for that the wise accounts and the virtual cards are great.

12

Doesn’t IB have wise integration anyway?

13

Yes, tried it out in USD. Works, was free too but took longer than a wire to wise. Took 2 days while a wire sometimes reaches the same day. I think the direct transfer works only for USD.

14

Yeah. I put money in Wise USD acc selling my RSUs, before transferring them to IBKR.

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15

This has been available for a while now (more than half a year), the issue is many Swiss banks charge glorious amounts to wire CHF to the GB
 IBANs.

I tried it last year (I think?) with UBS, cost me 5 franks. Raiffeisen wants a lot more :sweat_smile:

16

That is the main reason I hardly use Swiss banks. IB is free once a month, that is enough for me.