Hi folks,
I would need to withdraw 5k euros (Switzerland or France) from time to time. I do have a N26 account, revolut, wise and Swiss bank accounts (neon wir yuh).
Any experience? I’ve seen that with SBB I can exchange 5k CHF and loose 150€ in exchange fees (50chf back with cashback). Revolut metal allows 2k withdrawal for 50/mont at an ATM. However seems suboptimal but I don’t know if something better can be done.
I’d be surprised if there’s cashback for cash-like transaction on credit cards.
If you’re willing to a open another account, I’m fairly sure a EUR account within eurozone will give you free cash withdrawal from eurozone ATMs?
edit 2: I think schwab debit card you’d only pay the conversion (which is the visa rate, ~0.5%), but that’s also requires opening an extra account, and you might lose on some more on wiring money there so only makes sense if you’re going to us it as a broker.
With 5k it might make more sense to figure out something better … but for what it’s worth when I want to change 1-2k, I go to Coop Depositenkasse and the exchange rate is at least significantly better than SBB. You bring CHF cash and walk away with EUR/USD - so not technically withdrawing anything.
Just happened to use it this morning and the rate was 0.9430 EUR / CHF, while SBB currently lists 0.9621.
5 CHF per month gets you a “Postfinance smart package” with CHF, USD and EUR accounts.
EUR withdraw from a EUR account is then free at ATM-postomats, using your PostFinance Card in EUR.
I’d exchange CHF-EUR wherever it is the cheapest (IBKR?), make a free SEPA-transfer to the EUR-account and withdraw EUR from there (I’m not sure about the withdraw limits though, I’d check if 5k limits are possible).
EDIT: EUR withdraw is free at ATM-postomats but not in swiss post branches
Open dkb.de account, deposit 700 Euro each month and have it for free. Withdraw Euro or any other currency without limits globally.
Use Revolut/Wise/Alpian to exchange CHF to EUR and fund DKB account.
Don’t know how often you need EUR 5k. Otherwise looks like the perfect case to use Revolut’s free tier FX: exchange up to 1250 CHF per month at interbank rates and withdraw every 4 months.
I use mostly wise but do use dkb for cash in EUR. With wise you can move the 700 EUR per month for free and if you don’t need it you can send it back.
If you have an European bank account count, you could also convert 15-20k of currencies few times a year with your broker.
With IBKR it will cost less than 2usd and benefit from a free transfer it to your European iban once a month.
I have all my investment in this broker so they haven’t complained so far.
Thank you everybody for your answers!
Indeed using IKBR to convert a few times 5k chf to eur, send it to YuH + SEPA transfer somewhere is the best (and I’ll need to do it multiple times over the year)!
I like the dkb.de setting (700€ per month is OK and I guess I can close it 1year later) I do have an (old) BBVA Online account but unclear about withdrawing - I don’t have physical cads in general.
Thanks folks again! I’ll study the options and come back with what I’ll do. Meanwhile if you have any other ideas, feel free!
Unfortunately this would not work because of:
There are additional ways to withdraw money, bank transfers work well too, as @danven is already doing.
But I see the beauty of a single FX with IBKR as opposed to the 5 manual FXs I have proposed.
Can I easily create an account from Switzerland and receive the debit card to withdraw in another EU country? Sounds really a great option.
In Spain? Forget it, they charge even for receiving money.
One transfer out of IBKR is free per month, dkb.de cash withdrawals are free (but today many ATM charge for withdrawing). So you may be better off with some cheap or free local account with an ATM that lets you withdraw for free.
Yes. Unfortunately I have forgotten to mention that they communicate only in German. If it sounds like a gag, it’s not.
Great thanks! German is definitely not a problem. I’ll just need to check how to close the account the moment I don’t need it (I guess I could always transfer out and in the same 700€ to keep the account free).
If you refer to the dkb.de account, yes, you can do that. Ping-pong wise-dkb is free.