transfer USD from CH to IB

A

AGZH86

New member
hi all

i have some USD cash I'd like to transfer to IB
However, a first test transferring 500 USD via wire transfer resulted in 92 USD fee!!! I used ca next bank, which in theory offers free transfers with swift

does anyone have experience or suggestions?
I did expect some fees but not 20% of the amount
I am also waiting for info by the bank, maybe they made a mistake

thanks!
 
Hi there,

I found that transferring CHF is a better overall experience (cheaper, faster), then converting the CHF to USD when buying the ETF using IB's currency exchange. If you want recurring transactions, IB does the conversion automatically for you before buying the ETF/Stock, this is quite handy.

You can find more information on Baptiste's review of IB, check the "Transferring money to Interactive Brokers" section and write back to us if this does not help.
 
bmx said:
Hi there,

I found that transferring CHF is a better overall experience (cheaper, faster), then converting the CHF to USD when buying the ETF using IB's currency exchange. If you want recurring transactions, IB does the conversion automatically for you before buying the ETF/Stock, this is quite handy.

You can find more information on Baptiste's review of IB, check the "Transferring money to Interactive Brokers" section and write back to us if this does not help.
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yes, fully agree, but that's a different topic :)

i'd just like to understand how to handle my usd efficiently
 
To which account did you make the transfer? To the CH IBAN?

Indeed, this fee is insane. However, transferring USD from a CH IBAN to a CH IBAN is not necessarily efficient. It may be cheaper to convert it (at a bad rate, granted) with CA Next Bank rather than trying to transfer and let each bank do its bank.

Do you see a breakdown of fees, or is only 92 USD missing from the wire transfer?
 
Baptiste Wicht said:
To which account did you make the transfer? To the CH IBAN?

Indeed, this fee is insane. However, transferring USD from a CH IBAN to a CH IBAN is not necessarily efficient. It may be cheaper to convert it (at a bad rate, granted) with CA Next Bank rather than trying to transfer and let each bank do its bank.

Do you see a breakdown of fees, or is only 92 USD missing from the wire transfer?
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no, from a CH USD Iban to the USD account of IB in the US (US account)
btw, the bank called me, they will investigate what happened. i'll let you know if you are interested!

but actually transferring USD from a ch iban to a ch iban is free
issue: IB doesn't have a ch iban for USD
 
USD transfers can be free from CH to CH iban, but some banks take hefty fees on conversions. I have only transferred USD from a US bank account to IB.

Thanks for sharing, let us know the response of the bank!
 
I use Revolut for transfer USD via ACH. It cost me 10 CHF for 10k of USD week ago and I send 200$ monthly for 0,60 CHF fees. Revolut forex rates are very, very good.
 
itzilev said:
I use Revolut for transfer USD via ACH. It cost me 10 CHF for 10k of USD week ago and I send 200$ monthly for 0,60 CHF fees. Revolut forex rates are very, very good.
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but how do you transfer the usd from a ch iban to revolut?
 
Maybe I understand you wrong. I thought that: you have swiss bank account in USD and I suggested to send USD to your Revolut's CH IBAN. Is you bank allowed this kind of transaction? At what cost? My situation is quite different cause I need to buy USD before sending to IBKR. So I did transfer CHF or Euro to my Revolut and exchanged for USD.
 
itzilev said:
Maybe I understand you wrong. I thought that: you have swiss bank account in USD and I suggested to send USD to your Revolut's CH IBAN. Is you bank allowed this kind of transaction? At what cost? My situation is quite different cause I need to buy USD before sending to IBKR. So I did transfer CHF or Euro to my Revolut and exchanged for USD.
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i think the revolut ch iban allows only chf, not other currencies.
if you want to transfer usd, revolut gives a gb swift iban
my bank allows usd free transfer within CH, but outside there are third party fees

if you transfer chf, that's another thing

so i wonder what other people are doing, if there's a way at all
 
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