CHF to EUR transfer

[georgefeege]

What’s the best and smartest way to transfer around 40’000 CHF from a swiss bank account into a German bank account in EUR?
My approach would’ve been transfer from my swiss bank to alpian and from there to the German bank account?

Grateful for any tips!

 

[kaytiedid]

@georgefeege I have been using WISE since 2017 without any issue

 

[barney1]

@kaytiedid Wise are the best, only good experiences with them for about 10 years now!

 

[domenka]

@barney1 Stay tuned !
They closed my account without notice after 7 years of use and haven't refunded my money since over than 3 months

 

[barney1]

@domenka Holy shoot... I gotta ask, what happened that "triggered" this? No offense meant at all! Just hoping to know what not to do with them in the future...

 

[domenka]

@barney1 My account was been closed after receiving a transfer from interactive brokers, in the appeal they asked me for a proof of funds that i uploaded since that no news when you contact customer service they literally says that they don't have visibility on closed account and that i should wait for a response from the appeals team without giving any timeframe.
I just discovered a Facebook group called wise scam victims with 18k members in similar situations as me.
They don't give any reason.
Wise is an electronic money provider and not a bank so they have legally the right to close your account without any notice at any time.
A bank can also close your account but they should inform you before 3 months (in EU with similar laws in other countries).
Just not let any important amount on it just use it for transfer and pay directly your transfer no need to deposit funds on the account or keep them there.
I can't really know how this cames but in some cases there is a soft closing ( they inform you that they will close your account on a given date ) this was the case of a friend who got this last month for an account who wasn't used since 2022 ( so m. logic )

 

[aleksandr1991]

@kaytiedid Same for me, I did quite big amounts with Wise

 

[homebrewer]

@georgefeege Create a Swiss Revolut account. Send your CHF to Revolut account. Then change to Euro and transfer. With Premium Abo for one month this is even cheaper than WISE. (Better exchange rate)

 

[shpiclovelymy]

@homebrewer I think you need to subscribe to the whole 12 months - or at least pay a penalty if cancelling earlier

 

[wadetheophan]

@shpiclovelymy correct

 

[empta]

@shpiclovelymy I did the same thing last month and I didn't pay any penalty. If you cancel your subscription in 14 days you shouldn't be charged. Unless they changed their policy... idk

 

[ds2002]

@homebrewer I calculated that a yearly subscription is cheaper after certain amounts of conversion per year.

I was using wise for big amounts plus daily use with small amounts. With Revolut you need to be careful and confer money from non to Friday.

I’d say Revolut is not such a good product as wise. But when you start moving not so small amounts the difference in price does not justify the value.

 

[homebrewer]

@ds2002 Why exactly do you have to change the money from monday to friday? If you have a premium abo there is no fee on weekends.

I always compare the wise rates with the rate in revolut. And revolut was always better in the past.

Furthermore revolut is quicker than wise because it can do an instant transfer in certain countries

 

[ds2002]

@homebrewer There is a 1% weekend charge even if you are premium.

Revolut rates are always worse than Wise, at least for my needs. But taking into account that Wise ALWAYS has a percentage based fee, wise rates become bad after you account for the Revolut premium fee.

About speed, I’m not sure. I just did a transfer to Germany and it says it will arrive tomorrow while other EUR transfers I’ve done to other countries were literally instant.

Also I’ve found that Revolut has a cut time for instant transfers so they are not instant anymore. I end up doing some of those through wise so it is instant.

The last problem I had with Revolut was transferring money to a joint account I have with the my partner in Europe. They found a “problem” but Wise did not, and it was instant.

So I end up paying the Wise-tax when Revolut falls short.

 

[homebrewer]

@ds2002 I just checked and you are right about the weekend charge. I guess I never transferred on weekends before.
For my needs revolut is always better with the premium fee.

 

[rod288]

@georgefeege Don’t use Revolut for large transfers. Sometimes they freeze accounts.

 

[t3h11]

@rod288 Especially as a new customer

 

[domenka]

@rod288 Wise is worst they close your account without notice.

 

[christhomas2]

@georgefeege Cheapest works only if you have already an account at Interactive Brokers and both, the CHF and EUR account are in your name: you send the CHF to IB, change it there to EUR and then send the EUR to your German account.

Don't bother opening an account just for this purpose, it will probably be closed soon if there is only spot forex trade.

Otherwise I would just use wise. Open an EUR subaccount, then exchange the CHF to EUR and store it there. Then sending to an EUR account is immediate and free.

 

[domenka]

@christhomas2 Wise close arbitrary accounts without notice