There are four simple steps when transferring money from Switzerland to the UK which are: identity check, get an exchange rate, make your payment and finally the money is sent out.
Identity check. In line with the Anti-Money Laundering (AML) Regulations, all money transfers are subject to identity checks. This is to protect you and the sender from falling foul of organised crime and to ensure that when you send money to a bank account in Switzerland the transfer ends up where you intended.
Exchange rate. At Regency FX we will ensure you get the best exchange rates possible on the proposed date you are sending money from Switzerland to the UK. Because we send money from the UK to Switzerland and vice versa every day you can be sure the very best rates are secured.
Make your payment. To send money to the UK, simply complete the details of your UK bank transfer and the money is sent to the intended UK recipient
There are two main charges with transferring money internationally these are:
Most people are aware of the transfer fees but not so many people are aware of the exchange rate costs!
Transfer fees are a standard fee that is charged per international transfer.
Here is example of what the main Swiss banks charge:
UBS charge CHF 5 for online payments or CHF 10 for paper payments.
Credit Suisse charge CHF 24
Post Finance (Post office) charge CHF 2 online or CHF for a paper transfer.
In addition to these fees there can also be additional fees if you want your payment tracked or sent faster.
There are also more fees if you make a mistake or want to amend your payment.
With larger amounts of money, the exchange rate is more costly than the transfer fees!
Exchange rates are not standard like transfer fees.
Each bank and money transfer company set their own exchange rates.
There are many platforms online that provide live rates such as Oanda, DailyFX and XE; however, the rates that you are seeing are not actually available to customers.
These rates are known as ‘interbank rates’ it means that only banks themselves can use them.
Not even large corporations that trade in the millions can use them!
There will be small disclaimers near them saying something like “for informational purposes only” or “not available to customers”.
Exchange rates are changing constantly every few seconds.
Even the smallest change of 1% could cost you CHF 1,000 with a CHF 100,000 transfer!
Changes like this happen daily.
To get a real quote, get a quote directly from a bank or money transfer company!
Most money transfer companies are safe however, not all of them are!
To ensure that the company is safe make sure to check to see whether they are regulated by the FCA (Financial Conduct Authority).
If they are regulated by the FCA then they are required to keep your money in a separate, safeguarded client account away from the company’s funds.
You can check to see whether a company is regulated by checking the online FCA register.
It usually takes 2 to 3 working days for the money to clear in the desired bank account.
Some companies advertise that they have same-day transfers, what this really means is that the money is sent out the same day rather than received the same day!
UK banks can take a few days to clear money in the account, and some are faster than others.
They both do the same thing but in very different ways!
Banks are very useful for mortgages and savings accounts however, when looking at transferring money internationally then banks can be quite costly and not very helpful.
For large and frequent transfers, a money transfer specialist will be your best option!
Banks also tend to have daily limits in place for how much you can transfer whereas money transfer companies do not have any limits.
Money transfer companies will watch the rate for you and let you know if it moves in your favour!
They can also guide you through the whole process.
Banks do not offer the same service as they do not specialise in this area.
Regency FX are a UK based independent currency broker, specialising in high volume transfers.
We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.
All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.
The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.
They can often refer to the rates that banks exchange at rather than what is available to you, the customer.
Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.
We can monitor the market on your behalf enabling you to budget more effectively.
As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.
Get a quote and see how we stack up.
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Payment services for Regency FX Ltd are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: The Steward Building 1st Floor, 12 Steward Street London E1 6FQ.
The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199). In the US Currency Cloud operates in partnership with CFSB. CFSB fully owns the bank program and services are provided by The Currency Cloud Inc.