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Switzerland to UK Money Transfer Guide

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    Transfer Money from Switzerland to UK

    When you need to transfer money from the UK to Switzerland or, indeed, from the UK to Switzerland, Regency FX will help you achieve the most from the currency you are converting whichever way round you need to do it.

    As an independent currency specialist, we have lower overheads than the banks enabling us to pass on the savings to you.

    We can also discuss and agree on the right time to exchange your money rather than using a bank or online-only system and having to accept the rate they give you on the day.
    For example, one of the best ways to send money to Switzerland is with Wise (formerly TransferWise).

    At Regency FX we will steer you through the process and ensure you have the best method to send money to Switzerland.

    All money transactions are conducted through safeguarded client accounts.
    Want to know more?

    Transfer Money from Switzerland to the UK (Clear & Helpful Advice)

    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.

    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

    1

    Identity check

    Before you can send money from the UAE to the UK, you need to be identified.

    There is a legal obligation to verify customers sending money internationally due to global anti-money laundering regulations.

    The check only applies to new customers.

    Once your set-up, you can skip this step if you are sending money back to the UK on a regular basis.

    For British expats, it is usually straightforward. If you still have an address in the UK, it’s even quicker.

    2

    Lock in an exchange rate

    Once you are set up, a bank or money transfer company will quote you their current exchange rate.

    When moving money back to the UK, you are selling Dirhams and buying Pounds.

    This is sometimes written as AED/GBP.

    The exchange rate moves throughout the day. It’s up to you whether you go ahead at the quote given.

    If you are happy to proceed, the bank or money transfer company will lock-in your rate at that time.

    Shortly after, you will receive an email confirming all the details of your transaction.

    3

    Pay for your money transfer

    Banks will require your Dirhams upfront before they will agree an exchange rate.

    However, a money transfer company will allow you to lock-in a rate before you send your Dirhams in.

    This might be an advantage if you see a favourable rate and want to lock it in before it moves.

    On the confirmation transaction, you will be given the bank details of where to send your Dirhams.

    This will be to a safeguarded Dirham-denominated client account.

    4

    Your Dirhams are converted into Pounds

    Once your Dirhams are with your bank or money transfer company, they will convert them into Pounds Sterling at the rate agreed, then send the Pounds to the UK bank account you request.

    That's it.

    What are the costs involved?

    There are two main charges with transferring money internationally these are:

    1. Transfer Fees
    2. Exchange Rates

    Most people are aware of the transfer fees but not so many people are aware of the exchange rate costs!

    Transfer Fees

    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

    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!

     

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    Are money transfer companies safe?

    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.

    What is the timeframe when sending money from Switzerland to the UK?

    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.

    Comparison between banks and money transfer specialists!

    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.

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    Who are we?

    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.

    Get a free quote today!

    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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