Transfer Money from Switzerland to UK (clearly explained)

Author,  Andrew Gibson

Last Updated on August 2nd, 2024

You can transfer money to the UK from Switzerland using either a bank or a money transfer specialist.

I’ll explain how the process works, how long it takes, the costs, and how to get a better rate.

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How to transfer money from Switzerland to the UK (in 4 simple steps)

Sending money from Switzerland to a UK bank account is quite straightforward once you understand the process.

Step 1 – Verify your identity

Before you can send money abroad, all customers are required by law to have an identity check.

You will be asked for the standard information – name, date of birth, and address.

Only new customers need to be verified. Once you are set up, you can skip this step in the future.

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Step 2 – Secure an exchange rate

Once you are verified, you can secure an exchange rate if you’re ready.

To send money from Switzerland to the UK, it is the Swiss Franc (CHF) to Pound Sterling (GBP) exchange rate that matters to you.

A bank or money transfer specialist will quote you their latest CHF/GBP rate.

You then decide whether to proceed.

No transaction will occur without your authority.

If you are happy to go ahead, the exchange rate quoted is locked-in for you.

You will also be emailed a trade confirmation that shows all the details of your transaction and where to send in your Swiss Francs.

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Step 3 – Send in your Swiss Francs

If you are dealing with a regulated company, you will be sending your money to a safeguarded client bank account for Swiss Francs.

In practice, it’s like paying a domestic bill.

Note – a bank will require you to have your CHF in your account upfront, whereas a money transfer company will allow you to secure an exchange rate before you send your money in.

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Step 4 – Your Francs are converted to Pounds and sent to the UK

You will also need to provide the details of the UK bank account where you want your funds sent.

Once your bank or money transfer company has received your Swiss Francs, they will be converted into Pounds at the exchange rate agreed.

You will also be asked for some basic information about your recipient’s bank details.

Your Pounds will then be sent to the UK bank account you request.

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Banks vs money transfer specialists – what’s the difference?

A bank or money transfer specialist can get the job done.

It’s mainly a case of cost and service differences.

Using a bank might be a convenient option for small, regular bills back home.

But if you’ve sold a property or want to repatriate a large sum of money from savings or investments, it’s worth your while looking at the alternatives.

From speaking to many customers over the years, I know that banks aren’t normally the best or cheapest way to transfer money from Switzerland to the UK.

Banks can be frustrating to deal with, and their charges can be high.

The larger the transfer, the more the cost and service differences will become apparent.

Money transfer companies also don’t have any limits on the amount of money you can transfer.

Some money transfer companies also allow you to:

• Fix an exchange rate for an agreed period (usually up to 12 months).
  

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• Set target levels or specific limits for the rate, or
  

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• Inform you when the exchange rate moves in your favour.

Ultimately, these service features can lower your costs and minimise your risk.

Money transfer companies also don’t have any limits on the amount of money you can transfer, whereas banks do.

Banks are not set up to provide anything other than a basic service.

And that service seems to be getting less and less.

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	Pros	Cons	Best for
Bank	Can use your existing account	High charges, minimal service	Small payments, convenience
Money transfer specialist	Lower cost, more efficient	Need to register	Large or regular amounts

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The charges explained (including the hidden ones)

When you send money from Switzerland to the UK, there are two types of charges you need to look out for:

1. Fees
   

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2. Exchange rate

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1. Fees

It takes a bit of digging to find out the fees the big Swiss banks charge.

They all use their own terminology, and there are a bunch of different payment types to confuse matters further.

Banks generally a flat fee charged for every international transfer.

Below is a quick summary of what the big three in Switzerland charge:

• PostFinance (Post Office) charges a CHF 2 fee online or CHF 5 for a paper-based transfer using Giro International. They also add another CHF 12 for urgent payments.
  

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• Credit Suisse charge CHF 24 for international and foreign currency payment.
  

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• UBS charge CHF 5 for an outgoing online payment or CHF 10 for a paper-based payment.

But there can be other fees too…

I won’t bore you with pages of ‘special tariffs’ (some of these PDFs run for 20 pages!).

Essentially if you want anything extra like an amendment, cancellation, or investigation, you will be charged around CHF 30-60 per request.

It’s also a common problem to get hit with a correspondent or intermediary fee.

This is when another bank assists your bank to facilitate the payment.

If you want to avoid fees, avoid the banks.

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2. Exchange Rates

Most of the time the exchange rate you get is more important than the fees.

Every bank and money transfer specialist set their own exchange rates.

The exchange rate will depend on the amount of Swiss Francs you are sending (the more you send, the better the rate).

I’ve looked into the exchange rates offered by PostFinance, Credit Suisse, and UBS.

PostFinance offers a free currency converter, but then has a big fat disclaimer saying “No guarantee of accuracy is given”.

UBS and Credit Suisse provide little information upfront.

The Swiss banks seem to make it difficult to get an exchange rate before you make a transfer.

I suspect what happens is you go through all the steps, get to the end, and then they tell you the rate.

At that point, a lot of people will just accept it – no matter how bad it is.

The UK banks tend to do the same thing.

All I can suggest is to get a quote elsewhere.

You can at least budget your money once you get a genuine exchange rate.

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How safe are money transfers between Switzerland and the UK?

Not all companies have the same level of regulation or customer protection in place.

My advice would be to choose a company that is regulated by either the Swiss Financial Market Supervisory Authority (FINMA) or the UK’s Financial Conduct Authority (FCA).

You will find that Swiss banks will be regulated by FINMA, whereas most of the leading money transfer companies are regulated in the UK by the Financial Conduct Authority.

Both banks and fully regulated companies will verify customers to protect against fraud and money laundering.

It’s a sign you are dealing with a reputable company.

They are also required to keep your funds segregated in a safeguarded client account – which is kept separate from any company funds.

To find out if a money transfer company is Authorised, enter the company’s name in the FCA register.

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Quick Summary

1. You can use a bank or money transfer specialist to transfer money from Switzerland to a UK bank account.
   

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2. It should take 2-3 days for your money to arrive in the UK.
   

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3. There are two types of charges: fees and exchange rates.
   

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4. In terms of security, a regulated company will safeguard all client money.
   

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5. The larger your transfer, the more that costs and timing matter.

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Further Guidance & Tools

Information for the reverse transfer: Transfer Money to Switzerland

See the Live Rate: Pound to Swiss Franc Converter

Author,  Andrew Gibson

Last Updated on August 9th, 2024

I’ll explain how to transfer money from Portugal to the UK in 4 easy steps, how long it takes, the options you have, and the way to avoid paying high charges.

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You basically have two options if you need to send money from Portugal to the UK:

1. use a bank
   

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2. use a currency broker

A lot of people might be tempted to use their bank.

It’s more familiar, and your money is probably already sat in your account.

But the biggest drawback of using a bank is the high cost.

The cost of using a bank can be 4%-5% for international money transfers.

That can make quite a difference if you’re transferring €10,000, but especially for larger amounts, the difference can be substantial.

If you’ve sold or looking to sell your property in Portugal for €120,000, a 5% cost works out to €6,000.

That’s a tonne of money to give away to a bank.

If you want to avoid the high charges of banks, the best way to transfer money from Portugal to the UK is to use a specialist currency broker.

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Transferring money from Portugal to the UK (in 4 easy steps)

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Step 1 – Customer ID check

All new clients need to register, which is an ID check. This is required due to global anti-money laundering rules.

Most people can be identified easily – so it doesn’t take long to be up and running – often on the same working day.

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Step 2 – Lock in a Euro to Pounds exchange rate

Exchange rates vary considerably between banks and brokers.

For larger transfers, the exchange rate is the main cost.

Once you receive a quote, it’s up to you whether to go ahead. Nothing will happen without your permission.

After your rate is agreed upon, you will automatically be emailed a trade confirmation, which will have all the details of the trade within it.

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Step 3 – Send in your Euros

You need to pay for your transfer before your money is converted.

The trade confirmation will show the bank details of where you need to send your Euros.

Banks will require your Euros upfront. Currency brokers can secure a rate for you before you send in your money.

This can be an advantage if rates are favourable and you don’t want to miss an opportunity waiting for your funds to clear.

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Step 4 – Your Euros are converted to Pounds and sent out

You don’t need to do anything at this stage.

Your bank or currency broker will convert your Euros into Pounds at the rate agreed and send the Pounds to the UK bank account you’ve requested. That’s it.

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What are the costs?

When you are transferring money from Portugal to the UK, there are two common charges:

1. Exchange rates; and

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2. Transfer fees.

The total cost is the combination of the two charges.

To make it easy, it’s better just to find out the amount of Pounds you will receive for your Euros.

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1. Exchange rates

Each currency broker or bank will offer you a different exchange rate based on the amount you are looking to send.

There is no such thing as standard or official exchange rates.

These days there are quite a few websites, such as XE and Oanda, that provide free exchange rates. But there’s a catch…

Hidden in disclaimers are words such as “for information purposes only” or “not available to consumers”.

They are showing “interbank” rates. As the name suggests, they are wholesale rates used between banks. Not even massive corporations get the interbank rate.

To put it bluntly, most of the rates you see online are not real rates for customers. To get a real rate, request a quote.

When you get an exchange rate quote from a currency broker or bank, it will include a markup (or ‘spread’) on top of the wholesale rate.

We looked into the exchange rates offered by the largest Portuguese banks – Caixa Geral de Depósitos. Banco Santander Totta, Banco Comercial Portugues and Banco Internacional do Funchal.

In broad terms, you should expect the rates offered by the big banks to have a 4%-5% margin – depending on the size of your transfer.

The rates offered by currency brokers are far more competitive.

A currency broker has far lower overheads than the big banks and can pass those savings onto customers.

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2. Transfer fees

A transfer fee is normally a flat amount that is charged per transfer.

It is in addition to the money made from the exchange rate.

Some of the big Portuguese banks and even some currency brokers will charge you a transfer fee every time you send money abroad.

A lot of the banks charge customers two transfer fees – one from the bank in Portugal and one from the receiving bank in the UK. A double hit.

The transfer fees are normally in the region of €20 to €30 per transfer.

However, if you choose the right currency broker, you can avoid paying transfer fees altogether. Hint: we don’t charge you any transfer fees.

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5 reasons why you shouldn’t use your bank…

1. It’s not their area of expertise.
   

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2. Their exchange rates are uncompetitive.
   

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3. Some banks charge transfer fees.
   

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4. They won’t help you with timing.
   

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5. You are not their priority.

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Are all currency brokers the same?

It can seem like there are a lot of companies that carry out money transfers.

But if you scratch the surface, there are some fundamental differences.

As I mentioned before, some currency brokers are Authorised by the FCA, while others are not.

There are also a lot of companies that are focused on micro-payments to family and friends, such as Western Union, Ria, World Remit, Azimo, and Remitly.

Another category is the “online-only” operators.

Online-only operators might look and sound like currency brokers, but they are just web-based platforms or ‘apps’.

These companies tend to call themselves money transfer specialists rather than currency brokers.

I guess it’s because there are no humans (brokers) to assist you.

Paypal, Transferwise, Revolut, and CurrencyFair are some of the more popular online-only platforms.

They might appeal to some people, but not others.

I can understand if you are making lots of small, regular payments, then you might become comfortable doing everything yourself online.

However, from my experience, people who are making larger money transfers want the peace of mind of being able to speak to someone.

If you are sending a large amount of money, you will probably want some human contact. I know I would.

A currency broker may be the right option for you.

Their rates are just as competitive, and you will get a much better service.

Once you request a quote, you are assigned a personal account manager.

A personal account manager can:

• Answer any questions you may have.
  

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• Offer market guidance and rate alerts in the lead-up to your transfer.
  

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• Help set up and check the details of your transfer.
  

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• Keep you informed from start to finish.

One common area for mistakes in international money transfers is with the “beneficiary details”, which is where you want your money sent.

International payment codes are generally a long number – so mistakes can be made if you’re not used to money transfers.

We do double-check for you to prevent problems.

Plenty of places leave you to do everything yourself. You don’t want to be cursing yourself as you hope or pray your funds can be recalled from the wrong bank account.

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How to get the best exchange rate

A currency broker can work with you to achieve the best exchange rate possible.

Exchange rates, such as Euro to Pounds, move every 2-3 seconds.

Daily news and events cause fluctuations in the exchange rate, so there will be better times to exchange your money than others.

If you are selling a property in Portugal, you might have a window of opportunity of a few days, weeks, or even months to get the best exchange rate possible.

You may also have a specific rate in mind or an amount in Pounds you are aiming to receive.

A currency broker can monitor exchange rates for you and let you know when the rate moves in your favour, or if it reaches a certain level.

For larger money transfers, even small, fractional moves in the exchange rate could have a big impact on the Pounds you will receive.

On a €100,000 transfer, a 1% improvement in the rate is €1,000 extra in your pocket.

Please note that banks and online-only operators will not offer you any assistance with rates.

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Quick Summary

1. To send money from Portugal to the UK, you can use a bank or currency broker.
   
2. It takes 1-2 working days.
   
3. The cost is a combination of exchange rates and fees.
   
4. A bank could charge you 4%-5% of the money you transfer.
   
5. Use a company Authorised by the FCA.

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Author,  Andrew Gibson

Last Updated on August 25th, 2024

It’s quite simple to transfer money from the Netherlands to the UK.

I’ll explain how it works, the best ways available, and how you can avoid paying high charges.

Are you looking to send money to the Netherlands from the UK? Click through for all the information you’ll need for that transfer!

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Transferring money from the Netherlands to the UK (in 4 simple steps)

If you need to transfer money to a UK bank account, there are only four steps.

None are difficult.

Whether you use a bank or money transfer specialist, the steps are the same.

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Step 1 – Identity check

Before you can send money from the Netherlands to a UK bank account, you will need an ID check.

It’s required by law due to anti-money laundering regulations.

Most people can be verified quickly and easily – sometimes just using basic details like your passport number and address.

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Step 2 – Secure an exchange rate

Once registered, you are in a position to secure an exchange rate.

To send money to the UK, the Euro (EUR) to Pound (GBP) rate is what matters.

Note the exchange rate changes every few seconds throughout the day.

Whenever you’re ready, a bank or money transfer specialist will quote you their latest EUR/GBP rate.

No transaction will occur without your permission.

If you are happy to go ahead, the exchange rate is locked in, and you will be emailed a confirmation with all the details of your transaction.

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Step 3 – Send in your Euros

Next, you need to pay for your money transfer by sending in your Euros.

All the details will be on the confirmation you received.

A bank will require your Euros upfront, whereas a money transfer company can secure a rate before you send your funds in.

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Step 4 – Your Euros are converted and sent to the UK

Once your bank or money transfer company has received your Euros, they will be converted into Pounds Sterling at the exchange rate agreed upon.

Your Pounds will then be sent to the UK bank account you request.

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The best way to transfer money from the Netherlands to the UK

To transfer money to the UK, you have two options:

1. Use with a bank; or
   

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2. Use a money transfer specialist.

The best way will depend on the size and frequency of your payments.

For a small, one-off payment, it may be more convenient to use the Dutch bank holding your money.

While banks tend to charge additional fees, they offer a familiar and safe way to send money to the UK.

If you are looking to transfer a large amount or need to make regular international payments, it makes financial sense to consider the alternatives to a bank.

From my own experience, I have found banks are a more costly option, and they can be difficult to deal with.

Banks offer all sorts of products, whereas money transfer companies only carry out international transfers.

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	Pros	Cons	Best for
Bank	Can use your existing account	High charges, minimal service	Small payments, convenience
Money transfer specialist	Lower cost, more efficient	Need to register	Large or regular amounts

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The charges explained (including the hidden ones)

Whenever you transfer money from the Netherlands to the UK, there are two types of charges to look out for:

1. Fees
   

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2. Exchange rate

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1. Fees

Most people focus on the fees because they are more visible charges (but not necessarily the largest).

The most common type of fee is a transfer fee.

A transfer fee is a flat amount charged for every international transfer you make.

It varies depending on whether you who you use.

Here are the transfer fees charged by the three largest Dutch banks:

• ING Bank charge €12 (standard) or €50 (urgent).
  

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• Rabobank charge 0.1% with a minimum of €10 and a maximum of €50.
  

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• ABN Amro charge €9 (online), €18 (urgent) and €25 (branch).

You will also find there are various fees for things like cancellations, incomplete or incorrect transfers, and even one if you make a complaint!

Some money transfer companies also charge transfer fees (we don’t by the way).

While the various fees are annoying, they often act as a distraction because the bulk of the cost is usually incurred in the exchange rate you get charged.

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2. Exchange Rates

A lot of the big banks provide online Currency Converters or Rates Tables showing you their current exchange rates.

But if you look closely, they say that the rates shown are “indicative” or for “information purposes only”.

It means they are not real customer rates.

When you go to make an international transfer, you find out you are getting charged a different rate altogether.

While this is deceptive, it continues to be common practice.

The big Dutch banks are pretty guarded about the exchange rates they charge. They make it difficult to see their rates without tinkering with their payment system.

Most of the banks use a tiered system: The larger the transfer, the better the rate.

Our research found that the exchange rate margin varied between 2% and 5%.

You generally need to transfer around €50,000 or more to qualify for the best rates.

I have no gripe with any of the banks.

But my experience is you can do better elsewhere.

The reason you’re likely to get a better exchange rate from a money transfer specialist is that they have far lower overheads than a bank.

The running costs of a bank are in the billions. Ultimately, the customers have got to pay for that.

Before you send your money, always do a quick cost comparison against your bank.

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Is there a maximum amount you can transfer?

The UK has no foreign exchange restrictions with the Netherlands, so there are no legal limits on money transfers between the Netherlands and the UK.

Although there are no legal restrictions, the big banks often impose their daily limits.

You may have to enquire first as they appear to set their daily limit based on your account information.

It is worth noting that money transfer specialists don’t tend to have any maximum amounts for international transfers.

For large amounts, it is generally more cost-effective and efficient to use a money transfer specialist.

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How to get a better exchange rate

You have probably seen that the Euro to Pound exchange rate moves every few seconds.

Over weeks, the moves can be substantial.

Even small swings in the rate can have a big financial impact.

As an example; say you were looking to transfer €75,000 to the UK.

If there was some big political or economic news, the rate could suddenly move by 4-5%, causing a difference of over €3,000.

Unless you are familiar with foreign exchange, you often don’t know the factors driving the rate or the underlying trends in the market.

It could lead to a costly mistake.

A money transfer specialist can discuss your requirements and work with you to achieve a more favourable rate.

That sets us apart from a lot of the other money transfer providers.

You may have heard of some of the bigger online-only operators, such as PayPal, TransferWise, and Revolut.

They essentially offer a “do-it-yourself” platform or app.

You enter all the information and press all the buttons yourself.

Using a system or app will suit some people, such as online merchants who need to make frequent payments or people sending money every month to families living overseas.

However, for larger transfers, many customers want the peace of mind of having someone they can speak to and get some guidance from.

It comes down to what you’re looking to do.

The larger your transfer, the more the costs and timing will make a difference to you.

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Quick Summary

1. To transfer money from the Netherlands to the UK, you can use either a bank or a money transfer company.
   

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2. It should take 1-3 working days.
   

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3. The cost is a combination of fees and exchange rates.
   

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4. It can be a lot cheaper to use a money transfer company.
   

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5. Make sure you only deal with regulated companies.

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