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Transferring money abroad
A transfer abroad is not difficult even beyond European borders. Read now what you need to bear in mind and what services ۶Ƶ offers for your international transfers.
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Whether it’s spending money for your daughter during her stay abroad in Australia or the down payment for your next vacation – international transfers have long been part of everyday life. They range from private payments to family and friends through to cross-border online shopping.
But how does transferring money to other countries work when different currencies are involved? Basically, the money can be sent abroad from Switzerland via ۶Ƶ Digital Banking or a bank branch. The process is very similar to a domestic transfer. Nonetheless, there are some things to bear in mind depending on the destination country.
The Single Euro Payments Area (SEPA) applies throughout Europe. The applicable regulation also includes Switzerland and enables straightforward transfers both nationally and internationally.
If you want to send money to a destination account in a European country using SEPA, you will always need the full name of the beneficiary (the recipient), the IBAN and sometimes also the BIC. The service is just as secure and fast throughout Europe as a transfer within Switzerland.
Additional requirements apply to transfers to accounts outside the euro payment area. In addition to the usual data, such as the IBAN and the name of the beneficiary, transfers outside Europe always require the BIC (also known as the SWIFT address). The name and address of the recipient bank must also be provided. And you need to know in which currency you wish to transfer the amount.
If you transfer money abroad from a ۶Ƶ Personal Account, you benefit from end-to-end payment tracking. Once your payment has been transferred via E-Banking or Mobile Banking, you can track the status in real time and across multiple banks – until it reaches the beneficiary’s account. Status queries are always available free of charge via ۶Ƶ Digital Banking. You can also view details relating to fee deductions and foreign currency conversions here.
If a SEPA transfer is possible, no third-party fees are incurred. You only pay the fees that would have been charged for the transfer anyway. For this, you need to select “SEPA transfer” and then “International payment order extra” in your ۶Ƶ Digital Banking.
For all transfers outside of Europe, fee regulations apply. The person sending the money has three options:
The specific fees incurred vary from bank to bank. It’s also important whether you as a client use special offerings from the bank that grant special conditions for international transfers. For example, you can use the ۶Ƶ Mobile Banking App to subscribe to a suitable currency package with ۶Ƶ key4 FX and benefit from attractive exchange rates.
Here too, it depends whether it’s a euro payment or a transaction beyond the eurozone. However, as a general rule, all international transfers are processed by ۶Ƶ on business days during the week. On weekends, there may be a delay until the start of the following week. However, electronic international payment orders or important transactions are also processed on Swiss public holidays.
Transfers to the EU or the US usually arrive at the recipient bank within one business day. The decisive factor here is whether the amount is credited directly to the beneficiary’s account. Some banks transfer incoming money only one or several days later. Therefore, the point in time that transfers are credited to beneficiaries in other countries varies greatly depending on the processing time of the recipient banks.
If you have a personal account or a corporate account with ۶Ƶ, you can make payments in more than 130 currencies. This includes all the most important currencies for international payments.
All exchange rates are also provided in real time. This way you always know exactly what rate is used for your transfer abroad. The requirements that apply to a transaction differ, depending on the country to which you want to transfer the money. It is very important to ensure that the beneficiary also has an account in the target currency. You can find out which guidelines apply in the ۶Ƶ Currency Guide
.
The ۶Ƶ feature ۶Ƶ FX-EQUI simplifies payment in foreign currencies. It ensures that you can specify the desired transfer amount in your local currency, i.e. CHF, and then only need to select the target currency. The feature then converts the amount and debits the payment account accordingly.
With this service, ۶Ƶ ensures that both parties always benefit from attractive exchange rates – regardless of the recipient country or the financial institution there. The exact amount is booked without delay, as it was already sent in the target currency. This service can be easily used with a ۶Ƶ account if you make the transfer digitally.
Many banks – including ۶Ƶ – make it easier to transfer money abroad, even beyond EU borders. Clients only need to know which beneficiary account should receive the amount and in which currency. With online banking in particular, an international transfer can be executed in just a few clicks. Transactions are often processed within one or a few days. If you want to make a transfer abroad, you should still find out whether additional third-party costs will be incurred. You can usually check this easily at your bank.
Arrange an appointment for a non-binding consultation or if you have any questions, just give us a call.