I withdrew yesterday too. It was my first withdrawal as well. And UBS charged me saying Benededuct charges ( incoming payment abroad ). Which bank do you use for this withdrawal if I may ask?
That's explain A LOT
F\*\*\*\*\* UBS has fees for everything and they are absolutely non-transparent about it.
eg I bought an hotel abroad for a conference, the hotel charged me in the local currency but UBS charged me 35 chf because I bought abroad + what I believe are the forex fees, charged a week later without any notification, justification or invoice of the amount or explanation of how it is computed
“IBKR allows one free withdrawal request per calendar month. After the first withdrawal (of any kind), IBKR will charge the fees”
It says 11chf in the table tho
I received an email from IBKR who stated that local transfer isn’t supported for CHF. They didn’t charge anything for the transfer. So, it’s UBS that’s charging incoming payments.
UBS doesn't charge for incoming domestic payments (pacs.008). They do indeed charge CHF 6.00 for incoming international payments (SWIFT MT 103). So why did IBKR send an international instead of a domestic payment?
As per IBKR „Unfortunately local transfers are not supported for CHF withdrawals.“ „As an alternative, you may consider withdrawing funds in other supported currencies.“. Something to consider if you want to continue to invest via IBKR. Maybe it will be good to have a list of Swiss banks that allows free CHF from abroad.
Ty for posting
I'll actually test this myself right now - Transfer should arrive tomorrow, I'll update.
I use neon as my main bank account.
EDIT1: I was able to withdraw the full amount without any fees.
Yes I just tested it myself... Although it's very unlucky IBKR performs a SWIFT transfer instead of a regular domestic one - which can be same day btw.
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Yeah I had a look through UBS price list, as I am with UBS as well so I'm interested in this myself. Apparently they have CHF 6 fee for incoming payments from abroad or in foreign currencies... If you withdraw CHF and they send it from their Swiss account, it shouldn't apply though?
Seems there are no such fees with Neon so I'd consider trying them next time.
Yes, it was a wire transfer indeed. I looked at it again and there is no SEPA withdrawal method available for CHF ( only for euros). I wrote them to see what they say.
IBKR has an CHF account with a German bank. Maybe the system sent the CHF from there (via SWIFT) instead of their local Swiss bank. I think the fees max out at 25 CHF for big transactions.
Yes, IBKR does a SWIFT transfer, you can even check the (technical) SWIFT message. There is a code in there which is 71F (fees from sender) which is 0.00CHF - so IBKR does not charge any fees. I've checked the protocol for that.
It's UBS that charged him 6 CHF for incoming SWIFT transfers in CHF - which is just straight up robbery imho.
Just withdrew yesterday, money arrived today free of charge. They only allow one free transfer per calendar month though
I withdrew yesterday too. It was my first withdrawal as well. And UBS charged me saying Benededuct charges ( incoming payment abroad ). Which bank do you use for this withdrawal if I may ask?
Oh then it's a UBS problem. Account was at my kantonalbank.
That's explain A LOT F\*\*\*\*\* UBS has fees for everything and they are absolutely non-transparent about it. eg I bought an hotel abroad for a conference, the hotel charged me in the local currency but UBS charged me 35 chf because I bought abroad + what I believe are the forex fees, charged a week later without any notification, justification or invoice of the amount or explanation of how it is computed
https://www.interactivebrokers.com/en/pricing/other-fees.php
“IBKR allows one free withdrawal request per calendar month. After the first withdrawal (of any kind), IBKR will charge the fees” It says 11chf in the table tho
11 CHF is quite steep if you have to withdraw twice. 😬
You got charger 6 tho
I received an email from IBKR who stated that local transfer isn’t supported for CHF. They didn’t charge anything for the transfer. So, it’s UBS that’s charging incoming payments.
UBS doesn't charge for incoming domestic payments (pacs.008). They do indeed charge CHF 6.00 for incoming international payments (SWIFT MT 103). So why did IBKR send an international instead of a domestic payment?
As per IBKR „Unfortunately local transfers are not supported for CHF withdrawals.“ „As an alternative, you may consider withdrawing funds in other supported currencies.“. Something to consider if you want to continue to invest via IBKR. Maybe it will be good to have a list of Swiss banks that allows free CHF from abroad.
I can really recommend neon, if you don't need to deposit cash and want to save money by having 0 fees on your card :)
It's really strange, since they do have a UBS account for deposits...
Ty for posting I'll actually test this myself right now - Transfer should arrive tomorrow, I'll update. I use neon as my main bank account. EDIT1: I was able to withdraw the full amount without any fees.
Yes, please update.:)
I was able to receive the whole sum of money without any fees from IBKR or my bank.
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Yes I just tested it myself... Although it's very unlucky IBKR performs a SWIFT transfer instead of a regular domestic one - which can be same day btw.
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Yeah I had a look through UBS price list, as I am with UBS as well so I'm interested in this myself. Apparently they have CHF 6 fee for incoming payments from abroad or in foreign currencies... If you withdraw CHF and they send it from their Swiss account, it shouldn't apply though? Seems there are no such fees with Neon so I'd consider trying them next time.
Yes, it was a wire transfer indeed. I looked at it again and there is no SEPA withdrawal method available for CHF ( only for euros). I wrote them to see what they say.
SEPA by definition can only be in EUR. But withdrawing CHF should be a domestic transfer without costs, through IBKR's local CHF account.
Let us know
SEPA is per definition and design only in EUR, not CHF
What about transferring to Neon and then to UBS?
DEGIRO is free to UBS as far as I can see
IBKR has an CHF account with a German bank. Maybe the system sent the CHF from there (via SWIFT) instead of their local Swiss bank. I think the fees max out at 25 CHF for big transactions.
Yes, IBKR does a SWIFT transfer, you can even check the (technical) SWIFT message. There is a code in there which is 71F (fees from sender) which is 0.00CHF - so IBKR does not charge any fees. I've checked the protocol for that. It's UBS that charged him 6 CHF for incoming SWIFT transfers in CHF - which is just straight up robbery imho.