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incorrect, not apply to you or be flat out wrong. Use this information only after cross checking.
You have been warned!
Exchanging CHF to US$
There are many ways to convert the money, some are more expensive than others.
From a recent email to the swiss-list:
The most favorable way to deal in foreign currencies is on a "non-cash"
basis. This means, converting your SFRS. at the source, i.e. the bank where
your money is deposited. Negotiate the best rate with that bank or follow
the trend of the rates over a certain period of time and ask the bank to
convert when a certain rate is reached.(strike price) You can follow the
currency fluctuation "live" on URL "Yahoo-Finance-International-currencies".
Once the conversion is done, ask the bank to transfer the proceeds in US$ to
your account in the USA. Attention, any transfer exceeding $ 10.000 is
reported by the US bank to the Federal Bank (IRS monitored)
The second best way is to use a "Swiss registered" Credit Card. Unfortunlaty
this requires that you have a "legal residence" in Switzerland.
(or at least a valid address). The credit card companies are no longer
allowed to sign up customers with addresses outside their territories over
which they assume responsability. (Europe/Americas/Asia).
US registered credit cards that are being charged against an account in
Switzerland, or for that purpose, any country that is considered a tax
haven, are reported to the IRS.
Exchanging currency bills is always the least favorable solution. The reason
being the fact that the physical handling of bills, including transportation
to and from countries under high security conditions adds cost to the
currency rates quoted in the news papers are for transactions exceeding
I had problems when I started my business over here until someone at the CH Consulate suggested Associated Foreign Exchange (AFEX). I have dealt with them for about a year and I have had no problems at all. Their rates are even better than the Bank of America I was using before. They help me send Swiss Franc payments to my vendors but they can also receive incoming Swiss Franc payments. They deal with both companies and individuals.
My contact is:
AFEX - Associated Foreign Exchange
Hope this helps.
Submitted by: Marti
Pages Updated On: 30-Dec-2007 - 03:12:02
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