Sending money abroad....lets test it

[buba]

I agree with you if you want deposit money coming for a crime Switzerland is not the right place. If you need a professional and safe management of your assets it is an option. Anyway the return is always in proportion to the risk.

Pompey-Nik: 300'000 USD is the minimum for funds comig from Eastern Europe

[SilverBullet]

I think we just have to agree to disagree about Swiss banks and the current mess they are in.

In case you haven't seen the latest bad news from Switzerland, Credit Suisse is tanking on continued losses and rough investment traders at their London office:

Last week Credit Suisse’s shares fell as much as 11 percent in Swiss trading.

Some analysts said that the announcement had no new surprises. But at BHF Bank in Frankfurt, an analyst said “there seems to be chaos at Credit Suisse,'’ adding, “More negative surprises could follow,” according to Bloomberg News.

Credit Suisse reduced its previously announced estimate for write-downs related to asset-backed securities by 200 million Swiss francs ($201.4 million) to 2.86 billion francs.

In February, the bank shocked markets by writing down $2.85 billion in asset-backed investments and suspending some traders after finding pricing errors on its books.

The bank had previously said it expected to post a profit for the first quarter and estimated that the write-downs would wipe $1 billion from its net income, after taking into account tax credits and canceling some staff bonuses.

Credit Suisse now said it would post a write-down of 1.18 billion francs against its 2007 accounts — which translated into a hit of 789 million francs net of tax — and of 1.68 billion francs against its first quarter 2008 accounts as a result of the new valuations.

The writedowns dealt a sharp blow to Credit Suisse in February as the bank had until then appeared to have negotiated the subprime crisis far more skillfully than many rivals.

The write-downs are the latest in a string of shocks from global banks, including huge new subprime-related exposures at rival UBS and the emergency takeover of U.S. investment bank Bear Stearns by rival JPMorgan.

Source:  http://dealbook.blogs.nytimes.com/2008/03/20/credit-suisse-expects-first-quarter-loss/

[P-N]

I have to admit I do not use my USB Swiss account to make interest as it is poor in comparison to many banks.  I use as a solid savings base as the value of the Swiss CHF is pegged against gold not other currencies and therefore has very few downward trends.  It is highly unlikely the value of my CHF will lose value in any form of market crash as whenever the market crashes investors always by gold.

Further more the Swiss government insures (underwrites) Swiss banks against collapse and therefore, although not a massive earner in % interest it is certainly as safe a place as I can put excess cash deposites.

I have absolutely no complaints about USB or the Swiss banking system.  I never have any account details/balances sent via mail (although it is an option I can choose) as all the Swiss Banks offer internet banking and emailed statements so I see little point.

As for interfering with the mail, I cannot speak for the USA and the IRS, but the Inland Revenue, like anybody else in the UK cannot interfere with Her Majesty's Mail without either a court issued warrant or suspicion of prohibited materials contained therein, ie drugs, weapons, toxins etc.  Should they do so any evidence obtained in such a way is inadmissible and would leave them open to prosecution under numerous laws relating to post, privacey etc. etc.

As it stands in the UK single deposites under £10,000 do not have to be notified to any policing body by any bank.  A single deposite over £10,000 has to be unless the bank is satisfied as to the origins of the money.  If they are satisfied then again they have no duty to report the transaction.

Also to be fair to the Swiss Banks (and I warned people on here regarding Credit Swiss in January) the Swiss banks even though exposed to the downturn in the US economy in the sub-prime market have not had to be bailed out like Northern Rock in England or Stern in the USA. 

That said only a fool puts all his eggs (or money) in one basket. 

[SilverBullet]

Nik, the subprime mess is not over and has world wide implications. There could be more surprises when banks starts disclosing 1Q and 2nd Q 08 financials.

Euro has been a good place to be, decent interest and a currency which has strengthened against many other currencies.

The IRS also needs court orders for monitoring mail but they can get a general one in a case targeting Amercians with accounts in Switzerland. It has already happened. Some years ago the Swiss banks didn't even bother to conceal their name on envelops, then the IRS acted and they started sending blank envelops with statements instead, still the IRS was able to figure out which letters to intercept (window envelops, postmark Geneva or Zurich, etc). As for on-line usage, can also be monitored but takes more to do.

Perhaps do like Ukrainians, keep the cash in the madrass or bury it in the yard. It has worked well for 100 years and the interest rate is the same as Swiss banks pay  When in Ukraine, why don't do like the Ukrainians? 

In my case the Hryvnia has no problem being spent almost faster than they come in 

   

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