If you, like many others, are wondering how you should send money to Switzerland, know that there is no single solution that works equally well for everyone. While some people look for the cheapest way to send money to Switzerland, some others prefer quick processing times. No matter what your requirements, finding a suitable service provider requires no more than carrying out some basic groundwork.
Transfer Money to Switzerland
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
Are you wondering what currency is used in Switzerland? The Swiss franc (CHF) is the official currency of Switzerland and it is divided into 100 centimes. The Swiss franc is used as a global currency reserve and is the sixth most commonly traded currency.
Can you use euros in Switzerland? Since Switzerland is not part of the European Union it is under no obligation to accept euros as legal tender. However, many establishments display their prices in euros so visitors may make comparisons easily. Some businesses accept payments in euros, although the change you receive, in all likelihood, will be in Swiss francs.
If you wish to send money to a bank account in Switzerland, you will need to provide the recipient’s International Bank Account Number (IBAN). Providing a Swift code is usually optional. The standard representation of a Swiss IBAN consists of 21 characters. The first two characters ‘CH’ denote the ISO country code, the next two are IBAN check digits, the following five function as the bank identifier, and the last set of digits are an individual’s account number.
Swift codes for some of the popular banks in Switzerland are listed in the corresponding table.
|ABN AMRO||8022, Zurich||ABNACHZZ80A|
|UBS Ag||Seefeld, Zurich||UBSWCHZH80G|
|Credit Suisse Ag||Aussersihl, Zurich||CRESCHZZ80B|
|Raiffeisen Schweiz Genossenschaft||Limmatquai, Zurich||RAIFCH22E87|
Popular Currency Corridors
More than $2.2 billion made its way to Switzerland in the form of remittance from other countries in 2015. During the same period, more than $8.59 billion was sent from Switzerland to other countries. You may get details of some of the more popular currency routes in the corresponding tables. The remittance amounts listed are for 2015.
How Do I Compare Companies When Sending Money to Switzerland?
If you plan to send money to Switzerland, you need to pay attention to different factors in order to pick the right service provider.
- Cost-effectiveness. Getting the best exchange rates for Swiss francs will not do you much good if you end up paying exorbitant fees. Irrespective of whether you are transferring EUR to CHF, GBP to CHF, or CHF to EUR, simply look at how much money the recipient stands to receive to narrow down on the best deal.
- Turnaround time. The most cost-effective way to transfer money to Switzerland might not be the best for you, especially if time is of the essence. Depending on where you live and the service provider you select, a transfer to a bank account in Switzerland may take one to seven or more business days. If you want the recipient to get the money you send in a hurry, you may consider transferring it to a cash pickup location. While these transfers usually cost more, they tend to process almost straightway.
- Payment options. How you wish to pay for your transfer may have a bearing on the companies you can select. Paying for your transfer using your bank account is typically easy. Some money transfer companies accept payments via debit and credit cards. Some others accept payments via region-specific method such as SOFORT and POLi.
- Customer service. There is no telling when you might need some kind of assistance so work with a company that rates well on this front. The good alternatives provide over the phone support, and you may contact them via email and chat as well.
How to Send Money to Switzerland?
There are different ways in which you may initiate your money transfer to Switzerland.
- Online. Your local bank may give you the ability to send money to Switzerland by using its online platform. All good overseas money transfer companies provide this functionality too, and they usually rate better than banks across different parameters.
- In-person. You may visit the physical location of a money transfer company or your local bank to initiate your transfer in person.
- Over the phone. You may choose to work with a money transfer company that gives you access to a currency broker and lets you initiate your transfer over the phone.
David moved to Australia from Switzerland on account of work. Since his stay in the Land Down Under was limited to two years, his wife and child stayed back in Switzerland. Given that his wife worked part-time, he needed to keep sending them money every month.
The first time he sent money to Switzerland, he used the services of a popular Australian bank. Only after a co-worker suggested that he could do better did he decide to compare his alternatives. This is what he found out.
|Exchange rate||$1 = CHF 0.72||$1 = CHF 0.7513|
|Amount received for $2,000||CHF 1,424.16||$CHF 1,502.60|
|Transfer time||3 to 5 days||1 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||CHF 78.44|
Given that David planned to send $2,000 to his wife each month, he noticed that she stood to receive around CHF 75 more if he simply chose the money transfer company over the bank. Besides, his wife would also get the money sooner.
Cash Pickup Locations in Switzerland
Sending money to a cash pick up location in Switzerland can come in handy if the recipient needs it in a hurry. Some of the leading players that offer this feature include Ria, Western Union, and MoneyGram.
|Ria in Switzerland|
|Geneva Place Cornavin 14-16 Geneva||Alatik SA Rue De Cornavin 11 Geneva|
|Zurich AFRO-SHOP Sow Stampfenbachstrasse 78 Zurich||Rishi Express AG Neugasse 41 Zurich|
|WESTERN UNION IN SWITZERLAND|
|Geneva K Kiosk Geneve CFF Place Gare CFF - Place De Cornavin 3 Geneva||Naville Confederation Centre Rue De La Confederation 6 Geneva|
|Zurich Corner Services Shopville Bahnhofpassage 1 Zurich||Cesar's AG Zurich Rosengartenstrasse 4 Zurich|
Safety Tips for Picking up Cash in Switzerland
There are low levels of serious crime in Switzerland, although there have been increased reports of petty crime in and around larger cities such as Zurich, Geneva, and Bern. When picking up cash and carrying it with you, it is best to err on the side of caution.
Watch out for pickpockets in public places such as railway stations and airports. Keep an eye out for thieves who operate in tandem, where on might distract you while the other takes off with your belongings. Do not leave bags with money, credit cards, and airline tickets inside parked cars, not even in the trunk. Keep your belongings in sight when visiting bars and restaurants.
What Information Do I Need to Send Money to Switzerland?
How you choose to send money to Switzerland has a bearing on the information you need to provide.
- Bank account. In this case you will need to provide the recipient’s name, the bank’s name, and an IBAN.
- Cash pickup. In this case, only the recipient’s name and a desired cash pickup location are sufficient. When collecting the money the recipient will need to provide a transaction number and a valid form of ID.
Regulations When Transferring Money To and From Switzerland
Several money transfer companies let you transfer as much money as you want in and out of Switzerland. While Switzerland does not impose federal gift or inheritance taxes on overseas remittances, the country’s 26 cantons have varying laws surrounding taxation. Most cantons have gift taxes in place so people cannot circumvent inheritance taxes by simply giving away their assets. Tax rates depend on how much money you send and your relationship with the recipient.
The federal government monitors movement of money in and out of the country, so do not expect large value transfers to go by unnoticed.
Whether you wish to send 1,000 CHF in GBP, 1,000 CHF in EUR, or 10,000 CHF to GBP, the process to follow essentially remains the same. While cost-effectiveness is paramount, paying attention to factors such as speed, payment methods, and customer service is also important. By making use of ongoing promotional offers, you may save even more money.
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