How to send money to Switzerland
Discover how to make a money transfer to Switzerland with the lowest fees and best rates in a few easy steps
1. See if the Swiss franc exchange rate is at your advantage
Even though the evolution of the exchange rate is unpredictable, it is a good idea to keep an eye on it in order to maximize how much you will receive against your sending currency. Keep an eye on the evolution of the Swiss franc exchange rate and transfer your money when the rate is at its highest level of the past days.
2. Make your choice among the more than 33 services sending money to Switzerland in order to find the best deal.
Monito's comparison engine lists quite a few providers able to send money to Switzerland, such as TransferGo, TransferWise, Western Union, MoneyGram, CurrencyFair. Using the best service from the more than 33 available options is the best way to save on costs.
3. Select the best option with your own criteria
Pick money transfer company with the most competitive pricing, the quickiest transfer options, highest ratings, or the best compromise.
Another important aspect is to have a look at the pay-in/out methods. You can have money transfer services giving you the option to send the money from your bank account, other providers will also allow you to pay with your cards. In Switzerland, choose if you need the converted amount to be deposited on a local bank account or available for pick-up in cash at an agent location.
4. Sign up and start your transaction with the provider of your choice
Visit the provider's website to register (you usually have to provide some documents to prove your identity), and get started with your money transfer to Switzerland.
Which provider to use for transferring money to Switzerland?
As Switzerland is not part of the European Union, it is true that some of the latest money transfer providers don’t have the necessary authorisations to operate in Switzerland yet. While this limits the number of providers you can use to send money from Switzerland, there are plenty of good solutions to choose from.
Most people sending money in CHF in Switzerland transfer the money to a bank account, and many of them still do an international bank transaction for this purpose. While banks often have low (or even zero) fees, they make money by offering you poor exchange rates. By using online money transfer providers that specialize in converting money at the lowest cost possible, you can save a lot of money. Companies like TransferWise, Azimo, CurrencyFair, Xendpay or TransferGo, all offer to send money from almost anywhere in Europe and the US to Switzerland, with bank-beating exchange rates and transparent pricing.
The online services mentioned above are easy-to-use and convenient, but if you plan to make a larger transaction in CHF (say more than 5000 CHF), you may want to use the more personalized services of a foreign exchange broker. Exchange Market, b-Sharpe, Currency Solutions, Currencies Direct, and OFX are our recommendations for Switzerland, and we would be happy to gather the quotes from all these providers for you to help you decide which one to use.
Find out which provider is currently the cheapest for your next transfer to Swizterland
Switzerland is a very international country and there are many reasons why you would need to send money to Switzerland. Whether you are sending money to Switzerland for business or personal matters, it is essential to compare your options before each transaction to find the providers with the best Swiss franc (CHF) exchange rates.
With our independent comparison results, we help international students studying at ETHZ or EPFL find the best providers to transfer money between their home country and Switzerland. We also help expatriates moving to Switzerland for a job in one of the international organisations in Geneva select a better alternative than their bank to transfer their money in the country, or business owners find the right solution to pay contractors or suppliers in Switzerland.
What information do you need to send money to a bank account in Switzerland
IBAN (ex. CH93 0076 2011 6238 5295 7)
The IBAN (International Bank Account Number) is an international norm for identifying bank accounts.
Name of the recipient
The name of the holder of the receiving bank account..
All banks in Switzerland use the IBAN system to facilitate international transactions, meaning that the only information you need to make an international bank transfer to a bank account in Switzerland is the IBAN number of the recipient’s bank account, as well as the name of the recipient.
All the providers and banks we list on our website can send money to any bank in Switzerland. You shouldn’t need the SWIFT/BIC code or even the name of the bank, as long as you have the IBAN.