Author, Andrew Gibson
Last Updated on August 12th, 2024
Everything you need to know about transferring money to Switzerland.
In this guide, you will find information on how much a money transfer to Switzerland costs, how long it takes to complete, the details you will need to provide, and much more!
If you would like guidance on transferring money to the UK from Switzerland, click through for more information!
Simple steps to transfer money to Switzerland
1) Client Registration
If this is the first time you’re sending money to Switzerland or abroad in general, you will need to register before continuing with the transfer process.
Once you have completed the registration, you won’t need to do so for future international money transfers.
This registration for your money transfer to Switzerland includes an identification check which you will need to provide:
- Name
- Address
- Passport Number
2) Secure an Exchange Rate
When registration is complete, the next step is to secure an exchange rate.
Transferring money to Switzerland involves converting your currency into CHF or Swiss Franc, which is the national currency of Switzerland.
If you’re converting Pounds, then this will be seen as GBP to CHF.
Money transfer specialists and banks will show you their latest rates. Before committing to a transaction, the rate needs to be confirmed.
Once the exchange rate is approved by you, it will then be locked in and will not change.
A confirmation email is then sent confirming your money transfer to Switzerland.
3) Send in your money
Before any currency is exchanged and transferred to Switzerland, you will need to send your money to the transfer service that you have chosen.
This can be done easily through a domestic bank transfer.
The email confirmation you received in the second step of the process will include the bank details of the money transfer company.
4) Money is converted to Swiss Francs (CHF)
Once your money is received the money transfer service will then convert it into CHF at the confirmed and locked-in exchange rate approved by you.
Your CHF will now be sent to the Swiss bank account of your choice.
This can be your own or someone else’s bank.
For your money transfer to Switzerland, you will be required to provide an IBAN.
More information and the structure of the Swiss IBAN code can be found below.
What is the best way to send money to Switzerland?
There are various money transfer options for sending money to Switzerland, some of the most common ways include:
- Bank transfer
- Debit or credit card
- SWIFT payment
- Google or Apple Pay
- Cash pick-up
The right choice for you all depends on the amount you’re looking to transfer or why you’re sending money to Switzerland.
Out of all the options, transferring money to Switzerland via an international bank transfer is the best way to make sure your currency is secure and safe and it is usually cheaper than the alternatives such as cash, credit, or debit card transfers.
Currency Brokers & Banks
For large money transfers to Switzerland, it is common for people to use either their bank or a currency broker who are specialists in international money transfers.
If you choose to send money to Switzerland, you will encounter charges.
Currency brokers tend to charge a lot less in fees than banks.
In some cases, like ourselves at Key Currency, we do not charge any fees for your money transfer to Switzerland.
It is also comforting to have consistent personal contact throughout the money transfer process, something that we provide for all our customers.
Online Apps
For smaller amounts of money being sent to Switzerland it may be better to use online apps that cater for this type of money transfer.
With smaller currency amounts, exchange rates won’t have much of an impact on how much is transferred, compared to large transfers.
The use of an online app may also be quicker even though the process is the same as using a bank or transfer specialist.
If you would like further information about ways to send money abroad, click through to our guide that provides further information about the various options and transfer services!
How much does a money transfer to Switzerland cost?
When you’re looking to send money to Switzerland, there are two charges that you need to consider during the process.
These are:
- Transfer Fees
- Exchange Rates
Most people will concentrate on the transfer fees that come with using a bank or currency broker.
However, for larger currency transfers, the exchange rate and finding the best one available are going to save you more money when transferring to Switzerland.
Transfer Fees
High street banks in the UK will charge transfer fees for a money transfer to Switzerland.
Depending on the bank that you use, this can vary between £10-£40.
A recipient fee is also common with banks when transferring money abroad. Customers are ultimately charged twice for the same transfer.
Money transfer services you see online may also charge a transfer fee, though usually cheaper than popular banks.
Fees will be placed on all transfers or transfers under certain amounts which are normally between £3,000-5,000.
With Key Currency, you won’t be charged any sort of transfer fee for your money transfer to Switzerland.
Exchange Rates
Compared to transfer fees, exchange rates vary a lot more.
Banks will offer around 2-5% more for exchange rate charges compared to a money transfer specialist for sending money to Switzerland.
The amount you will be charged on the exchange rate depends on how much you are looking to transfer to Switzerland.
It is important that when looking at exchange rates online, these will often change when you proceed to get an actual quote. The rates that are available through a quick search on the web are not normally customer rates.
Make sure, when transferring money to Switzerland, you get a genuine quote from money transfer services.
This will help you make the best decision for your money and get the best rate for your transfer to Switzerland.
You can get a free quote today with us at Key Currency, or whenever you need it!
We will also monitor the CHF exchange rates for you and alert you to when it is the best time to send your money.
How long does it take to transfer your money to Switzerland?
International bank transfers to Switzerland will usually take 2-3 working days.
This includes the above process of sending in your money to a money transfer specialist, the exchange rate conversion taking place, and the final payment in CHF to the Swiss bank account of your choice.
Once the money is sent it should take no longer than 24 hours to be received in Switzerland.
For remittance and smaller transfers to Switzerland, using online apps for this process will allow money transfers to be completed that day.
What details will I need to send money to Switzerland?
To complete your money transfer to Switzerland, you will need the IBAN of the bank account that will receive the CHF.
The Swiss IBAN code consists of 21 characters, this can be broken down into:
- 2-letter country code (CH)
- 2-digit check number
- 5 characters from the bank’s code
- 12-digit code for the bank account number
This can be found by logging into the bank account online or from a bank statement.
Money transfer specialists will also help customers to find this information.
Is there a limit to how much money I can transfer to Switzerland?
There is no limit to how much you can transfer when sending money to Switzerland via an international bank transfer through a currency broker.
Similarly, there is no limit to the amount of cash you carry into Switzerland.
You may only be asked by customs officials how much you are carrying and will need to provide further information about the money.
The only limits placed on money transfers to Switzerland are by online services which will set their limits.
How to know your money is safe when transferring to Switzerland
If you’re looking to transfer a large sum of money to Switzerland or anywhere internationally, your funds must be safe and secure.
Making sure to use a money transfer company that is authorised and regulated by the FCA is a must.
Companies that are Authorised by the FCA must comply with regulatory rules and protections.
It’s easy to check this, simply go to the FCA register and search for the company name.
Quick Summary
- To send money to Switzerland you can use either your bank, currency broker, or an online money transfer app.
- It will usually take 2-3 working days to complete.
- There is no legal limit for the amount of money you can transfer to Switzerland.
- You will need to provide the IBAN of the Swiss recipient account.
- Make sure to use an FCA-regulated company for your international money transfer.
At Key Currency, we are specialists in international money transfers. Our expert team of traders provides personal assistance with your money transfer to Switzerland alongside guidance on CHF exchange rates. This makes us unique compared to other services; we prioritise you as a customer. We are an FCA-regulated authorised payment institution (No. 753989) so your money is safe with us. Sending money to Switzerland through us means that your transaction will be conducted through safeguarded client accounts. We make sure that customers know who they are dealing with during their money transfer to Switzerland. All of the people at Key Currency can be found in our About Us section! We have attained a 5-star rating on Trustpilot based on over 2,000 customer reviews. If you would like to transfer money to Switzerland or find out more about Key Currency, simply request a free quote! International money transfers with Key Currency
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