Located in the Alps, nestled between Austria and Switzerland, is a German-speaking microstate known officially as the Principality of Liechtenstein. At 25km long it is the fourth smallest country in Europe, and one of only two double landlocked countries in the world. There are lots of unique factors about Liechtenstein. Despite its moderate size, globally it has one of the highest gross domestic products per person, and a remarkably strong financial sector. It is not a common place for money transfers to be sent but with this guide we will provide the most effective and efficient ways to send funds to Liechtenstein.
There are many advantages of entrusting specialist money transfer companies with remittances sent to Liechtenstein. These include faster delivery, more competitive exchange rates and lower transfer fees than traditional banks are able to offer. Although it may often seem like sending money overseas with your bank is the best option, we believe the benefits of using money transfer services far outweigh the cost and complications of international bank transfers. Our guide, Should I use my bank for international money transfers, will help you make a more informed decision.
Liechtenstein has come a long way since it was infamously known as a tax haven for billionaires, and the country is no longer listed as an uncooperative tax haven country.
More recently, in July 2021 Liechtenstein signed a free trade deal with the United Kingdom, locking in tariff-free trade between the two countries. Like the UK, Liechtenstein is not a member of the European Union, but it does participate in the European Economic Area, the Schengen Area and the SEPA scheme: read more about SEPA transfers here.
The Swiss franc (CHF) is the official currency of Liechtenstein; this is fantastic news for anyone making an international money transfer to the country, as CHF is one of the most traded currencies in the world. For this reason, there are a lot of different options available for anyone sending funds to the country, whether it be for personal or business reasons.
When setting up a remittance to Liechtenstein using one of the top money transfer companies in the industry, senders will be able to choose from the following options:
To seamlessly transfer funds across borders, into Liechtenstein, the sender will need to provide proof of identity, a reason for the transfer and the full account details of the payee.
As previously mentioned, thanks to the wide availability of the Swiss franc, payees based in Liechtenstein should be able to receive money in the following ways:
The receiver may be required to present a reference or confirmation code, from the sender, to collect the funds, depending on the method of payment. Proof of identity and contact details may also be required in order to receive the funds without encountering any issues.
The current exchange rate for the Swiss Franc (CHF) is 0.98191 CHF per American Dollar (USD) as of the time this was written. The CHF reached a high of 0.9819 CHF per USD and a low of 0.9636 CHF per USD during the last 90 days. The average exchange rate for the last 90 days was 0.9726 CHF per USD.
The CHF had an average volatility rate of 0.22% against the USD for the last 90 days. This is a normal volatility rate. You can reasonably expect only minor fluctuations in exchange rates to continue going forward, barring any unforeseen circumstances.
The cheapest way to send money to Liechtenstein is through OFX. With OFX, you only pay a small percentage of each transaction. There are no upfront fees and the service is undoubtedly the cheapest on the market. Furthermore, it typically only takes a day or two for your money to reach its destination.
The main drawback to OFX is that it carries a minimum transfer size requirement which is significantly higher than any of the competition. Despite this, their rates cannot be beaten, particularly when you send more money at once. The more money you send through OFX in a single transfer, the cheaper the transfer becomes.
If you don’t like the minimum transfer size requirement, Wise offers a similarly cheap deal.
The easiest way to send money to Liechtenstein is through Wise.
Wise makes sending money to Liechtenstein exceptionally easy. After you set up your account, all you need to do is follow these simple steps:
1) Tap in the amount of money to be sent
2) Tap in the destination
3) Pay Wise for the transaction.
4) Wait one or two days for the funds to arrive at their destination
OFX also offers you the overall best way to send money to Liechtenstein. There are several reasons for this, the main one being that OFX offers you the best-rounded option for sending money to Liechtenstein. Their wait times are short and their platforms are easy to use, making OFX good at everything it needs to be good at. When it comes to the rates you’re paying, if you send a large amount of money at once, you can be sure you’re getting the best rates by a large margin.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com