Switzerland is famous for its free-market economy as well as being home to progressive and advanced banking systems. It is a wealthy nation with one of the highest nominal GDP; more than $80,000 USD per capita. No matter what kind of international money transfer service you are hoping to arrange, sending money to Switzerland from abroad is one of the easiest and most accessible transfer corridors in the world.
This landlocked country is located in the very middle of Central Europe. Despite this, Switzerland is not a member of the EU and, instead, enjoys the freedom of a single market, complete with their own official currency: the Swiss franc.
Due to a well-documented history of strict privacy laws, Swiss banking services are commonly thought of as a safe haven for elite individuals to open offshore bank accounts, their money guaranteed financial secrecy, as well as profiting from favourable taxation laws.
In reality, Switzerland’s reputation as a tax haven is no longer accurate. Opening a foreign bank account in this country is not a straightforward task, with banks employing strict background checks in a bid to limit illegal activity.
However, sending funds to Switzerland using a money transfer provider is a simple and easy task. Both sender and receiver will be subjected to minimal scrutiny; typically just proof of ID and contact information is required for online money transfers.
The current exchange rate for the Swiss Franc (CHF) is 0.92306 CHF per American Dollar (USD) as of the time this was written. The CHF reached a high of 0.9254 CHF per USD and a low of 0.9172 CHF per USD during the last 90 days. The average exchange rate for the CHF was CHF per USD for the last 90 days.
The average volatility rate for the CHF against the USD was 0.21% for the last 90 days. This is a normal volatility rate. Going forward, you can reasonably expect normal fluctuations to continue, barring any unforeseen circumstances.
Ria Money Transfer’s fast option is the fastest way to send cash online to Switzerland. With Ria Money Transfer’s fast option, you can expect your money to reach its Swiss destination in a matter of minutes. Make sure you are using the faster option because the slow one takes 3-5 days in most cases. The faster option is a bit pricier, but it is still cheaper than much of the slower competition.
OFX is the cheapest way to send money to Switzerland. OFX doesn’t have any upfront, stated fees, and their hidden currency conversion costs are very low. OFX comes with a focus on larger transfers, and they have a sliding scale from 0.4% for smaller transactions to 1% for larger transactions. The only real problem is that they have a minimum transfer amount for you to be able to use their service.
If you prefer sending smaller amounts of money, Wise is the second cheapest way to send cash online to Switzerland.
The easiest way to send money to Switzerland is through Wise. The peer-to-peer payment system makes it exceedingly simple to send money to Switzerland. All you need to do is tap in an amount of money and its destination. After that, you must complete your payment to Wise. At this point, it should only take a day or two for the transfer to be completed. Wise is also available in most countries, so it is convenient if you are on the move, or are unsure of your geographic future.
Thanks to their airtight banking and privacy laws, customers have inherent confidence in Swiss financial services and often trust their banks with larger money transfers. In addition to this, cash is king in Switzerland, and there are no laws or limits to the amount of money customers can carry or transfer in or out of the country.
The overall best way to send money to Switzerland is through Wise: this company simply offers the best overall value when it comes to sending money to Switzerland. Their prices are quite low, the waiting time is only a day or two, and it is a simple and intuitive platform that is very easy to use.
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