Best Way to Send Money to Switzerland

Sending money to Switzerland can be more complicated than other European countries.

Despite Switzerland being a leading global financial hub, not all money transfer services support the Swiss Franc. 

In this article, I will compare the different transfer methods available so you can find the best way to send money to Switzerland.

Best Way to Send Money to Switzerland: My Verdict

The best way to send money to Switzerland depends on how much you’re transferring and how quickly your recipient needs to receive it.

Revolut is the cheapest way to send small amounts of money to Switzerland. At the time of writing, it offered one of the most competitive transaction rates and no transfer fees.

Although payments can be received in just minutes, you will need a Revolut account, which could be a drawback if you only need to send a one-off payment and don’t want to open another bank account.

If you want to send large amounts of money to Switzerland, TorFX is an excellent option. There are no transfer fees, and you’ll even receive a dedicated account manager who will walk you through the entire process from start to finish. 

However, although the exchange rate is competitive, it’s not as high as Wise or Revolut. Paying a small transfer fee may be more cost-effective to access a more favourable exchange rate.

For emergency or urgent situations, Revolut and Wise are the fastest ways to send money to Switzerland, with the recipient receiving funds within minutes. 

It’s worth noting that the transfer speed depends on the payment method, with bank transfers through Revolut taking considerably longer, between 1 to 5 working days.

What’s the Cheapest Way to Send Money to Switzerland?

The cheapest way to send money to Switzerland depends on the amount you wish to transfer.

Revolut is the cheapest way to send small amounts of money to Switzerland, offering a competitive exchange rate and no transfer fees.

Although attractive, you must be a Revolut user, which may be a drawback if you want to avoid opening multiple accounts and don’t plan on transferring money regularly.

TorFX, Currencies Direct and OFX are ideal for making small one-time transfers to Switzerland. It took me just a few minutes to create an account, and none of these providers charges transfer fees, which helps keep your costs to a minimum. 

TorFX is the cheapest way to send large amounts of money to Switzerland, offering a competitive exchange rate and no transfer fees.

However, depending on how much you want to send, paying a small transfer fee and accessing a more favourable exchange rate may be more cost-effective.

Often, providers that don’t charge transfer fees have a less competitive exchange rate, meaning you get fewer Swiss Francs for your British Pounds. 

Although Revolut and Wise charge a transfer fee to send large amounts of money to Switzerland, they also have the best exchange rates, which could mean your recipient will receive more CHF.

What’s the Fastest Way to Send Money to Switzerland?

The fastest way to send money to Switzerland depends on your transfer method.

Revolut is the fastest way to send card transfers or money to other Revolut users. 

Generally, card transfers are processed faster than bank transfers, making them more suitable for emergency or time-sensitive situations. 

However, if you want to transfer money to popular Swiss banks like UBS and Credit Suisse, Wise would be quicker, taking just 35 minutes for the recipient to receive funds. 

As you can see from the table, most providers offer a similar bank transfer time, ranging between 1 to 3 working days.

Can I Send Money to Switzerland Online?

You can send money to Switzerland online in a few different ways.

1. Online Money Transfer Services: Specialist providers like TorFX and Currencies Direct offer cheaper and faster transfers than traditional bank transfers. However, it’s worth noting that not all services support Swiss Franc transfers, limiting its suitability. 
2. International Bank Transfer: Often the first method people consider, bank transfers are a reliable, secure and direct way to send money to Switzerland online. However, they can be expensive, with higher fees and less favourable exchange rates than other methods. 
3. Digital Wallets: Platforms like Revolut and Skrill offer fast and convenient transfers suitable for those without a traditional bank account. However, they usually have a less favourable exchange rate and relatively low maximum transfer amount, making them unsuitable for sending large amounts of money. 
4. Cash Pick-Up Services: Recipients can collect cash from designated locations in Switzerland through services like Western Union and MoneyGram. Transfers are fast but more expensive than other methods, with high transfer fees and less favourable exchange rates. 
5. Pre-Paid Cards: Suitable for recipients who don’t have a bank account, you can load and top up pre-paid cards to send money to Switzerland. Although convenient and secure, they usually have high fees for topping up, balance enquiries or ATM withdrawals.

Cryptocurrency Transfers: If you and the recipient have a cryptocurrency wallet, you can send digital curries like Bitcoin or Ethereum to Switzerland. This method is fast and potentially lowers fees, but exchange rates can be volatile, impacting the recipient’s amount.

Sending Large Amounts of Money to Switzerland

Specialist online money transfer services like TorFX, Currencies Direct and OFX is the best way to send large amounts of money to Switzerland.

All three providers have no maximum transfer limit or fees and a competitive exchange rate. 

Whilst these services are based online, they still offer excellent customer service. After creating my account in just a few minutes, a dedicated account manager called me to guide me through the entire process and answer any questions. I could then quickly contact my account manager to find a solution if there are any issues with the transfer. 

Alternatively, you can send large amounts of money to Switzerland through popular UK banks like RBS, Natwest and Barclays. 

International bank transfers are familiar, secure, and reliable, but they are usually more expensive and slower than using a specialist online money transfer service. 

Although convenient, even a small difference in the exchange rate can significantly impact the amount of money your recipient receives in Switzerland. 

Similarly, transfer fees can quickly add up for larger amounts, reducing your recipient’s amount. 

It’s essential to choose a reputable and regulated service to ensure the security of your funds during the transfer process.

You should also be aware of any regulations or tax implications associated with large transfers to Switzerland and ensure compliance with local laws.

Can I Set Up Regular Payments to Switzerland?

There are several ways you can set up recurring payments to Switzerland.

1. Online Money Transfer Services: Providers like Currencies Direct and XE allow you to schedule regular payments from your bank account at competitive rates. These services offer flexible options to adjust payment frequencies and amounts. Although fees are transparent, not all services are fee-free.
2. Standing Order: This method can be set up directly with your bank to automatically send a fixed amount to Switzerland at regular intervals. Although convenient and automated, you will need to set a new standing order up to change amounts or frequencies. 
3. Direct Debit: If you’re paying for a regular service, you can authorise a Swiss business to withdraw funds from your bank account. Direct debits are convenient and automated, but you won’t have control over payment amounts and frequencies. 
4. Credit Card Auto-Payments: Your credit card company can automatically pay bills or invoices from Switzerland on your behalf. Although you will get additional consumer protection by using your credit card, you may incur high fees for international transactions. 

Digital Wallets: Apps like PayPal or Revolut allow you to set up recurring payments to individuals or businesses in Switzerland. This method is best for small amounts as digital wallets have a significantly lower maximum transfer limit, making it unsuitable for sending large amounts of money.

Sending Money to Businesses in Switzerland

You need to consider several factors when sending money to businesses in Switzerland.

Look for services or methods that offer competitive exchange rates to maximise the amount the business receives in Switzerland. 

Online money transfer services like TorFX and OFX usually offer more competitive rates than banks or digital wallets.

You should also compare the fees associated with each method to minimise costs for you and the business.

Specialist transfer services like Currencies Direct and XE generally have lower transfer fees than banks and digital wallets, especially for larger amounts. 

Sometimes, the recipient’s bank will charge the recipient for receiving international transfers, so you must check their preferences before arranging the transfer.

If your payment is urgent, choose a method that offers timely processing and delivery. Funding your transfer by card is quicker than paying through a bank transfer. 

Opt for secure and reputable services to protect sensitive financial information and ensure the safety of the transaction.

How to Send Money to Switzerland

How you can fund your transfer to Switzerland depends on your provider and transfer method.

Some of the most common ways include:

1. Bank Transfer: Directly sending money to the recipient’s bank account in Switzerland is a secure, reliable and convenient method. However, payments often take longer to process, and the exchange rate is less favourable than other methods. 
2. Debit Card: This method offers instantaneous transfers that are easy to track. However, your debit card may have daily transaction limits, which makes it less suitable for sending large amounts to Switzerland. 
3. Credit Card: Similar to sending money using your debit card, credit card transactions offer immediate transfers. Although you will have additional consumer protection, credit cards usually have higher fees and interest rates for cash advances. 
4. Digital Wallet: This method is fast and convenient, allowing you to fund your transfer using money stored in your digital wallet account. Although more secure, it has higher fees and limited acceptance than traditional payment methods.
5. Cash Deposits: You can deposit cash at a physical location, making it ideal if you don’t have a bank account. Although this method is fast, it’s less convenient than card payments or bank transfers and often has higher fees.

Bank Draft or Cheque: Some providers let you send a cheque to fund the transfer. Although this method is suitable for sending large amounts of money, it has longer processing times and potential delays and clearance periods.

What Details Do I Need to Send Money to Switzerland?

Most transfer methods will require to provide basic contact information including the name, address, e-mail address and telephone number for you and the recipient.

You’ll also be asked to provide the details of where you want your transfer to go, like the recipient’s bank account number, mobile number or e-mail address. 

To send money to popular banks like UBS, Credit Suisse and ZKB, you’ll need the 8 to 11 alphanumeric character SWIFT/BIC code to identify the Swiss bank.

You’ll also need the 21 alphanumeric character IBAN, which identifies the recipient’s specific bank account in Switzerland. 

If you’re sending a large amount of money to Switzerland, you may be asked to provide identification and additional documentation for regulatory compliance. These could include proof of address, source of funds and photocopies of government-issued ID.

How Much Does it Cost to Send Money to Switzerland?

When sending money to Switzerland, you might encounter different types of fees.

Transfer Fees:

These are charges the service provider applies for processing your money transfer. 

Transfer fees can be a fixed fee, a percentage of the total amount you’re sending or a combination of the two. 

Online money transfer services like Currencies Direct and OFX usually offer the cheapest transfer fees, with average costs ranging from £0 to £10 per transaction.

In contrast, bank transfers are more expensive, with typical transfer fees of £10 to £30 per transaction. 

Exchange Rate Markup

This hidden fee is the difference between your service provider’s exchange rate and the real mid-market rate. 

The closer your exchange rate is to the mid-market rate, the better the deal is. 

Generally, specialist online money transfer services like TorFX and Wise have more competitive exchange rates, offering customer rates 0.5% to 2% above the mid-market rate.

Bank transfers have a higher exchange rate markup of 1% to 3% above the mid-market rate, meaning you’ll get fewer Swiss Francs for your British Pounds.

Recipient Fees

In some cases, the recipient’s bank in Switzerland may charge fees to receive the funds. 

These fees are deducted from the transferred amount, meaning they will receive fewer CHF. 

Online money transfer services don’t usually incur recipient fees. In situations where they do, some providers cover them.

However, traditional bank transfers can incur a fee of up to £20 per transaction, increasing the total cost of sending money.

Additional Service Fees

Some online money transfer services or banks offer expedited delivery or other services for an additional cost.

Standard transfers are usually faster using online money transfer services, but your recipient can receive their money faster by using the express delivery option for £0 to £20 per transaction.

Alternatively, same-day or next-day transfers can cost between £20 and £50 using traditional bank transfers.

How Long Does it Take to Send Money to Switzerland?

The time it takes to send money to Switzerland from the UK can vary depending on your chosen method.

Online money transfer services like Wise and XE can take a few minutes to a couple of business days for the money to be transferred to the recipient’s account in Switzerland, depending on the service and the delivery option you choose.

Bank transfers typically take 1 to 3 business days for the money to reach the recipient’s bank account in Switzerland. Some banks may offer faster processing times for an additional fee.

Other factors influencing the transfer speed when sending money to Switzerland include:

1. Payment Method: Paying by card is usually faster than funding your transfer by bank transfer.
2. Currency Conversion: Some providers offer instant conversion, while others may take longer to process currency exchanges.
3. Transaction Amount: Larger transactions may require additional verification or processing time compared to smaller transfers.
4. Banking Hours and Holidays: Transfers initiated outside banking hours or during holidays may take longer to process.
5. Verification Requirements: Additional regulatory compliance, such as identity verification or anti-money laundering checks, may delay the transfer process and affect transfer speed.

Recipient Bank Policies: Some Swiss banks may have additional processing times for incoming international transfers.

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Frequently Asked Questions