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Looking for the best way to send money from Canada to family, friends or businesses in Switzerland (or even to your own overseas bank account)?
Don't head straight to your Canadian bank – compare specialist money transfer services instead. They nearly always offer better CHF exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more Swiss francs.
Of the companies we've compared, Xe Money Transfers is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in Switzerland within minutes.
Bank transfers are typically the cheapest way to get your money to Switzerland. Xe Money Transfers and OFX have some of the lowest bank transfer fees of the brands we've compared.When you're hunting down the cheapest ways to send money to Switzerland, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Swiss francs your recipient will end up with.
Many online providers can offer transfers to Switzerland within minutes, although you're likely to pay a premium for the convenience.Here are some of the fastest average transfer speeds to Switzerland:
Actual transfer times from Canada to Switzerland can depend on several different factors including transfer amount, payment method and currency.
The safest way to get your money to Switzerland is to use a provider registered with Canada's industry regulator, the Financial Consumer Agency of Canada. All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Canada and Switzerland.
A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to Switzerland, consider using a provider such as OFX or CurrencyTransfer to benefit from its expertise in handling larger transfer amounts.Using a large transfer specialist can have the following advantages:
To send money to Switzerland, you'll need the necessary documentation, your recipient's details and a way to pay.
Noah is working in Canada as a software engineer and he stays in regular contact with his elderly parents back home in Switzerland. His parents need some funds to help pay off a mortgage, so Noah plans to send them $2,000 from Canada.
He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.
|Bank||Money transfer company|
|Exchange rate||1 CAD = 0.67 CHF||1 CAD = 0.67 CHF|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||1,325.13 CHF||1,347.73 CHF|
The money transfer company enables Noah to send an extra Fr.22.60, which is transferred straight to his parents' UBS Group account.
When choosing a money transfer provider to send money from Canada to Switzerland, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
Compared to a month ago, the Canadian dollar is weaker against the Swiss franc. Currently $5,000 is equivalent to Fr.3,390.50, whereas a month ago, $5,000 was equivalent to Fr.3,450.50. That's a decrease of 1.74% over the past month.
Similarly, compared to a year ago, the Canadian dollar is again weaker against the Swiss franc. A year ago, $5,000 was equivalent to Fr.3,729.00. That's a decrease of 9.08% over 12 months.
What's more important, however, is where the strength of the Canadian dollar against the Swiss franc goes from here – which is harder to call. Based on those two quick glances back, your Canadian dollars might not go as far as they would have, so shopping around for the best deal on your transfer is key.
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