Do your bank balance a favor and find the most affordable and convenient way to send an international money transfer to Switzerland.
When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Switzerland doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the most Swiss francs for your dollar.
Whatever the reason you need to send money internationally, it’s important that you compare transfer providers to find one that offers the most affordable service.
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With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
Banks versus money transfer services
We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While major U.S. banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.
You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees.
Roger is a professional athlete based in the United States. He wants to send a Christmas gift of $2,000 to his parents back home in Bern, Switzerland, but he knows that sending the money through his bank will be unnecessarily expensive. He decides to calculate the costs involved in sending the same amount of money through two well-known money transfer companies.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||$1 USD = $0.97 CHF||$1 USD = $0.96 CHF|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||1-3 business days||3 business days|
|Amount received (in CHF)||$1,940 CHF||$1,920 CHF|
As you can see, the first company charges a lower transfer fee and also allows Roger to send an extra 20 CHF.
How to compare transfer companies when sending money to Switzerland
- Exchange rates. A good exchange rate is critical to ensuring an affordable transaction, so shop around for a company that regularly offers great rates.
- Fees. Remember that high exchange rates often come with high fees attached, but also keep an eye out for companies that will waive their transfer fee when you send a large amount.
- Transfer methods. Check to see if you can make transfers online, over the phone or in a branch. Some companies also offer mobile apps to allow for more convenient transfers.
- Transfer options. Some companies will only offer simple one-time transfers; others will offer options like scheduling recurring transactions in advance or placing limit orders, which allow you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met.
- Turnaround time. Processing times can range from a few minutes tto several days, so check this feature closely if fast transfers are important to you.
- Minimum limit. If a transfer company imposes a minimum limit on transactions, check to make sure this limit won’t be too high for your needs.
- Pickup methods. Some companies offer bank transfers only; others will also offer a cash pickup option from its branch locations.
- Customer service. Check to confirm whether phone, email and/or online support is available.
Options for sending money to Switzerland from America
- Online money transfer providers. Companies like TransferMate and World Remit offer this option.
- Money transfer companies with cash pickup options. Western Union, MoneyGram and Ria are three companies that offer this service.
- Bank transfers. Sending funds to a Swiss bank account is easy but can be costly.
- PayPal. PayPal offers international transfers as part of its digital payment services.
- Checks. International checks are an old-school and slow transfer, method but they are effective.
Emergency cash transfers in Switzerland
It’s easy to send an emergency cash transfer to Switzerland with a number of providers, but just be aware of the fact that you will have to pay more to ensure a fast transaction. Higher fees apply to these transfers, as do lower exchange rates in some cases, so it pays to be aware of what you’re getting yourself into. Check the transfer fees and exchange rates closely before you agree to hand over any money.Back to topFind a money transfer location near you
Tips for picking up cash in Switzerland
- Don’t visit a transfer agent to pick up funds at night if you don’t need to.
- Take a friend along to deter thieves.
- Only visit a transfer agent in a safe area.
- Don’t display your cash in front of strangers.
- Don’t carry the funds around for any longer than you have to.
- Deposit the money into your bank account as soon as you can.
How to send money to Switzerland
If you want to send a money transfer, you will need to provide a range of relevant details to your chosen transfer company. The first step is to supply your name, address and contact information, while a photo ID may also be required.
Next, supply your recipient’s name and contact details. The amount you’re sending, the currency you’re sending, and where you’re transferring the funds will all need to be supplied.
Finally, make sure you keep a hold of any receipt you are given so that you can check on the progress of your transfer whenever you wish.