In 2017, Switzerland and Singapore marked their 50 years of diplomatic relations. Singapore is Switzerland’s most important Asean trading partner, with over 400 Swiss companies and over 5,000 Swiss nationals based here. With increasing trade, we can expect a higher demand for international money transfers between the two nations.
Send money to Switzerland with SingX
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
- Send money in 16+ currencies
- Most transfers take 1 business day
- Regulated by the Monetary Authority of Singapore (MAS)
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
International money transfer showdown – Bank vs Money transfer service
Helène Sends Money to Switzerland
After completing her studies in Geneva, Helène visited Singapore during her graduation trip and decided that she wanted to move here. After joining an accounting firm, she started looking for cheap, easy ways to send money to Geneva to help maintain the flat she co-owns with her sister. The Swiss franc is a relatively rare currency, so it’s difficult for Helène to find a bank offering transfers to Switzerland.
Before making a transfer, Helène takes the time to weigh the costs and foreign exchange benefits of different money transfer option.
In the above comparison, it’s clear that transferring via a bank incurs a higher transfer fee, as well as a longer delivery delay.
While some agencies in Switzerland might accept Euros, they’ll charge high fees to convert to Swiss francs.
How to compare which is the best transfer service when sending money to Switzerland?
The Swiss franc is one of the world’s strongest currencies, so look for a service that can give you the best value for your Singapore dollars.
- Exchange rates. Finding the best deal starts with a good, competitive exchange rate. While some companies offer a relatively good exchange rate for your dollars, be wary of additional fees – transfer or receiving – that they may levy.
- Fees. The cost of making a transfer varies from service to service. While some offer completely free transfers, others charge a transfer fee for their service. Some might only charge a receiving fee in the destination currency. Some companies charge both, but offer competitive exchange rates to attract customers.
- Pick-up methods. In this case, the simpler, the better. Go for a service that offers direct deposits or that has pick-up locations close to where your recipient lives. But always make sure that the method of pick-up is the most convenient option for the recipient.
- Transfer methods. Most money-transfer services, whether a bank or a specialised service, offer online transfers, cash deposits or transfers over the phone.
- Transfer time. Depending on how quickly you need the money to be wired over, you can choose between services that offer instant transfers or those that deliver between one and three business days.
- Minimum transfer amounts. Most services stipulate a minimum transfer amount, some higher than others. This is an important factor to consider if you’re looking to transfer a small amount.
- Customer service. A service that promises to deliver your money to its recipient should have a good customer service department. They should be available and efficient, and able to keep you updated on where your money is at any time during the transfer process.
The options for sending money from Singapore to Switzerland
Given the country’s status as a first world country and the stability of the Swiss franc, most money transfer services allow for transfers between Singapore and Switzerland. You could easily send money from your Singapore bank account, but the quickest and most cost-effective method may not be your bank but a specialised money transfer service.
Here are a few providers to consider:
- WorldFirst. A reputed online money-transfer service, this company charges no transfer nor receiving fees. Money is deposited directly into the recipient’s account.
- WorldRemit. Compared to the standard fees charged by most Singapore banks, WorldRemit charges a very low transfer fee and delivers within one to three business days depending on the destination.
- FC Exchange. If you’re looking to transfer bigger amounts, this service is ideal since it charges zero fees for transfers exceeding $5,000. Otherwise, a transfer fee of $10 applies.
- DBS. Sending money internationally with this bank incurs a minimum fee of $25. It’s an option, but not the cheapest one available.
Do you need cash in an emergency whilst in Switzerland?
If you need to send or receive cash in a hurry, there are a few options available to fast-track a transfer.
- The priority option. Some transfer services offer a priority sending option that delivers money more quickly than their standard option. Usually, this takes one business day to deliver.
- Instant cash transfer. Services like MoneyGram and Western Union have agencies all over the world, sometimes several in one city. They offer instant deposits that may be picked up within minutes of transferring.
- Travel insurance. If you’ve suffered a medical emergency or been robbed whilst on holiday, you can claim from your travel insurance. This would require proof of identity, police reports, hospital records: if a quick cash boost is what you need, this may not be the solution for you.
Cash pickup locations for Western Union and MoneyGram in Switzerland
Below you’ll find a few locations for Western Union and Moneygram agencies in Geneva and Zurich. Be sure to take along some positive identification. If you’re planning to receive a particularly large transfer, it’s a good idea to call ahead and make sure that they’re able to handle the transaction. Although Switzerland is relatively safe, try to take someone along with you when you go to collect your money.
Rue de la Servette 43
+41 22 7346324
Stay safe when picking up cash in Switzerland
The Ministry of Foreign Affairs advises that you should ‘exercise normal safety precautions’ when travelling in Switzerland. Although it’s a developed, relatively low crime country, you should still be vigilant when collecting money, particularly if it’s a large sum. Check the agency’s business hours to avoid having to wait outside the building and attracting unwanted attention. If you’re alone, try and get someone from your hotel or travel group to accompany you.
What do you need to do to send money to Switzerland?
Most money transfer services require that you register and become a member first. Signing up is quick and usually free. To make a transfer, most services will require some or all of the following information:
- Your name, email address and contact number
- The recipient’s name, address and bank details
You can process the transfer online whenever you like, or visit an agency and do it in person. In most cases, you’ll receive a reference or tracking number. If collecting at an agency, the recipient will have to present the reference number as well as their ID to collect the funds.
Getting the best value for your Singapore dollars means finding a transfer option that combines low (to zero) transfer and receiving fees with a competitive exchange rate.