Send Money To Switzerland

Currency Symbol and Swift Codes

Are you wondering what currency is used in Switzerland? The Swiss franc (CHF) is the official currency of Switzerland and it is divided into 100 centimes. The Swiss franc is used as a global currency reserve and is the sixth most commonly traded currency.

Can you use euros in Switzerland? Since Switzerland is not part of the European Union it is under no obligation to accept euros as legal tender. However, many establishments display their prices in euros so visitors may make comparisons easily. Some businesses accept payments in euros, although the change you receive, in all likelihood, will be in Swiss francs.

If you wish to send money to a bank account in Switzerland, you will need to provide the recipient’s International Bank Account Number (IBAN). Providing a Swift code is usually optional.  The standard representation of a Swiss IBAN consists of 21 characters. The first two characters ‘CH’ denote the ISO country code, the next two are IBAN check digits, the following five function as the bank identifier, and the last set of digits are an individual’s account number.

Swift codes for some of the popular banks in Switzerland are listed in the corresponding table.

Case Study

David moved to Australia from Switzerland on account of work. Since his stay in the Land Down Under was limited to two years, his wife and child stayed back in Switzerland. Given that his wife worked part-time, he needed to keep sending them money every month.

The first time he sent money to Switzerland, he used the services of a popular Australian bank. Only after a co-worker suggested that he could do better did he decide to compare his alternatives. This is what he found out.

Given that David planned to send $2,000 to his wife each month, he noticed that she stood to receive around CHF 75 more if he simply chose the money transfer company over the bank. Besides, his wife would also get the money sooner.

Cash Pickup Locations in Switzerland

Sending money to a cash pick up location in Switzerland can come in handy if the recipient needs it in a hurry. Some of the leading players that offer this feature include Ria, Western Union, and MoneyGram.

Safety Tips for Picking up Cash in Switzerland

There are low levels of serious crime in Switzerland, although there have been increased reports of petty crime in and around larger cities such as Zurich, Geneva, and Bern. When picking up cash and carrying it with you, it is best to err on the side of caution.

Watch out for pickpockets in public places such as railway stations and airports. Keep an eye out for thieves who operate in tandem, where on might distract you while the other takes off with your belongings. Do not leave bags with money, credit cards, and airline tickets inside parked cars, not even in the trunk. Keep your belongings in sight when visiting bars and restaurants.

What Information Do I Need to Send Money to Switzerland?

How you choose to send money to Switzerland has a bearing on the information you need to provide.

• Bank account. In this case you will need to provide the recipient’s name, the bank’s name, and an IBAN.
• Cash pickup. In this case, only the recipient’s name and a desired cash pickup location are sufficient. When collecting the money the recipient will need to provide a transaction number and a valid form of ID.

Regulations When Transferring Money To and From Switzerland

Several money transfer companies let you transfer as much money as you want in and out of Switzerland. While Switzerland does not impose federal gift or inheritance taxes on overseas remittances, the country’s 26 cantons have varying laws surrounding taxation. Most cantons have gift taxes in place so people cannot circumvent inheritance taxes by simply giving away their assets. Tax rates depend on how much money you send and your relationship with the recipient.

The federal government monitors movement of money in and out of the country, so do not expect large value transfers to go by unnoticed.