Comparison: Where to exchange your currency in 2024?

Traditional banks offer currency exchange services with the security and reliability expected from large financial institutions. However, they may have higher fees and less competitive exchange rates compared to specialized services.

Traditional banks such as UBS, Banque du Léman, CA Next Bank, Crédit Mutuel, Sparkasse, Deutsche Bank, Zürcher Kantonalbank or Migros Bank offer a comprehensive range of financial services. However, when it comes to currency exchange, they often charge higher conversion fees and offer less favorable exchange rates compared to the interbank rate. Processing times can be significant, and additional fees may also apply.

Neobanks have emerged as modern and often more economical alternatives to traditional banks. They are characterized by lower fees, intuitive apps, and more competitive exchange rates. Let's explore their advantages and disadvantages.

Neobanks offer significant advantages over traditional banks, including lower conversion fees and greater ease of use. However, they are not the best solutions for currency exchange due to relatively high conversion fees, geographic limitations, and the complexity of some pricing systems. A major concern for users remains the frequent account closures and suspensions at Revolut and Wise. For frequent transfers or substantial amounts, it is worth considering specialized services that offer complete transparency and even lower margins. Let's discover them now!

Online currency converters have emerged as the best solution for making exchange transactions. Simple to use, they outperform traditional banks and neobanks in terms of currency conversion by offering the real market exchange rate, fee transparency, minimal margins, and unmatched ease of use.

Online currency converters have become essential tools for those looking to maximize the value of their international transactions. They offer competitive exchange rates and increased transparency compared to traditional banks. They are the most economical solution for currency exchange.

Optimizing your international transfers is crucial, whether you are a cross-border worker, an individual, or a business. Traditional banks like UBS, Banque du Léman, CA Next Bank, Crédit Mutuel, and Banque Migros benefit from their historical reputation and offer interesting banking services. However, while they remain a convenient solution, their currency conversion offers are less attractive due to high fees and less competitive exchange rates.

Neobanks such as Yuh, Neon, Revolut, and Wise stand out for their modernity, reduced fees, and advantageous rates. They are ideal for daily expenses thanks to their intuitive apps and additional features. However, their currency conversion service remains relatively costly with additional fees or paid subscriptions, and the recent account closures at Wise and Revolut invite caution.

Currency converters like Telexoo, B-Sharpe and ibani offer competitive rates and increased transparency. ibani stands out with its ability to obtain a dedicated Swiss IBAN without opening a bank account, low transfer fees, intuitive app, degressive margin, and transparent rates, making it an ideal solution for cross-border workers, individuals, and businesses. Additionally, ibani is particularly advantageous for the conversion of very large amounts, with margins as low as 0.05% for amounts over 500,000 francs.

To optimize your exchange rates and finances, it is essential to use a currency converter like ibani in combination with a neobank. This allows you to maximize your savings, simplify your financial management, avoid hidden fees and unfavorable rates, and most importantly, save significant amounts in the long run.