Why and how to change currencies online?

Currency exchange online is a recurring action for many cross-border workers, businesses, travelers, and all individuals looking to transfer large amounts: whether it's their salary, vacation expenses, savings, or making a commercial transaction in another currency. Traditionally, many people exchange their currencies at a physical exchange office or through their bank, unaware of the current market exchange rate and the margins taken by these institutions, often resulting in high and unexpected fees. So why settle for the high fees and unfavorable rates imposed by traditional banks and exchange offices when more economical and faster online alternatives exist?

If you're here, it's because you're looking for a cost-effective alternative to convert your currencies at a low cost. Let's explore the benefits and available solutions. Overview!

Why change currencies online?

First, changing currencies online has many significant advantages compared to physical currency exchange:

• Time saving: No need to physically go anywhere; you just need an internet connection and a few minutes.
• Reduced fees: Digital solutions and online platforms often offer more competitive exchange rates. You can use our comparison tool with banks to see the fee differences and the savings achieved over time with a currency converter.
• Simplicity and speed: An internet connection and a few clicks are enough to complete a transaction from your phone or computer.

Different options to change currencies online

When you decide to change your currencies online or digitally, several solutions are available to you. You can use:

• Online exchange platforms that offer specialized currency exchange services with reduced fees directly from their website.
• Mobile applications like ibani that offer the same services as an online exchange platform but also allow you to track and perform transactions in real-time, as well as enjoy other features directly from your phone, such as managing recurring payments and obtaining a Swiss IBAN to be shared with the institution responsible for paying you: employer, insurance, or a third party.

To find the best available solutions, it's important to compare exchange rates to choose the solution best suited to your needs. This choice can often be time-consuming when trying to optimize costs, but good news, at ibani, we have written a comparison of different exchange rate services in 2024 to make the task easier for you.

How to choose the best platform to change currencies?

When choosing a solution, you should consider the following points:

• Exchange rates and fees: Choose the one that offers the best cost-effectiveness ratio. Many offers provide premium annual subscriptions, but still apply margins on currency exchange. If you want to exchange between Swiss franc and euro, you can consult our dedicated exchange guide to better guide you.
• Security: Make sure the platform is regulated and secure. In Switzerland, any financial intermediary must be affiliated with an OAR. At ibani, for example, we are affiliated with SO-FIT.
• Speed and ease of use: Prioritize intuitive interfaces, preferably in the form of an application, to connect easily and quickly as you wish and gain flexibility from your phone.

Changing currencies online: how does it work with ibani?

Are you considering using ibani for your currency exchange? Here's how it works:

1. Download the application: It is free and easy to use.
2. Select a currency pair: Specify the starting currency and then the currency you want to convert it to. For example: CHF to EUR.
3. Add a beneficiary account: Enter the details of the destination bank account where you want to send the converted funds.
4. Receive your personal exchange IBAN: We will assign you a specific Swiss IBAN for your new transfer route.
5. Transfer funds to this IBAN at any time: We convert them and send them to their destination upon receipt.

Our tips to get the best exchange rates

• Monitor market fluctuations: Pay attention to variations to exchange at the most opportune moment. To better anticipate the fluctuations of the CHF to EUR exchange rate, we have written a guide to help you forecast the evolution of the CHF EUR exchange rate in 2024.
• Use rate alerts: Some platforms, like ibani, offer alerts to inform you of the best rates. This service can be configured with our customer service.
• Regularly compare: Don't settle for the first rate or service that comes along; look for the solution that best suits you to avoid changing. Some solutions may offer very low margins but show less flexibility, usability, or even reliability. At ibani, we have opted for very low margins and an intuitive application that allows you to obtain a Swiss IBAN to perform account-to-account exchange with as many beneficiaries as you wish, and in 6 different currencies.

Security and precautions to take when changing currencies online

• Choose a secure platform: ibani is an audited financial intermediary for its activity, with thousands of clients and transactions to its credit.
• Protect your information: Never share your credentials and use strong passwords.
• Beware of scams: Avoid offers that are too good to be true and prefer recognized, well-rated, accredited, and audited platforms.

To summarize

Far from the time-consuming and expensive system of traditional exchange offices and banks, in 2024, changing currencies online stands out as the simplest, fastest, and most economical solution. Using an online currency converter not only avoids travel but also allows for significant savings on your transfers in no time.

With audited and recognized currency converters like ibani, you benefit from the real market exchange rate and reduced fees. Whether you are a cross-border worker exchanging Swiss francs for euros, a business with import/export needs, or someone preparing for a trip, buying a property, or transferring a pension, ibani is here to reduce your transaction costs.

So, ready to change your currencies online? You can already download the ibani application: it is simple and free.