How to transfer your swiss salary: The complete guide

If you work in Switzerland and live abroad, transferring your salary can quickly become expensive if you don't choose the right method. Whether you go through a traditional bank, a CHF/EUR account, a currency exchange office, or an online solution, it’s crucial to compare the options carefully. In this article, discover the most practical and cost-effective methods to transfer your Swiss salary abroad without losing money.

Table of contents

1. Factors to consider
2. Practical solutions for transferring your swiss salary
3. Which solution to choose?
4. Conclusion

1. Factors to consider

As a cross-border worker, you juggle between two currencies: your salary is paid in Swiss francs, but your daily expenses are in euros. Here are the key elements to consider.

Exchange rate trends

Keeping an eye on the latest economic and political developments in Switzerland and your home country is essential to anticipate the best time to exchange your salary.

Exchange rate fluctuations

The final amount in euros can vary significantly from month to month, depending on the EUR/CHF exchange rate.

High bank fees

Banks often charge commissions on international transfers and apply margins on exchange rates, which can quickly increase your costs.

Managing two bank accounts

Many cross-border workers open accounts in both Switzerland and their home country, which can be costly and complex. CHF/EUR accounts often come with hidden fees, impacting the amount converted between the two currencies.

2. Practical solutions for transferring your swiss salary

Traditional banks

Banks offer accounts for cross-border workers, including services for transfers between countries. However, these solutions, while seemingly convenient, involve high fees, especially for international transfers and currency exchange margins, which can cost you hundreds of euros each month. These options should be avoided if you want to maximize your exchange gains.

Automatic transfers and forward contracts: These options offered by banks allow you to lock in an exchange rate in advance, reducing the risk associated with monthly fluctuations. However, the rate offered is often lower than the market rate, which could cost you money if the exchange rate improves later.

Currency exchange offices

You can withdraw your salary in CHF in Switzerland and exchange it for euros at a currency exchange office. However, this method is costly and risky, especially regarding loss or theft of cash. It is also time-consuming and not recommended.

Online solutions

Platforms like ibani offer fast, secure, and less expensive services than traditional banks. They allow you to transfer funds at competitive exchange rates, reducing fees and simplifying the process. For example, an ibani user can save between 80 and 100 € compared to a user using a CHF/EUR bank account for an exchange of CHF 5,000. Our 20-year data in the comparison tool shows significant savings.

3. Which solution to choose?

To choose the solution best suited to your needs, evaluate your priorities:

• Fast and cost-effective service: Online solutions via an app like ibani are generally more advantageous in terms of cost, flexibility, and offer optimal security.
• Stability: With ibani, you can choose when to exchange your salary to ensure you transfer at the most favorable rate.

4. Conclusion

Transferring your Swiss salary abroad doesn’t have to be stressful. By choosing the right solution, you can maximize the amount transferred and reduce fees. Remember to regularly compare offers to find the one that best meets your needs.