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Top 3 Money Transfer Providers for UK to Switzerland

Provider Amount Received Fee Exchange Rate Speed
Moneycorp Moneycorp 13,016.89 £0.00 1.3017 1-3 days more...
OFX (UK) OFX (UK) 12,997.22 £0.00 1.2997 1-3 days more...
TorFX TorFX 13,049.68 £0.00 1.305 1-3 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
SWITZERLAND
Sending money to Switzerland and transferring money from Switzerland is relatively unrestricted and benefits from the country’s open, stable and transparent financial environment Read More
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Switzerland Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Switzerland’s money transfer regulations
  • Switzerland’s monetary and regulatory authorities
  • Swiss taxation and investment incentives
  • Switzerland’s economic background
  • Currency
  • Summary

    Sending money to Switzerland and transferring money from Switzerland is relatively unrestricted and benefits from the country’s open, stable and transparent financial environment. Despite the central bank abandoning the minimum level against the euro in mid January 2015, and the likely greater volatility of the currency, there were no changes to the ease with which the franc can be bought or sold.

    Switzerland’s money transfer regulations

    On January 15, the Swiss National Bank (SNB) surprised international markets by scrapping the minimum exchange rate of 1.20 Swiss francs (CHF) per euro it adopted in 2011, Intended to limit exchange rate volatility, the cap was abandoned on the basis that it was ‘no longer justified’, with the SNB finding it increasingly expensive to defend this level against rising demand for the franc as a safe haven currency. As a result of the sudden policy change, the franc soared against the US dollar and the euro, ending the day 16% and 13% stronger respectively. The central bank effectively adopted a zero-interest rate policy in the years following the onset of the global economic downturn, which helped to bolster the economy and keep the franc from appreciating excessively, but in December 2014 introduced negative interest rates to discourage inflows. Rates were cut further on the same day as the cap was dropped. The cap had kept the franc artificially weak against the euro and the dollar, but the new strength will add considerable pressure to the country's competitiveness.

    The ongoing economic and sovereign debt weakness in several eurozone economies have driven up demand for the Swiss franc as a stable, “safe haven” currency. Such inflows will likely continue given the prospect of quantitative easing by the European Central Bank that will weigh further on the euro, as well as prolonged economic crisis in Russia supporting demand for safe haven assets such as the franc.

    As with most currencies, the Swiss franc is most often exchanged against the US dollar (USD) and the euro (EUR). According to the Bank for International Settlements’ triennial central bank review, total exchanges between the Swiss franc and the USD reached US$184bn per day in April 2013, followed by US$71bn against the euro.

    Switzerland’s monetary and regulatory authorities

    The SNB conducts national monetary policy and monitors the stability of the Swiss franc and of the financial system as a whole. The Swiss Federal Banking Commission, the Federal Office of Private Insurance, and the Anti-Money Laundering Control Authority were merged in 2009 to create a single, independent public institution, the Swiss Financial Market Supervisory Authority (FINMA).

    FINMA directly oversees the health of the financial system and ensures that companies and institutions comply with financial regulation. FINMA also seeks to ensure consumer protection and the proper function of banking, insurance and securities markets. The execution of financial transfers is overseen by the Swiss Interbank Clearing (SIC) payment system.

    Swiss taxation and investment incentives

    Switzerland has come under considerable pressure from its European neighbours to reform its (in)famous banking secrecy laws. By 2014, the country had dramatically increased transparency, agreeing to share tax information with foreign governments. Tax treaties have been re-negotiated with a number of countries, opening up a wide array of assets for taxation by their home governments. However, as of September 2014, negotiations with several European countries were still unresolved, including key markets such as France, Italy and Spain. Tax agreement conditions vary from country to country, and we recommend consulting the relevant bilateral treaty for further information.

    The federal government gives considerable leeway to its 26 cantons to set tax standards and other fiscal incentives; corporate and personal income tax rates vary significantly in different areas, and some have adopted aggressive terms in order to attract investment and migration. Zurich, the country’s financial hub often used as a yardstick for financial conditions, had a corporate tax rate of roughly 25% in 2014, including municipal, cantonal and federal rates.

    Switzerland’s economic background

    Switzerland is a leading destination for investment and foreign exchange trading, largely thanks to its highly developed financial services sector. It has one of the highest levels of per capita GDP and income in the world. Switzerland’s banking secrecy laws have long been made it a financial hub on the European continent, although these are changing. The World Economic Forum’s 2013 Global Competitiveness Report named Switzerland the most competitive economy in the world. A stronger franc in 2015 will add considerable pressure, however, and will dampen GDP growth prospects as exports suffer and companies cut back on wages and jobs as a result.

    Switzerland is not a member of the European Union (EU) and has a distinct national currency, the Swiss franc. However, its economic performance is directly linked to that of the eurozone; Switzerland’s financial services industry is heavily reliant on foreign clients and the EU absorbs roughly half of Switzerland’s exports each year.

    Currency

    The national currency, the Swiss franc, is issued and distributed by the Swiss National Bank. Bills are denominated in values of 10, 20, 50, 100, 200 and 1,000 francs, and coins in values of 5, 10, 20 and 50 cents (rappen) and 1, 2 and 5 francs.

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    Top 11 Money Transfer Providers

    Exchange Rates as of 13 December 2019, 21:55
    Bank Beating Rates

    TorFX

    ?
    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    OFX (UK)

    ?
    Est. 1998

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    Moneycorp

    ?
    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

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    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    Bank Beating Rates

    Currencies Direct

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Global Reach (formerly FC Exchange)

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

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    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    Currency Solutions

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    WorldRemit

    ?
    Est. 2010

    Use the code '3FREE' and pay no fees on your first three money transfers

    WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

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    Use the code '3FREE' and pay no fees on your first three money transfers

    WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

    Western Union Business Solutions

    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
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    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

    TransferWise

    TransferWise is an online only provider

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    TransferWise is an online only provider

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

    FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.