The best bank accounts to send money abroad from Switzerland 😊

Why send money abroad from Switzerland?

When we have family abroad or we have financial investments abroad. It is sometimes necessary to send money abroad.

In Switzerland we have Swiss francs as currency. Therefore, when we want to send money abroad. The bank account must transfer the CHF into a foreign currency.

👉 Few bank accounts offer international bank transfers with reasonable fees. That's why I wrote this article 😊

What information is needed for an international transfer?

In order to make a bank transfer or request a bank transfer. It is necessary to know the name and IBAN of the recipient.

👉 For a bank transfer to a foreign account, it is important to know the name, IBAN and BIC of the recipient, so that the person making the payment has all the necessary information.

What fees should you analyze before sending money abroad?

When we send money from one bank account to another abroad, there are three fees to consider.

• Account Maintenance

With this commission, it's simple. The bank has to ask 0 CHF per year regarding the opening and maintenance of the bank account.

• Commissions for sending money
• Exchange rate

It should be noted that the exchange rate is often hidden.

Sometimes banks say that money transfers are free, but in reality, they apply a very bad exchange rate.

🔺In my opinion, the maximum acceptable total commission for sending bank money plus exchange rate is:

• 1% commission for a European banking exchange
• 3% commission for an extra-European banking exchange.

🔍Here is a summary of my requirements with a table 😉

Benefit	Maximum commission
Account opening and maintenance fees	0 CHF per year
Commission for sending money in the same currency	0 CHF
Commission for sending money + exchange rate, in a foreign currency	European exchange = 1% Extra-European exchange = 3%

What is the SEPA zone?

The European Union created SEPA. In reality, it is a European financial area to facilitate banking movements in Euros.

Almost all European countries participate! Even those that don't use the euro as their official currency and aren't part of the European Union. Such as Norway, Switzerland, or Iceland.

👉 Note that this SEPA financial area is very practical for sending a sum of money to a European destination country.

Beware of the recipient bank's fees

👉 It is important to note that the receiving bank may take a commission on the money sent, which affects the final amount received by the recipient.

For example, if you send 1000 Euros to a foreign bank account, your bank's fees do not include those of the recipient's bank. In reality, the recipient might only receive 990 EUR because their bank takes 10 EUR.

Sending money within Europe or outside Europe: what are the differences?

👉 For this article, I have divided it into 3 categories:

• Sending money to Europe (same currency)
• Sending money to Europe (different currency)
• Sending money outside Europe

Sending euros within the SEPA zone: fees you need to know

If you live in a Eurozone country and send money to another Eurozone country, there are usually no fees for sending.

If you have doubts about your bank, you can use bank accounts known for being multi-currency. For example, N26 or Revolut.

The 3 best banks for sending money to Europe from Switzerland

For a Swiss resident, the situation is different, because they have money in CHF and usually send it in EUR to Europe.

In my opinion, the 3 best and cheapest bank accounts for sending money to Europe are:

Bank	Bank Country	Commission requested for bank transfer
Yuh	Swiss	0.95%
WIR	Swiss	0%
Revolut	United Kingdom	– 0% on weekdays – 1% on weekends

🔺 As we can see, for sending money to Europe. The most interesting bank for a Swiss resident is the WIR bank., or Revolut, but only during the week.

The best solutions for sending money outside of Europe

There are few European bank accounts that allow you to send money to countries outside of Europe. Therefore, it's difficult to find accounts with good commission rates. 😐

👉 In this case, the commission will be determined on a case-by-case basis, depending on the country to be sent.

In my opinion, as a general rule, the best bank accounts to send money outside Europe are:

• Wise
• Revolut
• Western Union

Here are some examples of pricing (as of this writing) when sending 100 CHF. How much will the beneficiary receive depending on the bank?

Bank	US Dollar	Australian dollar	Jen Japanese	Brazilian Real
Wise	115.22	170.79	16723	646
Western Union	116.45	171.76	17027	655
Revolut (weekend)	115.35	170.39	16900	641
Revolut (the week)	116.75	172.29	17010	650

🔺 As you can see, Western Union and Revolut (weekdays only) are the banks that offer non-European bank transfers at the lowest fees. Although Wise also offers similar prices.

What is the processing time for an international bank transfer?

When you send money abroad, it takes time to reach the recipient, sometimes several days.

In general, each bank indicates on its website the number of working days to send money.

👉 According to AI, the bank accounts that are generally the fastest are:

• Wise (formerly transferwise)
• Revolut
• N26

Which bank do I use for my international transfers?

My bank account for transferring money abroad is the Wir account. Because I do not make bank transfers outside of Europe.

In fact, with my Wir account, I can:

• Transfer money to European countries for free.

• Withdraw cash in a European country for free (maximum 24 times per year).

Therefore, making European transfers or withdrawing European cash is very advantageous with Wir 😊

I also have a Wise account (formerly TransferWise) for transferring money outside of Europe. But I've only used it once 🤭

Conclusion

👉 Regarding European bank transfers (SEPA countries). Wir Bank is probably the best option. Revolut is a good option during the week too!

👉 Regarding non-European bank transfers. Western Union and Revolut (weekly) are the most interesting depending on the country to send. But Wise also has interesting commissions!

FAQ – The best bank accounts for sending money abroad from Switzerland

What is the best bank account for sending money abroad from Switzerland?

For transfers within Europe (SEPA zone), WIR is one of the most advantageous options thanks to its very low fees. For transfers outside Europe, Wise, Revolut, and Western Union are among the most competitive solutions.

Which Swiss bank offers the lowest fees for an international transfer?

Based on the rates observed at the time of writing, WIR is one of the cheapest Swiss banks for sending money to Europe. Yuh and Neon may also be attractive options depending on the destination country.

How much does an international bank transfer cost from Switzerland?

The cost depends on the bank, the destination country, and the exchange rate applied. A good international transfer should cost less than 1 % for a European transfer and less than 3 % for a transfer outside Europe.

Wise or Revolut: which solution is the most advantageous?

Wise and Revolut generally offer very competitive exchange rates. Revolut is often very advantageous on weekdays, while Wise offers more stable pricing regardless of the day of the transfer.

What is a SEPA transfer?

A SEPA transfer is a bank transfer made within the SEPA (Single Euro Payments Area). It allows you to send euros between participating countries with reduced or no fees.

What documents are needed to send money abroad?

To make an international transfer, you generally need to know the beneficiary's name, their IBAN, and their bank's BIC or SWIFT code.

Why is the exchange rate important in an international transfer?

Some banks advertise low transfer fees but apply an unfavorable exchange rate. The actual cost of a transfer therefore depends on both the advertised fees and the exchange rate used.

Can the receiving bank charge fees?

Yes. Even if your bank charges low fees, the recipient's bank may sometimes deduct a commission from the amount received.

What is the cheapest way to send euros from Switzerland?

For a Swiss resident converting Swiss francs to euros, WIR and Revolut (on weekdays) are among the most economical solutions.

How long does an international bank transfer take?

Depending on the bank and the country involved, an international transfer can take from a few hours to several business days. Wise and Revolut are often among the fastest options.

Is it possible to send money outside of Europe using a Swiss bank?

Yes, but the fees may be higher. For international transfers outside Europe, Wise, Revolut, and Western Union are often more competitive than traditional banks.

Which is the best account for transferring money to the United States?

Wise, Revolut and Western Union generally offer competitive fees for sending money to the United States from Switzerland.

Which is the best account for transferring money to Brazil or Asia?

For countries outside Europe such as Brazil, Japan or Australia, Wise, Revolut and Western Union often offer the best exchange rates and reduced fees.

Is it possible to send money abroad for free?

Completely free transfers are rare. Some banks like WIR or Revolut may offer very low fees, but you should always check the exchange rate applied.

What is the best solution for a Swiss investor who regularly sends money abroad?

For investors who fund foreign brokerage accounts or make frequent transfers, WIR, Wise and Revolut are often the most economical solutions thanks to their low conversion fees.

The best bank accounts to send money abroad from Switzerland

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Yuh¹

We¹

Revolut¹

Western Union¹

Wise¹