If you've just moved to Switzerland and still have financial commitments back home — a mortgage, family support, student loans, or just savings you want to consolidate — you'll need to move money across borders regularly. Here's the thing most expats learn the hard way: using your Swiss bank for international transfers is shockingly expensive. The difference between the best and worst option can be 10x on fees. This guide will save you real money.
Why your Swiss bank is the worst option
Let's start with the uncomfortable truth. When you send money abroad through a Swiss bank like UBS or a cantonal bank, you pay two hidden costs: a transfer fee (CHF 5–10) and, more importantly, a markup on the exchange rate — typically 1.5–3.5%. That exchange rate markup is where they make their money.
On a CHF 1,000 transfer to euros, your bank might cost you around CHF 25–35 total. A specialist service like Wise costs about CHF 3.50 for the same transfer. On a larger transfer — say CHF 30,000 to pay off a loan back home — the difference is roughly CHF 380 via PostFinance versus CHF 72 via Wise. That's money you're just giving away.
Wise — the go-to for most expats
Wise (formerly TransferWise) is what most expats in Switzerland end up using, and for good reason. They use the real mid-market exchange rate with no hidden markup, and charge a small transparent fee — typically around 0.35% for CHF to EUR transfers.
Some practical details:
- 74% of transfers arrive instantly (under 20 seconds)
- You can set up scheduled recurring transfers — perfect for monthly payments back home
- Supports Swiss QR bills for receiving payments
- Free to open, no monthly fees
- Fund transfers via bank transfer (cheapest) — avoid credit card funding which adds steep fees
One important limitation: Wise does not provide a personal Swiss IBAN, so you can't receive your salary into it. You'll still need a Swiss bank account (Neon, Zürcher Kantonalbank, PostFinance) as your primary account, with Wise alongside it for international transfers.
Revolut — good for spending, less ideal for transfers
Revolut is popular among expats too, but it works differently. The free plan gives you CHF 1,000 per month in fee-free currency exchange at the interbank rate — but beyond that limit, a 0.5% fee kicks in, and there's a 1% surcharge on weekends.
Revolut's Swiss IBAN is shared (in Revolut's name, not yours), so like Wise, it can't receive salary from most Swiss employers. Where Revolut shines is as a day-to-day spending card abroad — if you travel frequently, the Premium plan (CHF 13.99/month) gives unlimited fee-free exchange with no weekend surcharge.
For pure international transfers, Wise is generally cheaper and simpler. But Revolut is a nice complement for travel spending.
The smart setup for Swiss expats
Here's what works for most people:
1. A Swiss bank account with a personal IBAN for your salary — Neon, a cantonal bank (Zürcher Kantonalbank, Banque Cantonale de Genève), or PostFinance
2. A Wise account for international transfers — send money home, pay foreign bills, hold multiple currencies
3. Optionally, a Wise or Revolut EUR IBAN if you need SEPA Direct Debit (Swiss banks don't support it — so if you have EU subscriptions or insurance that require direct debit, you'll need a EUR account)
Neon is especially convenient here because it integrates Wise directly into its app — you get a personal Swiss IBAN for salary plus competitive international transfer rates in one place.
Large transfers (CHF 10,000+)
For bigger amounts — relocating savings, buying property, or transferring pension money — the calculus changes slightly. Wise still works well (about CHF 175 on a CHF 50,000 transfer), but if you're financially savvy and willing to set up an investment account, Interactive Brokers offers currency conversion at actual forex rates for a flat fee of about CHF 2 — regardless of amount. On CHF 50,000, that's CHF 2 vs CHF 175.
OFX is another option for large transfers, with no transfer fee and a personal dealer who can negotiate rates. They're especially good for property-related transfers where timing and rate-locking matter.
Leaving Switzerland? Pension transfer tips
When you leave Switzerland, you can withdraw your Pillar 3a and Pillar 2 pension savings. The canton where your pension foundation is domiciled determines the withholding tax rate — and the differences are huge. Schwyz has the lowest rates; the gap between Schwyz and a high-tax canton on CHF 500,000 can be over CHF 20,000.
Before leaving, consider transferring your 3a to a foundation in Schwyz (both Finpension and VIAC are domiciled there). After deregistering from Switzerland, request the withdrawal. Then use Wise or Interactive Brokers to transfer the payout abroad at competitive rates.
If your new country has a double taxation agreement with Switzerland, you can reclaim the Swiss withholding tax within 3 years. Check with a tax advisor in your destination country — some countries (like the US and UK) tax pension withdrawals as income, which can be a nasty surprise.
Quick cost comparison
What a typical CHF 1,000 transfer to euros actually costs:
- Wise: ~CHF 3.50 (mid-market rate, no markup)
- Neon (via Wise): ~CHF 3.50
- Revolut (within free limit): ~CHF 0
- PostFinance: ~CHF 12–17
- Cantonal bank: ~CHF 20–35
- UBS: ~CHF 30
The difference is even more dramatic on larger amounts. On a CHF 10,000 transfer, you might save CHF 200–300 by using Wise instead of your bank. Over a year of monthly transfers, that adds up to thousands of francs.