Multi-currency accounts & sending money abroad from Switzerland
Earning in francs but spending or sending money elsewhere? Traditional Swiss banks add 1.5-3% on every conversion. Multi-currency apps price near the real rate. Here's how to move money without the hidden FX tax.
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The hidden cost: FX margins
The real cost of moving money abroad usually isn't the visible fee - it's the exchange-rate margin, and Swiss banks typically add 1.5-3%.
The mid-market rate - the rate you see on Google or Reuters - is the true price at which currencies trade between banks. Every retail provider adds a margin on top. Because that margin is baked into the rate you're offered, rather than shown as a separate line item, it's easy to miss.
A 2% margin on CHF 10,000 is CHF 200. If you send money home once a month, that's CHF 2,400 a year - for a service that can be done for a fraction of that. For anyone with regular cross-border flows - salary, rent, family support, tuition, a foreign mortgage - the numbers get big quickly.
The visible “fee” (say, CHF 5 or CHF 20) is almost never where the real money goes. When you compare providers, always look at how many units of the target currency actually arrive - not the advertised charge.
Multi-currency accounts and transfer apps
Providers like Wise and Revolut let you hold several currencies and convert close to the mid-market rate.
With a multi-currency account, you can hold CHF, EUR, GBP, USD and often a long list of other currencies in a single app. Many issue local account details (a EUR IBAN, a UK sort code, a US routing number), so you can receive money like a local in each country - useful for freelancers, remote workers and anyone paid partly abroad.
These providers also offer low-cost debit cards for travel and online spending, converting at close to mid-market when needed. They're well suited to earning in CHF but spending abroad, sending money home, or paying tuition or a mortgage in another currency.
The catch: cheap tiers usually have fair-use limits on free conversions and ATM withdrawals. Beyond the limit you pay a small percentage. It's rarely a dealbreaker, but worth knowing before you route a very large amount through the free plan.
When to use what
Match the tool to the job rather than forcing everything through one account.
Keep a Swiss bank or neobank for your salary and rent. Employers and landlords expect a Swiss IBAN, and standing orders in CHF are friction-free. See opening a bank account for the setup.
Use a multi-currency app for regular cross-border transfers, travel spending, and small recurring payments in other currencies - subscriptions, online shopping, family transfers. Top it up from your Swiss account only when needed.
For a large one-off transfer - buying property abroad, paying a big tuition bill, moving a redundancy or inheritance - compare providers carefully and consider a specialist FX broker. Their margins are usually tighter on big sums, and they can help with timing (forward contracts, rate alerts) when the amount is large enough to justify it.
Tips to avoid losing money
Always convert in the currency you control, and compare the all-in rate, not the headline fee.
When paying by card abroad or on a foreign website, the terminal often asks whether to charge you in francs or the local currency. Always pick the local currency. Choosing CHF triggers dynamic currency conversion (DCC), where the merchant's bank picks the rate - usually 3-6% worse than what your own card would do.
Avoid airport and hotel exchange desks. Their rates are famously poor because they can be: you're a captive customer. Cash-machine withdrawals on a decent multi-currency card are almost always better.
Treat “no fee” claims with suspicion. If a provider isn't charging you a fee, the cost is very likely hidden in the rate. The only comparison that matters is the same one every time: how many units of the target currency actually arrive?
How much are FX margins costing you?
Set your typical transfer and see the difference between a traditional bank margin and a multi-currency app.
That's roughly CHF 75 saved on each transfer, at your inputs above.
Illustrative only, as of 2025 - real margins vary by provider, currency and amount.
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OpenMulti-currency & transfers - your questions, answered
What's the cheapest way to send money abroad from Switzerland?
For most regular transfers, a multi-currency provider like Wise or Revolut, which converts close to the mid-market rate. Traditional Swiss banks typically add a 1.5-3% margin (as of 2025), which is far more than the visible fee.
What is the FX margin?
It's the markup added to the true 'mid-market' exchange rate. Because it's built into the rate rather than shown as a fee, it's easy to overlook - yet it's usually the biggest cost of moving money.
Are Wise and Revolut safe to use?
They're regulated e-money providers, but they aren't banks, so deposit protection differs. They're excellent for transfers and spending; for large balances, many people keep the bulk with a licensed Swiss bank.
Should my salary be paid into a multi-currency account?
Usually it's simplest to receive your salary and pay rent from a Swiss bank account, then move money to a multi-currency app as needed for transfers and travel.
How do I avoid losing money when paying abroad?
Always choose to pay in the local currency rather than francs to avoid dynamic currency conversion, skip airport and hotel exchange desks, and compare the all-in rate rather than the advertised fee.
What about a large one-off transfer, like buying a home abroad?
For big sums, small margin differences are worth real money, so compare multi-currency providers and specialist FX brokers, and watch the timing of the exchange.
Stop paying the hidden FX tax
A small setup change - the right account for the right job - can save regular international movers several hundred to several thousand francs a year. Run the numbers, then get an independent view of the right setup for you.