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Old 02.04.2010, 14:26
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best (cheapest) way to change money (CHF->EUR)

i know this question was asked many times, but i couldn't find good answer.

what would be the cheapest way to exchange francs to euros? I have account at postfinance, according to their site, this is current exchange rate:
Quote:
Banknote rate Amounts up to CHF Unité Buy Sell infinite 1 1.3923 1.4563
Use: For euro cash withdrawals at the Postomat and exchange transactions at the post office.
so they sell euros to me for 1.45 chf, according to this http://finance.yahoo.com/currency-co...R;to=CHF;amt=1 average right now is 1.43 for every euro, so i think it is pretty normal exchange rate.

do you think i will be able to get better rate at sbb or the zurich airport? or anywhere else? if so, where and any idea how to check current exchange rate at the airport for example? google doesn't help, and getting there just to check exchange rate doesn't seem to be good idea
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Old 16.08.2013, 18:21
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Re: best (cheapest) way to change money (CHF->EUR)

Seems that this topic didn't have feedback but I would really like to know something about what's the best option concerning the money transfering from Switzerland to Portugal (Euro Country)

I don't know if is it better to take Euros here in Switzerland from my Post Finance Account and then in Portugal make the deposit.
Also another option is to take Francs with me to Portugal and do the deposit there.

Is there here somebody with this experience?

I would really appreciate your help.
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  #3  
Old 16.08.2013, 19:01
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Re: best (cheapest) way to change money (CHF->EUR)

1.45? This exchange rate was valid just few years ago!

I changed some Euros today and got 1.20. The course is 1.24 if you buy Euros.

I find easy going that the Kantonalbank have machines where you can change Euros without using your card. Just insert the bills and when you are ready push the button and the other currency comes out from the machnine. Good service
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Old 18.08.2013, 09:01
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Re: best (cheapest) way to change money (CHF->EUR)

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Seems that this topic didn't have feedback but I would really like to know something about what's the best option concerning the money transfering from Switzerland to Portugal (Euro Country)

I don't know if is it better to take Euros here in Switzerland from my Post Finance Account and then in Portugal make the deposit.
Also another option is to take Francs with me to Portugal and do the deposit there.

Is there here somebody with this experience?

I would really appreciate your help.
There is never an answer that is true in all cases. It depends on the Portuguese bank and what their charges are. It also depends of what amount you are talking about, you want to transfer 100 Franks or 100'000 Franks?

All banks try to overcharge you, some by charging a commission, others by changing the exchange rate they use. There is no escape. But some do it more than others. If you take Franks, you need to look what the Portugal bank charges to change to Euros, if you take euros, it is what postfinance charges. So you decide.

You can also transfer money electronically by going online to postfinance and just putting in the iban etc of the portugese bank account. Takes a couple of days but don't have to carry anything with you.
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Old 18.08.2013, 14:16
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Re: best (cheapest) way to change money (CHF->EUR)

I recommend www.currencyfair.com.

They have a CHF-account in Switzerland, and an EUR-account in an EUR-country.

You send your Francs to their Swiss CHF-account, it is thus a free domestic transfer.

Once your CHF hit currencyfair´s account, you can swap your CHF for EURs at your convenience (when you like the FX-rate).

Right now (18 August 2013, 13h12) 1000 CHFs would buy 805.60 EURs.

You can then transfer the EURs to your EUR account in Portugal. Any transfer to an EUR-account within the SEPA-zone cost EUR 4 in fees.

Alternative provider would be www.transferwise.com. I like them less because you have less control over your exchanges, but also not bad.

Regards,
Christian
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  #6  
Old 18.08.2013, 16:02
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Re: best (cheapest) way to change money (CHF->EUR)

My bank(coop bank) changes Money (swiss Francs into other currencies) for free, if you do have a bank account there .
When you got electronic banking , you do loose only a small amount , when you transfer EUR from your bank account to an account in Germany for example.
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Old 18.08.2013, 16:26
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Re: best (cheapest) way to change money (CHF->EUR)

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My bank(coop bank) changes Money (swiss Francs into other currencies) for free, if you do have a bank account there .
When you got electronic banking , you do loose only a small amount , when you transfer EUR from your bank account to an account in Germany for example.
I don´t specifically know about Coop Bank, but usually banks make their cut via their (outrageous) fx-rates.

Can you quote the current fx-rate offered by coop?

As mentioned above, currencyfair currently changes (as an example) 1000 CHFs into 805.60 EURs (18 August 2013, 13h12).

That´s the value which has to be beaten!
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  #8  
Old 18.08.2013, 18:41
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Re: best (cheapest) way to change money (CHF->EUR)

I don't have the current rates, but in the past the exchanges rates were not much different from what was posted on XE.com
When I send money into in account in germany, the other company will deduct
1.50 Euros from the amount received.
The coop bank has only 5 different types of currencies available in the branch in oerlikon :
British Pound, US and Canadian Dollar, Euro (don't know the last)
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Old 18.08.2013, 18:57
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Re: best (cheapest) way to change money (CHF->EUR)

Is there a possible way to know the best deal of the day....i.e on a particular day / week which bank is offering the best CHF-EUR Exchange rate ?

My observation is on weekends particularly Friday the rates are very high as compared to weekdays
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Old 18.08.2013, 19:13
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Re: best (cheapest) way to change money (CHF->EUR)

Here is an overview from July 28,2011
Bank Euro-Kurs
(in CHF) Gebühr* Kursaktualisierung
Coop Depositenkasse 1,2120 - 1x täglich
Migros Bank 1,2170 - 2x täglich
Schweizerische Post 1,2204 2 Fr. 1x täglich
Raiffeisen 1,2215 5 Fr. ** laufend
Bank Coop 1,2220 5 Fr. 1x täglich
Basler Kantonalbank 1,2220 5 Fr. 1-2x täglich
Zürcher Kantonalbank 1,2225 5 Fr. 1-2x täglich
Credit Suisse 1,2230 5 Fr. mehrmals täglich
UBS 1,2250 5 Fr. 1-2x täglich
SBB 1,2300 4 Fr. 1x täglich
Thurgauer Kantonalbank 1,2720 5 Fr. 1-2x täglich

Since the swiss national Bank introduced a Limit of 1.20 sfr for 1 Euro, the
exchange rates doesn't move that much


Quelle: Zürich, Dienstag 28. Juni 2011, Mittag (Referenzkurs 1,1896 / Bloomberg)
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Old 29.06.2016, 15:23
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Re: best (cheapest) way to change money (CHF->EUR)

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There is never an answer that is true in all cases. It depends on the Portuguese bank and what their charges are. It also depends of what amount you are talking about, you want to transfer 100 Franks or 100'000 Franks?

All banks try to overcharge you, some by charging a commission, others by changing the exchange rate they use. There is no escape. But some do it more than others. If you take Franks, you need to look what the Portugal bank charges to change to Euros, if you take euros, it is what postfinance charges. So you decide.

You can also transfer money electronically by going online to postfinance and just putting in the iban etc of the portugese bank account. Takes a couple of days but don't have to carry anything with you.
I do agree with the approach that it depends if you change 100 or 100'000 euro. However if you serach well you can also find places where this differences are smaller or it even does not make a difference. An example in Switzerland is Exchange Market ( exchangemarket.ch ) - they are promoting themselves that the exchnage rates stays the same independed of the amount.
The other truth is that if you want to get good exchange rates you need to search online. Banks have no interest in reducing their spreads as they are to dominant in the market.
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Old 01.09.2016, 16:54
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Re: best (cheapest) way to change money (CHF->EUR)

Have you tried BPS-Suisse.

I did a comparision of BPS, Migros Bank, Coop Bank, Basel Kantonal Bank, Raiefeissen and Post office on the same day and BPS was the best.

However if you are not a customer they might charge you a CHF 5 fee.

BPS is the best for buying EUR and GBP. Next is Migros Bank.

Don't even go near UBS or Credit-Sussie. They rip you off :-)

KR
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Old 01.09.2016, 18:12
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Re: best (cheapest) way to change money (CHF->EUR)

All banks will rip you off at fx. Best is to through a proper brokerage which gives you access to forex, a foreign one like IB. I'm yet to see a Swiss broker which comes even close to them in terms of fees
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Old 01.09.2016, 19:34
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Re: best (cheapest) way to change money (CHF->EUR)

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All banks will rip you off at fx. Best is to through a proper brokerage which gives you access to forex, a foreign one like IB. I'm yet to see a Swiss broker which comes even close to them in terms of fees
Youvank, unless you are talking about serious amounts, it makes very little difference and for "holiday money" is it really worth spending the time and effort to get what amounts to Chf 10 or 20 extra for the better exchange rate ?
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Old 01.09.2016, 19:47
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Re: best (cheapest) way to change money (CHF->EUR)

We were talking about what is the cheapest way. You want cheap you need to go big. Brokers are totally worth it for 4+ digit sums.

For smaller sums of course the hassle of getting the best rate can easily overweight the savings and you'd be better off just paying for convenience. Still even here there are interesting savings possibilities like Revolut and Number26 "credit" cards
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Old 01.09.2016, 19:58
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Re: best (cheapest) way to change money (CHF->EUR)

I've had so far positive experience with Revolut for small travel money amounts. Conversion rates for major currencies ($ € £) are very fair and close to forex rates. Less common currencies were worse, by 1.5 - 1.8%, but this is still better than what any Swiss bank would have charged me. There's one big issue with them: they don't, despite all the promises, still support account balances in CHF, which brings us back to the original question of how to do CHF to EUR/... for cheap

Last edited by ivank; 01.09.2016 at 20:13.
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Old 30.03.2017, 15:59
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Re: best (cheapest) way to change money (CHF->EUR)

I have tried a few possibilities. But at the end I am using exchangemarket.ch

I think for the Euro-Franc exchange this is the best option. I am now using it a few months and am very satisfied. The best is that you see the exchange rates on the home page so you can easily compare.

And if you compare with other places, this a very good exchange rate and a transaction takes just one day.
You don’t need to go big to get a good exchange rate. Just check out the web.
Cheers

Last edited by 3Wishes; 30.03.2017 at 16:27.
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Old 25.03.2018, 13:32
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Re: best (cheapest) way to change money (CHF->EUR)

Hi Ivank,

I have to correct you. Probably they have updated their currencies list. I have opened an account in CHF in Revolut on December 2017 and I'm really satisfied of their service and their app.
Still Swiss banks charge you a fee when you transfer CHF to a foreign account, like Revolut. My bank charges me 5 CHF any time. I actually transfer every now and then an amount over 2000 CHF minimum. In this way 5 CHF is only a 0.25% fee. If you transfer a bigger amount the fee in % is even less.

I've actually made on the same day two expenses of the same amount in Euro, one using Revolut Card and one using my Swiss credit card. The difference between what Revolut has charged me and what my Swiss bank has charged me was 2.55%.

One more thing: with Revolut you can also make bank transfer once your money is in your Revolut account. And again, it's cheaper than my Swiss bank.
So far, I'm completely satisfied of Revolut.
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Old 25.03.2018, 13:46
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Re: best (cheapest) way to change money (CHF->EUR)

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Hi Ivank,

I have to correct you. Probably they have updated their currencies list. I have opened an account in CHF in Revolut on December 2017 and I'm really satisfied of their service and their app.
You did see that Ivank posted this in 2016? And in 2016 Revolut did not have CHF
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