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Dear Moneyguru,
I would like to change a large sum of money from SEK to CHF in multiple tranches. Can you recommend a particular bank or service which is reputable and offers exceptional exchange rates?
Thank you
Hi there,
When changing or transferring large amounts of money, even small differences in rates used or fees charged can add up to significant costs.
A good first step would be to request unbinding quotes from a number of different financial services providers so that you can compare the offers and choose the service that gives you the most Swiss francs for your Swedish koruna.
Pay attention to both fees charged and the currency exchange rate used. Exchange rates can change on a daily basis, so make sure to check the rates applicable on the day that you make the transfer.
Swiss banks: In November 2017, moneyland.ch recorded the SEK to CHF exchange rates used by many Swiss banks over an identical time period. The results of the moneyland.ch study show that the average spread used by Swiss banks for SEK to CHF exchanges is 3.5% for the forex rate and 12% for the banknote rate. These spreads applied to the smallest possible exchangeable amounts. You can request a comparison of the average spreads used by many Swiss banks at the foot of the guide to Swiss bank currency exchange rates.
The spread is the difference between the bid price and the ask price. The markup added to the interbank rate for a one-way SEK to CHF exchange is equal to approximately half of the spread (so 1.75% when the forex rate is used and 6% when the banknote rate is used).
Many banks use smaller spreads for larger transactions. Banks may be willing to negaotiate better terms for very large currency exchanges.
Other money changers: In addition to banks, many other money changing services and currency brokers offer currency exchange in Switzerland. Depending on the currencies and amounts being exchanged, these independent money changers can offer more favorable exchange rates than banks. Examples include wechselstube.ch, amnistreasury.ch, exchangemarket.ch and devisenwerk.ch, among others.
Best regards from Moneyguru
More on this topic:
Peer to peer currency exchange explained
Currency exchange spreads at Swiss banks compared
Banknote rates and forex rates explained
