Money transfer cases
There are many scenarios of people tranferring money from Switzerland. It is possible to send an amount from a Swiss account to an account abroad or to transfer some money to a person who doesn’t have any account in a foreign country. You can also request for cash money to be sent to a foreign account. All of these transferring orders are to be processed by a bank, a post office, a transfer company or an online payment agency.
The bank
The order can be made at the counter, per phone, internet (e-banking) or simply written. But the transmitter and receiver must both have a bank account. Transfers in euros between EU countries and Switzerland are often free. For e-banking transfers out of the EU zone, you will have to pay between 2 and 10 Chf and up to 25 Chf if they are processed at the counter or per phone.
- Advantages: safe transfer as well as fast and cheap per e-banking.
- disadvantages: obligatory account and the transfer duration can be long outside of the EU. Also, high costs can be charged by the receiving bank.
The Post office
PostFinance and the Swiss Post both offer solutions that give you the possibility to send some cash money or with a check. People who own a post account pay little costs and those who don’t own one can also send some money but they will have to go to a counter and pay 40 Chf (costs partly related to money laundering fight).
- Advantages: cash money transfer is possible and available to people who don’t own a Swiss bank account.
- Disadvantages: high costs can be charged by the receiving bank. The transfer duration is long if it is made with cash and to be sent outside of the EU zone.
Transfer companies
Many transfer companies exist in Switzerland, including Western Union, worldwide leader who has established centers in more than 200 countries! The person who wishes to send some money has to write down both his personal information and the receiver’s one on a form. He will then hand the money to a center’s agent who will give him a control number. After getting the same control number, the receiver will be able to take the money out of any center in his country.
- Advantages: the process does not require a bank account and is super fast!
- Disadvantages: the exchange rates are higher than on the market and the procedural costs too.
Internet
PayPal is one of the most worldwide known. You simply need to have the receiver’s email to make a money transfer via internet or even through your mobile phone. However, you must own a bank account or a credit card in order to feed your account in advance and thus avoid extra costs. In the case of currency exchange, treatment costs of 2.5% will add up.
- Advantages: easy to use and free money transfer (with PayPal).
- Disadvantages: obligatory credit card/bank account and internet access.
It is sometimes difficult to find a financial solution quickly when money is requested or awaited in another country. A reliable and specialised loan agency like Multicredit can help you! Do not hesitate to contact them to know more about their fast and advantageous loan conditions!
