Looking for the best forex deals for transferring Aussie dollars to Swiss Francs? Here’s some good news that’ll make your job easier - you can compare the top international money deals right here instead of scouting each provider’s website individually! Simply punch in the amount of dollars you’re planning to transfer into our handy exchange rate calculator below and let it shortlist the most attractive offers for you. Try it now!
$500 monthly minimum for regular transfers
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After you’ve compared the offers listed above, you can hit the blue ‘go to site’ button for your preferred IMT provider to kick off the transfer instantly. But if you’re divided between a few options, we’ve got some expert tips that’ll help you through the entire process, right from picking the best offer based on your needs till you’ve made the final booking.
Whether you decide to go with a big bank, an online currency provider or a peer-to-peer platform, to make sure you’re getting the best deal for transferring money to Switzerland, you need to keep an eye out for the following factors:
This is one of the most important things to consider while choosing an international money deal. When you’re looking to convert your Aussie dollars into Swiss Francs, you need to look for the highest exchange rate to get the best bang for your buck. Remember that even a minor difference in rates can have a huge impact on the final value, especially if you’re transferring a large amount.
Here’s an example - Sally’s moving to Zurich on a working holiday visa and she wants to transfer $10,000 to a Swiss account so she has enough to get started in a new country. She compares her options using our online exchange rate calculator and finds that one of the best deals is by an independent IMT provider, World First, which is offering CFH 7,361 for AUD $10,000. A big bank on the other hand, is only offering CFH 6,838. That’s a difference of CFH 493!
The next thing you need to look at is how much a provider is charging to transfer your money to Switzerland. Generally, IMT specialists and peer-to-peer providers are cheaper than major banks and sending money online comes at a lower cost compared to face-to-face transfers at a branch.
Want to know how much the difference can be? While an online forex agency like Torfx may not charge any transfer fee at all, a big bank can charge around $32 if you decide to go to their branch, stand in a queue and send the money in person.
If you’re transferring a very small or very large amount of money, you’ll need to keep in mind that some providers may have minimum and maximum transfer limits. Many banks for example, have a restriction on the money you can send based on your daily withdrawal limit.
This means, if you need to send money that exceeds your withdrawal limit, you’ll have to split the transfer and pay a fee for each transaction separately. But if you go with a provider like 1st Contract that has no transfer limits (and no transfer fee for transactions over $10,000), you can send as much money as you need to in one go!
Another factor that you should check before booking an IMT deal is the number of days the provider will take to send money to the bank account in Switzerland. While it generally takes around 2-4 days for a transfer to complete, it’s always a smart idea to know exactly how long it’s likely to take.
And if you’re in the middle of an emergency and need to send money immediately, many providers will offer to make the process quicker for an additional fee.
The foreign currency market is very volatile with exchange rates fluctuating every day! That’s why, when you’re looking for an IMT deal, you need to look at your best options based on whether you’re about to make the transfer now or after some time.
If you want to send the money now and you’ve spotted a good deal in the calculator above, then it’s a good idea to make a ‘spot deal’ right away because you may not find the same exchange rates tomorrow.
If you’re just shopping around for a money transfer you’re planning after a few weeks or even months, and you happen to find a competitive deal now, you can make a ‘forward contract’ with the provider to lock in the exchange rate.
If you’re not on a fixed timeline and all you care about is a competitive CFH exchange rate, then you can go in for a ‘limit order’, where you can tell the provider the ideal rate you’re after. The provider will then monitor rates for you and make the transfer on your behalf as soon as it hits your target value.
Love finding a cheap deal? So do we! And that’s why, our next tip is all about hunting down money saving offers.
Special offers for Mozo clients.
To help you find the best rates and the lowest fees, we’ve got some providers listed on our site that offer exclusive deals for Mozo users. World First for instance, charges no fee for Mozo clients.
Deals with first transfers free.
You can also look out for providers that offer pocket friendly deals like first transfers free!
Don’t get lost in complicated sounding IMT acronyms - it’s all much simpler than it sounds at first. Here are some quick terms that’ll help you get through the process like a pro!
BIC: The Bank Identifier Code identifies the beneficiary’s bank overseas.
SWIFT: This stands for the Society for Worldwide Interbank Financial Telecommunication and is the same thing as BIC - an international bank code that identifies specific banks across the world.
IBAN: The international bank account number is used to identify a customer's bank account.
IMO: This simply stands for an international money order.
Finally, after you’ve decided on an IMT deal and clicked on the blue ‘go to site’ button to reach the provider’s website directly, make sure you reconfirm the final exchange rate and transfer fee that you’re signing up for. And be very careful while providing the beneficiary’s bank details because once you’ve booked the deal, making any changes to the information could lead to extra charges!
That’s it, now you can scroll up to the top of the page, and use all these tips to find yourself the best IMT deal for sending money to Switzerland!