Article by Mozo
An IMT or an International Money Transfer is possible when you transfer money from account to account. The best part about Mozo’s guide on transferring money to Switzerland, is that it’s pretty straightforward. So if you don’t have much time on your hands, then Mozo’s the best place to be! Here you will learn about how and when to transfer at a pace that’s right for your personal situation.
Is an International Money Transfer right for me?
a) want to transfer money to friends or family?
b) have a business in Switzerland?
c) need to convert dollars to euros for a Swiss holiday?
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d) have property in Switzerland?
If you’ve answered yes to a, b and d, then you’re certainly reading the right Mozo page. We will enlighten you further on the hows and whys of making an IMT. Had you also answered yes to c, then we would politely direct you to Mozo’s Travel Moneysection instead.
What amount do you want to send? Select the amount of Australian dollars you want to exchange and Mozo’s IMT compare tool will give you an estimate of how many Euros you’ll get with today’s rates. Remember - the rates change hourly, so be sure to check back again for regular transfers.
You can convert Australian dollars to euros and transfer them to any Swiss destination. Do you have your recipient's bank ID numbers and their account details? Great! You’ll be transferring funds to their Swiss account in no time. Start the transfer process by using one of the following:
It’s sometimes strange to think that we would take our money matters away from the safe confines of a bank, but there are other ways of transferring funds across the globe that are just as safe. However your bank may be a good place when it comes to familiarising yourself with the IMT process before looking elsewhere.
Pros: Familiar names that you already trust and use.
Cons: Higher transfer fees than other agents or financial providers. Not as convenient as other methods if you can’t go to a branch during regular banking hours.
Foreign Exchange Specialist
As Specialist FX or Foreign Exchange Specialists aren’t dominated by multi-level operations like regular banks, they just focus on mainly one thing - exchanging currencies worldwide. This means a Specialist FX has the power to secure better deals than banks. So if you want more euro value for your Aussie dollars, online IMT and foreign exchange providers like CurrencyFair, HiFX, OXF will offer the expert service and savings you’re looking for. The best part about using an IMT provider is the flexibility, available 24/7.
Pros: Quick and safe international money transfer, better or no fees, cheaper rates than banks
Cons: Since currencies change everyday, trading Australian dollars for Euros may vary from one day to the next.
The actual act of online IMTs isn’t the potential issue. It’s whether or not you have the right level of protection on your PC or mobile device. You need to ensure that you:
Protecting your PC or mobile gives you buys you security to transfer, shop and do your regular banking online, anytime.
Of course. And no one will ask why. So if you’re sending a gift to a friend or relative or buying a car before migrating to Switzerland, it’s your business to do so.
Want to make regular payments? For business purposes or any other reason, Mozo recommends that you ask your IMT agent to tailor a deal for your individual situation. Remember: it’s not always possible for an agent to offer you a better rate than they can offer other customers.
What to keep in mind when comparing IMT services:
Firstly, you need to decide which direction you will take - online, in person or over the phone?
Working this out first, will determine your best next steps.
Whichever way you choose to transfer money to Switzerland, some crucial bits of information you’ll need for a successful transfer include:
BIC - Bank Identification Code
SWIFT - Society for Worldwide Interbank Financial Telecommunication
IBAN - International bank account number
Recipient - The person or party who receives the money being transferred
IMT - International money transfer
IMO - International money order.Country guides for transferring money internationally