Hi there,
Swiss banks generally use unfavorable banknote rates when you get foreign currency in cash at the till. However, you can often get more Canadian dollars for your Swiss francs by converting your Swiss francs into euros and then changing the euros for Canadian dollars.
A quick calculation using the ZKB banknote rate currency exchange calculator shows that exchanging CHF 10,000 for CAD at the Zürcher Kantonalbank on January 18, 2018 would fetch around CAD 12,307. Exchanging the CHF 10,000 to EUR and then exchanging the EUR to CAD would leave you with CAD 12,432. That is more than 100 Canadian dollars more than you would get by changing Swiss francs directly into Canadian dollars at the till.
Most Swiss banks do not charge their own customers (who hold accounts, for example) currency exchange commissions, so making multiple exchanges will not cost you more than making a single exchange. Consider asking the bank which you use for an overview of their banknote rates and calculate whether changing your Swiss francs into U.S. dollars or euro and then changing those into Canadian dollars could help you get more Canadian dollars for your francs.
It is important to note that if you carry currency worth more than 10,000 Canadian dollars into Canada, you must declare the money to the Canadian customs authorities upon entering Canada. Be prepared to provide some proof of the source of the money.
Best regards from Moneyguru
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