Cheapest currency exchange in Switzerland

I am flying to London next week and need to get British pounds. Do you know where I can get the best exchange rate? Friends have recommended train stations or airport exchanges.

Greetings,

While there are major differences in the costs of exchanging minor currencies, differences are less notable when you buy major currencies (like British pounds, U.S. dollars and euros).

Major currencies can generally be obtained from the Swiss bank you bank with. Many banks do not charge their customers a commission for currency exchanges.

If you need less widely used currencies, you can often get a better deal by withdrawing money directly from your account in the country which issues the currency. It may even work out cheaper to withdraw British pounds directly at an ATM in the UK using your PostFinance or Maesto debit card.

The SBB exchange bureaus found at many Swiss train stations generally charge a lot for minor currencies. Its rates for major currencies are better.

Important: Avoid using a credit card to withdraw money from ATMs or to get money at bank counters. Credit cards charge high foreign transaction fees in addition to high fees for cash advances (money obtained with credit cards is a loan from the issuer, not a withdrawal from your bank account).

Also avoid using your debit card to withdraw money at ATMs run by exchange bureaus or independent ATM operators, as these usually charge additional fees.

If you prefer to have some money on you when you arrive, buy it from your Swiss bank. Even SBB exchange bureaus are an option for changing major currencies.

The airport branches of Credit Suisse and UBS specialize in foreign currency exchange and have numerous currencies available. That is very useful if you need to buy minor currencies, but British pounds are widely available. PostFinance only excanges euros instantly at the counter - other currencies need to be ordered in advance and delivered to your home (1-2- days).

Read our guide to foreign currency exchanges in Switzerland for more information.

I would recommend Monito.ch as a good comparison of currency exchange and transfer services for people living in Switzerland.

>I am flying to London next week and need to get British pounds. Do you know where I can get the best exchange rate?

Interactive brokers if online

Revolut and local ATM if hard cold cash

>Friends have recommended train stations or airport exchanges.

Your friends are idiots, this is the most expensive way to get ahold of cash

Here is what I do to get near interbank rate exchanges:

1. Open savings accounts in euros, pounds and/or dollars as needed at your Swiss bank. Savings accounts are free and pay interest.
2. Open the free account with Revolut. Its rates are the closest to interbank rate you can get, that I know of. Yes, better than Transferwise.
3. Deposit Swiss francs in the Swiss Revolut bank account with your reference number.
4. Use Revolut to exchange the money from Swiss francs to the currency you want.
5. Transfer the euros, pounds or dollars from Revolut to your Swiss savings account in the same currency.
6. Withdraw the foreign currency from your foreign currency savings account as needed, either at a branch office or using the ATM card.

Using this system, the money never "leaves" Switzerland, so no bank transfer fees. There is no limit on how much you can transfer, exchange and withdraw. You do not pay to withdraw your money in cash.

Do not use the Revolut card to withdraw money, as they charge fees (on any significant amount) and there are limits on how much cash you can withdraw. Just use Revolut as the intermediary for the actual currency exchange between the Swiss bank accounts, and withdraw all the money you need.

Be aware that many Swiss banks charge a fee (called an aggio) when you make cash deposits of currencies other than Swiss francs into accounts denominated by the same currency.

Many Swiss banks also charge a fee (called a disaggio) when you withdraw money in a foreign currency from an account in the same currency in cash.

Banks justify these fees with the cost of maintaining foreign currency cash reserves at branch offices and ATMs.