Moving money from CHF to USD account

I want to move money from my Swiss CHF account to a Swiss USD account and have a few questions: Is the rate for currency exchanges within Swiss banks better than the ones I get when bringing money from outside Switzerland? Should I get a USD account at the same bank where I have my CHF account?

Hi there,

Swiss banks typically use their standard currency exchange rates when converting money between currencies. This applies whether you transfer money between accounts holding different currencies, change money at the till, make payments with a foreign currency credit card, or any other transaction that involves currency exchanges.

However, banks do often give you a better rate when you make direct transfers between accounts than the one they use for cash exchanges and credit card / debit card transactions. If you will be transferring a very large amount of money, ask your bank if they offer a better rate for large transactions (some banks do).

Exchange rates vary between banks and currencies, and when you change large amounts, even differences of a fraction of a centime per CHF can add up to thousands of francs. Transferring CHF between Swiss bank accounts is generally free of charge and if a different bank has a much better exchange rate, opening an USD account at that bank can make financial sense. For small amounts, the differences are negligible and you may find it easier to open a USD account at your current bank.

For large amounts, currency exchange services like wechselstube.ch provide another alternative which is worth including in your rate comparison.

Best regards from Moneyguru

More on this topic:
Guide to getting the best foreign currency exchange rates