Currency Exchange Options in Switzerland?

Finance, Taxes, Banking, Insurance and Retirement
1

TL;DR: What are the currency conversion options for changing ~4 figures CAD cash to CHF in Switzerland after a wedding reception?

So, for context, I reside in Canada. When I visit Switzerland, I mostly use card with a little bit of CHF cash here and there. When I get home, I can just deposit (sell) any leftover CHF bills into my CAD bank account.

I was chatting with my cousin who lives in Geneva and she was saying she can’t do that with CAD into her CHF accounts. She’s visiting family here in Canada and will likely end up with a pile of CAD cash (~4 figures) after a reception since she just got married. What are her options to convert it back in Switzerland or is she better off getting family to help her convert it here?

2

AFAIK the SBB currency exchange. Most major train stations and Zurich airport.

3

PostFinance does offer a CAD foreign-currency account for private customers.

  • It’s called a “private account in foreigncurrency.”
  • PostFinance explicitly lists CAD amongthe supported currencies for that account.

Once the notes are deposited the value can be sent by Bank Transfer to Wise or Revolut in either CAD or CHF which ever has best exchange rate.

4

If she wants to absolutely minimise the exchange fees and maximise the rates, then the best would be to deposit the money into a someone’s CAD account in Canada and then use a service like TranswerWise or similar to exchange and send to the CHF account in Switzerland. This means finding a trustworthy person and dealing with the hassle

Otherwise cash exchange at SBB in the airport is the easiest - some fees but not extortionate and 0 hassle

5

But stay away from other airport exchange ‘services’. Probably the worst possible rates.

6

Personally I found the Raiffeisen exchange rates cheapest. Just ask at SBB and at a Raiffeisen branch and compare. For only 4 figures the hassle of opening an account is not worth it.

1 Like
7

What are the rates like to change it in Canada to Swiss Francs?

8

Will Raiffeisen exchange CAD Cash for CHF Cash for a non-member/account holder?

9

I think yes, but you probably have to order it the day before. Same at SBB by the way.

Canada may be cheaper but the title mentioned Switzerland.