Our tips for getting the best exchange rate in Geneva
Do you work in Switzerland but live in France or another country? Are you planning to move abroad? To pay for certain expenses, you’ll need to have foreign currency to hand. This can work out expensive if you don’t make an effort to get the best exchange rate.
Swiss francs, euros, US dollars, Canadian dollars, yen… In Geneva or other Swiss cities, you can exchange one currency for another. Here are our tips for finding the best exchange rate in Geneva.
How do I exchange money in Geneva?
When it comes to exchanging currency, Swiss residents, cross-border workers and foreign nationals have several options available to them. But be aware: not all of them have the same implications, particularly in terms of fees and processing times.
Who is affected by currency exchange?
Exchanging currency allows people to obtain cash to cover their expenses. Cross-border workers are particularly affected by this issue, but they are not the only ones.
Swiss people travelling abroad may also wish to buy foreign currency, for example to rent a holiday home, pay the bill in a restaurant or treat themselves to a visit to a museum.
Foreign tourists visiting Geneva – for example, to enjoy its Christmas markets – also need to worry about finding the best exchange rate.
To achieve this, there are two methods of currency exchange:
- Currency exchange bureaux;
- Online currency exchange.
Each of these options has its own specific features, advantages and disadvantages. How can you get the best exchange rate in Geneva? Find out now!
Use one of the main currency exchange bureaux in Geneva
Attracted by the presence of major organisations, notably the UN, many residents from neighbouring regions come to work in Geneva. Currency exchange bureaux have therefore naturally sprung up to meet the needs of this population, as well as those of tourists.
Using the services of a currency exchange bureau allows you to collect cash directly in Geneva. Hotels, train stations and airports all operate in this market. Find a list of the city’s main currency exchange bureaux, including their addresses.
List of the main currency exchange bureaux in Geneva
| Currency exchange | Contact details | Currencies supported |
| Change Cité – Paquis | 12 Rue des Pâquis Tel: 022 732 41 31 | CHF, EUR, GBP, CAD, JPY… |
| Change Cité – Mont Blanc | 21 Rue du Mont-Blanc Tel: 022 901 15 15 | |
| Global Exchange – Airport | Route de l’Aéroport 21 Tel: +41 22 717 83 50 | Over 60 currencies |
| Migros – Carouge | 32 Avenue Vibert Tel: 058 573 41 52 | Over 50 currencies |
| Migros – Rive | 20 Rue de Rive Tel: 058 573 29 60 | Over 50 currencies |
| Migros – Mont Blanc | 16 Rue du Mont-Blanc Tel: 058 573 29 40 | Over 50 currencies |
| Moneyand – Cornavin Station | 19 Place de Montbrillant Tel: +41 22 741 02 46 | CHF, EUR, GBP, USD, CAD… |
| Moneyand – Plainpalais Branch | 7 Rue de Carouge, CH–1205 Geneva T +41 22 328 53 12 | CHF, EUR, GBP, USD, CAD… |
| Moneyand – Rive Agency | 12 Place des Eaux-Vives, CH–1207 Geneva T +41 22 786 26 28 | CHF, EUR, GBP, USD, CAD… |
Whilst there are plenty of currency exchange bureaux, they do have the disadvantage of being expensive. As a general rule, they add a mark-up to the actual exchange rate, as well as charging additional fees.
Furthermore, using the services of a currency exchange bureau means carrying cash on your person, with the associated risks of theft and loss.
How can I get the best exchange rate in Geneva?
Before rushing headlong into a foreign exchange transaction, it is essential to consider one key factor: the transaction cost.
As you will have realised, currency exchange is not free. Depending on the method used, it can even prove to be particularly costly and put a strain on a household’s multi-currency budget.
Although it is not possible to exchange currencies without incurring any fees, it is still possible to keep the costs down.
To do this, you need to be aware of the various categories of rates that apply:
- Real exchange rate margin;
- Additional fixed and/or variable commission.
Using a currency converter can provide an initial estimate of the exchange rate based on current rates on the foreign exchange market, known as Forex. This type of currency calculator helps you better understand the costs involved in transferring money from one currency to another.
Using your bank card directly: a false sense of security
Instead of using cash, it can be tempting to use your debit or credit card in a currency other than that of your bank account, for example during a family weekend away. Whilst this is a simple solution, it has the major drawback of being very expensive.
In fact, bank charges for payments or withdrawals made abroad include:
- A spread over the interbank rate;
- A variable commission;
- Sometimes a fixed part.
All these additional costs mean you don’t get the best exchange rate between Swiss francs and euros, or with any other currency.
The best option: use a currency exchange specialist in Geneva!
What if, instead of exchanging currency at a bureau de change, you used an online specialist?
These online platforms offer more favourable terms in terms of:
- Rate;
- Speed.
Exchanging currency online can help expats in Geneva, tourists and cross-border workers make significant savings thanks to more favourable exchange rates.
Migros’s EUR/CHF exchange rate on 20 September 2022 is therefore 1 euro to 0.9745 Swiss francs.
In addition to the Migros currency exchange service, other providers specialise in these transactions via the internet. This is particularly true of b-sharpe, an online currency exchange specialist based in Geneva, whose tiered pricing structure enables customers to secure the best exchange rate.
By leveraging new technologies, b-sharpe enables users to carry out transactions with complete confidence. Thanks to the digitalisation of the currency exchange process, security is enhanced compared to carrying cash when exchanging currency at a high street bureau.
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