SEPA transfers: 3 ways to avoid paying receiving charges

#1 Open a digital bank account

This is the simplest workaround.

You have two options:

• keep your account with your traditional bank and open a euro account with a digital bank;

• switch from your traditional bank to an online bank.

Opening an account with a digital bank (sometimes referred to as a ‘neobank’) usually involves no bank charges: neither when you open the account nor at the end of the month.

With the first option, the digital bank’s euro account can be used alongside your usual bank. It then serves as a holding account for your euro funds coming from Switzerland.

If you use the b-sharpe currency exchange service, you kill two birds with one stone. Not only do you avoid the bank charges applied by your bank when receiving a SEPA transfer from Switzerland, but you also benefit from one of the most competitive exchange rates.

Good to know: The b-sharpe CHF/EUR converter is updated in real time and gives you a clear idea of the amounts you can expect to receive through our currency exchange service.

There are many reasons why customers prefer to stick with their usual bank rather than transfer all their funds to a digital bank:

• out of loyalty or habit (a bond of trust with the person they are dealing with);
• in order to keep the management of their bank accounts simple;
• in order to pay off a mortgage.

Please note: Many digital banks do not allow non-residents to open an account. This is the case, for example, for a Swiss resident wishing to open an account with a digital bank in France, Germany or Portugal.

#2 Display the word ‘Salary’ on the bank transfer form

Banks do not always charge a fee for receiving SEPA transfers. This is particularly the case when the customer adds the word ‘Salary’ in the comments section of their transfer. However, this method only works with certain banks.

Good to know: Upon request, b-sharpe can include this reference on your international salary transfers.

In practice, the process consists of three stages:

1. the client transfers their CHF to b-sharpe free of charge (from their Swiss bank account or directly via their employer);

2. b-sharpe exchanges Swiss francs for euros;

3. b-sharpe transfers the euros to the customer’s account in France, marked ‘Salary’, within 24 hours.

Well done: you’ve just saved around twenty euros in fees that your bank would normally charge for receiving a SEPA transfer from Switzerland!

#3 Open a traditional bank account with no fees for receiving SEPA transfers

For various reasons (convenience, complexity, mistrust), not all customers are ready to sign up for digital banking services.

As only some banks charge for SEPA transfers upon receipt, all you need to do is open an account with another high-street bank. This will ensure you don’t pay any international receiving charges.

However, to be sure you avoid these SEPA charges, we recommend that you ask about this before opening your bank account. Ask your bank advisor specifically whether any charges apply when receiving SEPA euro transfers from Switzerland.