Where can I exchange Swiss francs for euros?

Whether you need to exchange currency to convert your salary, to buy a property or on behalf of your business, currency conversion remains a major issue.

Banks, bureaux de change or online currency exchange services: this article provides you with the key to maximising your profit margin by securing the most favourable exchange rates.

Exchanging Swiss francs for euros at the bank

You like your bank manager. Thanks to them, you’ve secured a mortgage for the next thirty years – hoping you’ve made the right choice between a fixed-rate and a variable-rate mortgage – they waived the fees on your last overdraft and helped sort out your children’s student loans. In short, you trust them.

However, despite the place banks hold in the hearts of many customers, the fact remains that when it comes to currency exchange, banking services are far from outstanding…

Interbank exchange rate and bank margin

The interbank exchange rate is determined by the balance between supply and demand for each of the two currencies: if demand exceeds supply, the rate rises.

On top of this interbank rate, there is the margin charged by the financial intermediary (bank, currency exchange bureau or online service) through which you carry out your currency exchange transaction. You should therefore make sure to compare the various options available to you. You will likely find that, compared to other currency exchange providers, the margins charged by a bank are often far less favourable for your wallet!

Currency exchange: a windfall for the bank, a financial drain for the customer

The bank derives a significant portion of its revenue from the exchange rate margins it applies to customers carrying out foreign exchange transactions, particularly retail customers. This margin is nothing more or less than a cut into your salary or capital, which will be reduced by between 1.65% and 2%, depending on the bank.

Not to mention the hidden costs: fixed costs, variable costs and one-off charges linked to the transaction amount… If you don’t think to ask about these beforehand, these “hidden” costs will only become apparent once the currency exchange has been completed.

Because income from foreign exchange margins accounts for a significant proportion of its profits, the exchange rate offered by a bank will often be unfavourable to the customer. 

Exchange Swiss francs for euros at a currency exchange bureau

Currency exchange bureaux are financial intermediaries whose main business is manual currency exchange, i.e. the immediate exchange of one currency for another.

As businesses dealing in banknotes, they are subject to specific regulations and must clearly state their rates and terms of sale (exchange rates, commissions or any charges). A currency exchange bureau buys foreign currency and then sets its own selling rate for that particular currency.

Margins for currency exchange bureaux remain attractive

Some currency exchange bureaux offer very competitive rates compared to banks when exchanging Swiss francs for euros. These rates are generally between 40% and 50% cheaper than those offered by banks. However, for certain more exotic currency pairs, the rates may be higher.

Convert Swiss francs to euros online

Many new players have entered the foreign exchange market and now offer fully digital services that are simple, responsive and offer unbeatable prices.

Combining low exchange rates with round-the-clock accessibility, some online currency exchange services offer the best of both worlds. The b-sharpe online currency exchange service, for example, saves you the hassle of travelling and allows you to order your currency at highly competitive rates from the comfort of your own home, using your computer, smartphone or tablet.

Gone are the risks associated with physically transferring currency at bureaux de change and the exorbitant exchange fees charged by banks: customers are guaranteed to benefit from the best rates at all times.

The features offered by b-sharpe include:

• enjoy rock-solid security with insurance cover against the risks of hacking or fraud (up to CHF 5 million);

• enjoy completely transparent pricing with no monthly subscription fees, registration fees, account closure fees or management fees;

• Stay up to date with exchange rates in real time via the b-sharpe currency converter so you can choose the best time to carry out your currency exchange.

Of the three most popular options on the market, it is far easier to save money by using online currency exchange services. Compared to traditional banks, which often charge excessive fees, or currency exchange bureaux, whose accessibility remains questionable, digital solutions now offer practical alternatives.