Best ways to make a money transfer
When it comes to transfers outside of the country, the most popular ways remain Western Union and MoneyGram. The latter one even has branches that are open 24/7, so convenience is not an issue. For transferring money within Switzerland, the most popular options are MoneyCorp, EasyFx and OrbitRemit. They are all approved by the government and sending the money usually takes less than 30 minutes until arrival. They also have several branches throughout the country and are actively involved in other projects which support the development of Swiss communities.
Types of options to send money
Money can be sent in physical form via the branches, which is the quickest form of transfer. However, they can also be transferred from bank to bank (internet banking included), or via OP. When it comes to bank-to-bank transfers, they are usually processed within 1 business day. For OP transfers it can take up to 5 business days.
Restrictions on receiving money
There is a 104,000$ (or 100,000CHF) cap when it comes to cash transactions. Switzerland government is on high alert for suspicious transactions, so even senior politicians and sportsmen officials have to abide to this rule. However, money which is transferred from bank to bank does not suffer from this restriction. Local branches of MoneyCorp, Western Union and MoneyGram may have their own restrictions according to the general policy.
Restrictions on sending money
The same restriction of 104,000$ applies in this case, so no cash transactions above this sum are allowed, be them for cars, artworks or homes.
Process of sending money
A form needs to be completed for local branch transfer, which entails the name of sender, address and the same details for the receiver. The documents need to be signed on double form on both ends, and local ID cards may be requested. For Internet banking transfers a digital signature may be required.
Brief economic trend
Switzerland is still one of the wealthiest countries on the globe, so it's citizens don't suffer from shortcomings. The economic growth has been of 0,5% compared to 2016, and is estimated to keep increasing.
The main banks of Switzerland are UBS AG and Credit Suisse. They have a considerable presence in the country as well as overseas, plus considerable assets under their management.
Currency for Switzerland?
The Swiss Franc (CHF) is the official currency of Switzerland.
Traveller's cheques are accepted in all banks and bureaus, though to avoid any extra service charges it is recommended that the cheques are in either US Dollars, Pounds Sterling or Euros. ATMs are available in most towns.
In Switzerland, you can exchange your currency at most Banks as well as many exchange bureaus that you will find in popular areas, such as Zurich, Geneva, Basel, Bern and Lausanne. In most banks when you are exchanging currency, you will need your passport. If you do not have this with you, then the bank may refuse to exchange your currency.
Switzerland's Banking open and closing hours - Monday-Friday 0800 hrs -1200 hrs and 1400 hrs - 1830 hrs.
Tipping in Switzerland Many restaurants will charge a service fee as part of the bill. If you're keen to tip it is customary to leave a 10-15% tip in a sit-down restaurant, taxi-drivers will get 5-10% depending on the city.