Quick question: do you know what your bank actually charges you when you convert CHF to EUR? Most Swiss residents don't. And that's exactly how banks like it.
Here's the uncomfortable truth. The difference between the cheapest and the most expensive provider on a CHF 1,000 conversion is typically CHF 20 to 50. Convert monthly as a cross-border worker or expat, and you're looking at CHF 300 to 600 per year vanishing into hidden markups. Not fees you agreed to. Markups you never even saw.
That's why we built this converter. Not just to show you a number, but to show you who's taking a cut and how much.
What Is the Mid-Market Exchange Rate?
The mid-market rate is the only exchange rate that matters as a benchmark. It's the midpoint between the buy and sell prices on the global currency market. This is the rate banks use when they trade with each other.
When you see "1 CHF = 1.09 EUR" on Google or financial news sites, that's the mid-market rate. The Bank for International Settlements (BIS), headquartered right here in Basel, publishes reference rates that underpin most global currency pricing.
No provider gives you this exact rate. The gap between what you get and the mid-market rate is where every bank and fintech makes its money. A smaller gap means a better deal for you. A larger gap means someone's having a good day at your expense.
Why Most "Free" Currency Conversions Aren't Free
Let's call this out clearly. When a Swiss bank says "commission-free currency exchange," they almost always mean they've baked the commission into the exchange rate itself. It's still there. You just can't see it.
Here's a real example. Say the mid-market rate is 1 CHF = 1.0910 EUR. Your bank "generously" converts at 1.0730. On CHF 1,000 that's a difference of EUR 18. You'd never notice unless you checked. And most people don't.
This is not a conspiracy. It's just business. Banks have branches, staff, and legacy systems to pay for. Currency conversion is one of their most reliable revenue streams. The question is whether you're fine paying those margins or you'd rather keep that money yourself.
How Swiss Banks and Providers Actually Compare
Traditional Banks: UBS, PostFinance, Cantonal Banks
Swiss banks typically add a 1% to 3.6% markup on the mid-market rate. This "spread" is their main profit on currency conversions.
- UBS: Standard spread of 1.7% to 3.6% without their key4fx subscription. With key4fx Basic (CHF 2/month), you get a 30% reduction on the spread. Worth it if you convert regularly, but still not cheap.
- PostFinance: Roughly 1% to 1.5% spread on electronic payments, making it the better traditional option. Their online converter shows indicative rates, but the rate you actually get may differ.
- Cantonal banks: Similar range to UBS for most currencies. Some offer preferential rates for large amounts (CHF 50,000+), but you'll need to ask.
Pro tip: Airport exchange counters (including UBS at Zurich Airport) use the worst rates available, sometimes 5% to 10% markups. Never exchange money at an airport unless you absolutely have to.
Digital Providers: Wise, Neon, Revolut
This is where things get interesting. Digital-first providers operate with much thinner margins:
- Wise: Uses the actual mid-market rate and charges a transparent, flat fee (typically 0.4% to 0.6%). No hidden spread. What you see in the quote is what you pay. Regulated by FINMA in Switzerland.
- Neon: Partners directly with Wise for currency exchange, so you get Wise's mid-market rate plus a small service fee. Neon Metal users get a 40% discount on Wise fees. Convenient because it's integrated right into your Swiss bank account.
- Revolut: Free conversion at mid-market rates during weekdays (with monthly limits on free plans), but adds a 0.5% to 1% surcharge on weekends and holidays. Watch the fine print on plan limits.
I've personally tested every provider listed here. For regular conversions (monthly salary, recurring transfers), Wise or Neon consistently save me CHF 200 to 400 per year compared to my old UBS setup. The switch took about 15 minutes. Honestly, the hardest part was admitting how much I'd been overpaying for years.
The Real Cost: A Side-by-Side Breakdown
Let's put real numbers on this. Here's what happens when you convert CHF 1,000 to EUR at today's rates:
| Provider | Rate You Get | Fee | You Receive | Cost vs. Mid-Market |
|---|---|---|---|---|
| Mid-market rate | 1.0910 | none | EUR 1,091.00 | baseline |
| Wise | 1.0910 | CHF 3.50 | ~EUR 1,087 | ~0.4% |
| Neon | 1.0910 | CHF 4.00 | ~EUR 1,087 | ~0.4% |
| PostFinance | ~1.0780 | Free | ~EUR 1,078 | ~1.2% |
| UBS (standard) | ~1.0720 | CHF 5.00 | ~EUR 1,067 | ~2.2% |
| PayPal | ~1.0440 | CHF 2.49 | ~EUR 1,042 | ~4.5% |
That's a EUR 45 difference between the best and worst option on a single CHF 1,000 conversion. The comparison table above the article shows live rates, so the exact numbers will shift, but the pattern holds.
Who Should Care About Exchange Rates?
Cross-Border Workers (Grenzgänger / Frontaliers)
If you work in France, Germany, or Italy and receive your salary in EUR, you're converting money every single month. At CHF 5,000/month, even a 1% difference in rates costs you CHF 600 per year. Over a career, that's a down payment on an apartment.
There are roughly 400,000 cross-border workers in Switzerland. If you're one of them, the comparison table above should be your new best friend.
Expats and International Residents
Sending money to family abroad? Receiving funds from overseas? The difference between providers compounds fast. A monthly transfer of CHF 2,000 at a 2% worse rate costs you CHF 480/year. For that money, you could fly home for a visit.
Online Shoppers and Freelancers
Buying from EU websites in EUR? Receiving invoices in USD? Your credit card's conversion rate is often 1.5% to 2.5% worse than what you'd get with Wise or Revolut. For frequent purchases, a multi-currency card pays for itself immediately.
Holiday Travelers
Converting CHF 3,000 for a two-week holiday? The difference between your bank and Wise is typically CHF 30 to 60. That's a nice restaurant meal at your destination. Or a couple of museum tickets. Your call.
How to Get the Best Exchange Rate in Switzerland
Use the converter above as your benchmark. Every time. It takes 5 seconds and immediately tells you whether any provider's offer is fair or predatory.
Airport exchange counters are the most expensive option in Switzerland, with markups of 5% to 10%. Even SBB train station counters charge a 4 CHF fee plus unfavorable rates. Plan ahead and convert digitally before you travel.
If you convert money monthly (cross-border workers, expats, freelancers), setting up Wise or Neon takes 15 minutes and saves you hundreds per year. There's genuinely no reason not to.
Converting CHF 10,000+? Check the historical rate chart above. If the rate is significantly below its 6-month average, waiting a few days or weeks can make a meaningful difference. But don't overthink it. Timing the market is hard, even for professionals.
When you pay with a card abroad and the terminal asks "Pay in CHF or local currency?" always choose the local currency. DCC rates are terrible, typically 3% to 5% worse than your card's own conversion.
Understanding Currency Conversion Fees in Switzerland
Fees come in three flavors, and providers love mixing them to make comparisons harder:
1. The spread (hidden in the rate) This is the markup on the mid-market rate. It's the biggest cost and the hardest to spot. A "0% commission" provider with a 3% spread is more expensive than a provider charging CHF 5 with a 0.5% spread.
2. Flat transaction fees Fixed per-transaction costs like Wise's CHF 3 to 5 fee. These are transparent and easy to compare. They hurt more on small amounts and matter less on large ones.
3. Percentage-based fees Some providers charge a percentage of the amount converted (0.3% to 1%). This scales linearly, so it hits harder on large conversions.
CHF Exchange Rate: What Drives It?
The Swiss franc is one of the world's most traded currencies and a traditional "safe haven" asset. Here's what moves the CHF exchange rate:
Swiss National Bank (SNB) policy The SNB's interest rate decisions directly impact CHF strength. Higher rates attract foreign capital, strengthening the franc. The SNB has historically intervened to prevent excessive CHF appreciation, most famously removing the EUR/CHF floor in January 2015 (a day traders still talk about).
Global risk sentiment When markets panic, money flows into CHF. During COVID, the Ukraine conflict, and banking crises, the franc strengthened against most currencies. This "safe haven" effect means your CHF buying power abroad tends to increase exactly when the world gets scary.
Inflation differentials Switzerland consistently has lower inflation than the Eurozone and the US. Over time, this means CHF tends to appreciate against EUR and USD. A long-term chart of EUR/CHF tells this story clearly: the euro has lost roughly 40% against the franc since 2008.
Trade balance Switzerland runs a persistent trade surplus, creating structural demand for CHF. Companies earning EUR and USD abroad eventually convert profits back to francs.
Common Mistakes That Cost You Money
Convenience is expensive. Your bank's currency conversion rate exists to generate revenue, not to give you a good deal. For regular conversions, a dedicated provider like Wise saves you hundreds annually.
"Zero commission" is the oldest trick in finance. If the commission is zero but the exchange rate is 2% worse than mid-market, you're paying 2%. It's just invisible. Always compare the final amount you receive, not the advertised fee.
Cash exchange involves "banknote rates" which are significantly worse than electronic transfer rates. Even Swiss banks differentiate between the two. Digital transfers are almost always cheaper.
We've all done it. You're rushing through Zurich or Geneva airport and grab some euros at the counter. That 5-minute convenience just cost you 5% to 8% in markups. Convert before you leave home.
Swiss Currency Converter vs. Other Tools
GetRates vs. XE.com
XE shows the mid-market rate but doesn't compare Swiss providers side by side. You get a number without context. Our tool shows the mid-market rate and what each Swiss provider would actually give you, so you can make a real decision.
GetRates vs. SIX Group Converter
The SIX Group converter uses official reference rates, which is great for general information. But it doesn't show fees, doesn't compare providers, and doesn't tell you where to get the best deal. It's a reference tool, not a decision tool.
GetRates vs. Moneyland
Moneyland compares bank offerings broadly but doesn't provide real-time rate comparisons with actual amounts. Our live comparison shows you exactly what CHF 1,000 becomes at each provider right now, not based on published rate sheets that may be outdated.
Frequently Asked Questions
What is the best exchange rate for CHF to EUR right now?
The best exchange rate is always the mid-market rate, which you can see at the top of our converter. No provider matches it exactly, but Wise and Neon consistently get closest (within 0.4% to 0.6%). Traditional Swiss banks typically charge 1% to 3.6% more. Use the live comparison table above to see today's exact numbers.
Why does Google show a different rate than my bank gives me?
Google shows the mid-market rate, which is the wholesale rate banks use between themselves. Your bank adds a markup (spread) on top of this rate, which is how they profit from currency conversion. The gap between Google's rate and your bank's rate is your real cost.
Is it cheaper to convert CHF to EUR at a Swiss bank or online?
Online providers like Wise or Neon are almost always cheaper than traditional Swiss banks for standard amounts. Wise charges about 0.4% to 0.6% total cost. UBS charges 1.7% to 3.6% in spread alone. The exception is very large amounts (CHF 100,000+) where private banking clients sometimes negotiate competitive rates.
How much does UBS charge for currency conversion?
UBS applies a spread of 1.7% to 3.6% on the mid-market rate, plus a potential CHF 5 fee for non-premium accounts. Their key4fx subscription (from CHF 2/month) reduces the spread by about 30%. On CHF 1,000, you'd typically receive EUR 15 to 25 less than with Wise.
Is Wise safe and legal in Switzerland?
Yes. Wise is authorized by FINMA (Swiss Financial Market Supervisory Authority) and holds a payment institution license. It serves over 16 million customers worldwide and processes billions in transfers monthly. Your funds are held in regulated accounts, separated from Wise's corporate funds.
Should I use a credit card or a transfer service for foreign currency?
For purchases abroad, a card with no foreign currency fee (like Neon or Revolut) is most convenient. For transfers and larger amounts, a dedicated service like Wise offers better rates. Most Swiss credit cards add a 1.5% to 2.5% foreign currency surcharge, making them one of the more expensive options.
What is Dynamic Currency Conversion and should I use it?
Dynamic Currency Conversion (DCC) is when a foreign merchant or ATM offers to charge you in CHF instead of the local currency. Always decline it. DCC rates include a 3% to 5% markup set by the terminal operator. By choosing the local currency, your own bank handles the conversion at a much better rate.
How often do exchange rates change?
The foreign exchange market operates 24/5 (Monday to Friday) and rates change continuously, sometimes by the second. However, for retail customers, the practical impact of intraday fluctuations is small. What matters more is choosing a provider with a low markup, not trying to time the exact moment of your conversion.
Can I lock in an exchange rate for a future transfer?
Some providers offer forward contracts or rate alerts. Wise allows you to set a target rate and get notified when it's hit. For large planned conversions (property purchases, tuition payments), this can be worth exploring. Traditional Swiss banks offer forward contracts for amounts over CHF 50,000.
The Bottom Line
Currency conversion in Switzerland doesn't have to be expensive. The problem isn't that good options don't exist. It's that most people never compare.
Here's what to remember:
- Check the mid-market rate first. Every time. No exceptions.
- The "You Receive" amount is the only number that matters. Ignore advertised rates and "zero commission" claims.
- Digital providers save the average Swiss resident CHF 200 to 500 per year compared to traditional bank conversions.
- The worst place to convert money is at an airport. The second worst is through PayPal.
Use the comparison table above to see exactly what each provider would give you right now. Then make the switch. It takes 15 minutes and pays for itself with the very first conversion.
And if you're also looking to optimize other financial products, check our credit card comparison (some cards eliminate foreign currency fees entirely) or our bank account comparison to find the best overall package for your needs.