Best way to receive money from abroad in Switzerland

This guide walks you through the most practical ways to receive money from abroad, comparing costs, safety and ease of use. You’ll also find tips to help you minimise fees and avoid delays, so you can choose the option that best suits your situation.

Wise multi-currency account

With Wise, receiving money from abroad feels simple and transparent. Get local account details for 8+ major currencies like USD, EUR and GBP, plus more than 20 currencies with SWIFT account details. There’s no fee to get paid using local account details, and low charges are shown upfront if you’re sent a SWIFT transfer instead.

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What you need to know before receiving money from abroad

Before you can choose the best way to receive your funds, you’ll need to understand the basics. Different methods come with different fees and exchange rates, and knowing these in advance can save you time and money.

Key factors to consider

• Transfer fees and hidden costs: Some providers advertise low fees but make up the difference with poor exchange rates. Always check both the upfront fee and any deductions that might happen along the way.
• Exchange rates and margins: Even a small markup on the exchange rate can add up if you receive regular payments. Look for services that use the mid-market rate without hidden charges.
• Processing speed: Depending on the service, money could arrive instantly or take several working days. If timing matters, this is a key factor to compare.
• Required documentation: Banks and money transfer providers may ask for identification or proof of address to comply with local regulations. Having these documents ready helps avoid delays.
• Security and regulation: Stick with licensed providers that are regulated by financial authorities to ensure your money and personal data are protected.

What bank details are needed to receive money

When someone sends you money from abroad, they’ll usually need the details of the account they’ll be sending the funds to. The exact requirements depend on the method, but the following are the most common:

1. Your full name as it appears on your bank account.
2. The bank name and branch address (sometimes required for international transfers).
3. Account number or IBAN (International Bank Account Number) for transfers within Europe and beyond.
4. BIC or SWIFT code for international transfers.
5. Additional personal details such as your address, contact information, or a reason for the transfer, depending on the provider’s requirements.

Comparison Table: Best ways to receive money from abroad

There’s no shortage of ways to receive money from abroad when you live in Switzerland. To help you compare, we’ve put together an overview of some of the most common methods:

6 Best ways to receive money from abroad in Switzerland

Multi-currency accounts (Wise, Revolut)

Best for: Expats, freelancers and anyone who needs to receive flexible, low-cost payments in Swiss francs and foreign currencies without losing money to poor exchange rates.

Multi-currency accounts let you receive money in the same currency your sender uses, helping you avoid expensive currency conversion at marked-up bank rates.

With providers like Wise, you get local account details for 8+ major currencies including USD, EUR and AUD, which means payments can arrive as if they were domestic transfers. You can also access account details for 20+ currencies, hold balances in over 40 currencies and switch between them using the mid-market exchange rate without hidden markups.

Other providers like Revolut also offer multi-currency accounts with support for 30+ currencies. Local and SEPA transfers are free to send and receive, and there are no maximum limits on how much you can receive via bank transfer.

• Typical fees: Free to receive domestic payments in 8+ major currencies with Wise (except SWIFT transfers). Revolut also offers free incoming SEPA transfers.
• Processing times: Often instant between accounts or up to one business day for international transfers.
• Exchange rates: Wise applies the mid-market rate with no hidden margin. Revolut typically adds a small markup outside of free allowance limits.
• Limits: There are no limits on how much you can receive to your account in most currencies with both Wise and Revolut.
• Safety: Both Wise and Revolut are licensed and regulated in the EU, with security features such as encryption, two-factor authentication and biometric login.

Bank wire transfers

Best for: Receiving larger sums through a familiar and highly secure channel.

For many people, bank wires are the default way to move money across borders. If someone sends you funds from outside Europe, the payment usually travels through the SWIFT system. Along the way, one or more intermediary banks may handle the transfer, and each can deduct its own fee. That makes it hard to know the exact amount that will arrive in your account until the payment is complete. Within Europe, the SEPA network is often used instead, which tends to be faster and cheaper.

The big draw of using your Swiss bank is convenience and peace of mind. Your money goes straight into your existing account, and you have the reassurance of being able to walk into a branch if you need help, which is  why many people still choose wires when handling larger or more sensitive transactions.

Key points:

• Typical fees: SEPA transfers are usually free or low cost. UBS, for example, charges 6 CHF for incoming SWIFT transfers, with additional third-party fees possible. 
• Processing time: One working day for SEPA. Two to five business days for SWIFT, depending on the route and number of intermediaries.
• Exchange rates: Most banks convert currencies using their own rates, which include a margin above the mid-market rate.
• Limits: Limits vary depending on the bank and account type. Some Swiss banks may impose caps on daily or monthly incoming amounts, but limits are usually high.
• Safety: Very high – Swiss banks are tightly regulated and use advanced security systems to protect against fraud.

Digital wallets (PayPal, Skrill, etc.)

Best for: Everyday transfers of smaller amounts where speed and convenience matter most.

Digital wallets act as an online balance where you can receive money directly. Once the funds are in your wallet, you can keep them there for spending, send them on to someone else, or withdraw to your bank account. Many people use PayPal because of its global reach and ease of linking to cards or accounts. Skrill works in a similar way and supports multiple currencies, with the option to move money to your bank or prepaid card.

Key points:

• Convenience: Quick to set up and widely accepted for online shopping and transfers.
• Fees: Receiving funds is often free, but converting or withdrawing can attract fees of around 3%.
• Limitations: Not designed for large transfers, as higher fees and weaker exchange rates can eat into the amount you receive.
• Processing time: Wallet-to-wallet transfers are near-instant, while moving money to a bank account may take a day or two.
• Safety: Both PayPal and Skrill are regulated, with fraud monitoring and buyer protection features – useful for online purchases.

Cash pickup services (Western Union, MoneyGram)

Best for: People who don’t have a bank account or need to access money quickly in cash.

Cash pickup services allow a sender to transfer money that you collect in person at an authorised location. With providers such as Western Union and MoneyGram, the sender initiates the transfer online or at an agent branch, and you show a valid ID at a nearby office to receive the funds.

In Switzerland, these services are available in major cities and even some smaller towns, making them accessible to most residents. While the convenience of walking away with cash in hand is appealing, the cost can be high. Fees are usually paid by the sender but tend to rise with faster delivery or larger amounts. Exchange rate markups also reduce the final sum you receive.

Key points:

• Convenience: Money can be collected within minutes of being sent, as long as you have an accessible pickup location.
• Costs: Sending fees are often higher than digital transfer services, and exchange rates are less competitive.
• Limitations: Carrying cash may not be practical or safe for larger amounts, and you’ll need identification for collection.
• Safety: Providers are established and regulated, but once the cash is collected it can’t be traced or recovered.

International money orders

Best for: Occasional transfers where the sender or recipient prefers not to use a bank account or when electronic transfers aren’t an option

International money orders are one of the most traditional ways to move money across borders. The sender purchases a prepaid paper order, usually from a post office or bank, and mails it to you in Switzerland. Once it arrives, you can cash it at a bank or deposit it into your account.

While reliable in theory, this method is slow. Delivery times depend on postal services, and processing at the bank may take several more days. There’s also the risk of loss or theft in transit. Because of these drawbacks, money orders are now relatively uncommon but can still make sense for those without access to online transfers or when cashing a guaranteed payment is the priority.

Key points:

• Convenience: Simple to use but requires physical collection and deposit.
• Costs: Usually a small fixed fee for the sender, but less competitive than digital methods.
• Processing time: Several days to weeks depending on the postal route and bank handling.
• Safety: Secure once issued, but vulnerable to postal delays or loss.

Step-by-step guide: How to receive money from abroad

If you’ve never received money from overseas before, the process can feel a little unclear. In practice, it’s straightforward once you know what to expect. Here’s how it usually works:

Step 1: Choose your method

Decide how you want the funds to arrive. Options include bank transfers, multi-currency accounts, digital wallets, or even cash pickup. Think about speed, cost and convenience before making your choice.

Step 2: Gather your details

Different methods require different information, such as your IBAN, SWIFT code, or digital wallet address. Having everything ready avoids delays and back-and-forth with the sender.

Step 3: Share your details with the sender

Provide your details clearly, and double-check they’re accurate. A single digit wrong in your IBAN could mean the transfer doesn’t go through or is held up for verification.

Step 4: Track the transfer

Most providers give you a tracking link or notification service. Keeping an eye on the status helps you spot any issues early and gives peace of mind while your money is on the move.

Step 5: Receive and verify your funds

Once the payment reaches your account, check the amount matches what you expected after fees and conversion. If something looks off, contact your provider quickly so they can investigate.

How can I receive money safely?

It’s normal to feel a little cautious when you’re waiting for money from abroad, especially if it’s a large sum or a regular payment you depend on. These steps can help you keep transfers secure:

1. Stick with regulated providers
   Choose banks or transfer companies that are licensed by recognised financial authorities in Switzerland or abroad..
2. Check details carefully
   Make sure your name, account number and IBAN are entered exactly as shown on your bank documents. Even a small mistake can cause delays or bounce the transfer back to the sender.
3. Use secure connections
   When sharing information or tracking payments online, only use official websites or apps. Avoid public Wi-Fi when logging into accounts where sensitive financial data is stored.
4. Be wary of unexpected requests
   If you receive a message asking for extra information or pressure to release funds, contact your provider directly. Legitimate services will never ask you to share passwords or security codes.
5. Keep records of transfers
   Save confirmation numbers, receipts, or emails connected to each transfer. These are useful if you ever need to query a payment with your provider.

What is the cheapest way to receive money?

Working out the true cost of an international transfer isn’t always simple. With bank wires, the final amount can be reduced by fees from intermediary banks along the way, and exchange rate markups often add extra cost that isn’t obvious upfront.

With Wise, you always see the fees and the exchange rate before the payment is sent, so there are no surprises when the money arrives. You can receive funds using local account details in 8+ major currencies at no cost* and hold balances in over 40 currencies until you’re ready to convert them.

Simulate your international transfer with Wise to see exactly how much will arrive.

Tips to minimise costs when receiving money from abroad

• Compare providers regularly: Fees and exchange rates vary widely, so it’s always worth checking more than one option before you commit.
• Pay attention to exchange rates: Even small differences add up over time, and waiting for a more favourable rate can sometimes save you money.
• Choose transparency over guesswork: Use services that clearly show the total cost and final amount you’ll receive, like Wise.
• Make use of fee-free receiving: Receiving local payments in 8+ major currencies with Wise is free, which can be cheaper than relying on a traditional bank wire.
• Keep transfers in the same currency: If possible, avoid unnecessary conversions by receiving money in the currency it was sent.

Common problems and how to solve them

Even with reliable services, international payments don’t always go to plan. Here are some common issues and what you can do if they happen.

Transfer delays

International transfers can take longer than promised, especially when routed through several intermediary banks. Check the provider’s estimated delivery time and use tracking tools where available. If the transfer seems stuck, contact both the sending and receiving institutions to trace it.

Missing payments

If money fails to appear, start by confirming the sender used the correct details. An error in the IBAN or account number can cause the transfer to bounce back. When the information looks accurate, ask your provider to launch a trace so you can find out where the funds were last recorded.

Incorrect exchange rates

Sometimes the amount received is less than expected because the provider used a weaker exchange rate than advertised. Always confirm the rate before the transfer is sent. If there’s a discrepancy, keep hold of the confirmation slip or screenshot so you can raise it with customer support.

Documentation issues

Banks and transfer services occasionally pause a payment while they request additional paperwork. This tends to happen with larger transfers or those flagged for compliance checks. Having proof of identity, address, and the source of funds ready can help clear these holds more quickly.

Conclusion

Receiving money from abroad in Switzerland can be simple once you know your options. Some people prefer the familiarity of their bank, others look for faster and more affordable online services, and many expats find multi-currency accounts the most flexible for managing life between countries. What works best for you will depend on the size of the payment, how quickly you need it and how much you or the sender want to spend on fees.

By comparing providers before each transfer, you can make sure more of the money sent to you actually arrives in your pocket.

Ready to send or receive money across borders? Explore trusted providers today and choose the one that fits your needs.

Useful Resources

UBS – Payments and Prices: Official overview of UBS fees and cost options for SEPA and SWIFT transfers.

PostFinance: International Payments: Information on how to send and receive international transfers with PostFinance.

Wise: Learn how Wise works, with fee details and supported currencies for receiving money.

Revolut: Multi-currency features, supported currencies, and account options for Swiss residents.

Xe Money Transfer: Global transfer service with payment routes to Switzerland.

PayPal: International Transfers: Information on sending and receiving money with PayPal in Switzerland.

Skrill: Digital wallet and transfer service supporting multiple currencies.

Western Union: Cash pickup and online transfers to and fromSwitzerland.

MoneyGram: Cash pickup and bank deposit transfer options in Switzerland.

FINMA: The regulator responsible for licensing and overseeing banks and financial service providers in Switzerland.