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The country of Switzerland has maintained its notoriety as a safe haven for bankers throughout most of its modern history, mainly because of its neutrality during major conflicts and because of it geographically convenient location.
A local Bank Transfer in CHF will take a few hours to process and at times up to 2 days, while an international Bank Transfer is bound to take a much longer time, usually 2-5 business days. Furthermore, local Wire Transfers in CHF are much cheaper when compared to international CHF payments.
Local Transfers fee depend on brokers, with some not charging you anything. International Bank Transfer operate in the same way, with fees dependent on individual brokers. These fees should not surpass the 50 CHF mark. Whatever the cost of a Wire Transfers issued by the broker is, do not forget that most banks will apply their own processing fees.
Credit/Debit Card transfers in CHF are known to be instant, and the fees that come along for both withdrawals and deposits should not exceed 3%. This may seem a small amount but when a large transfer ensues of say 100 000 CHF, then these 3% turn to 3000 CHF, so always bear this in mind.
Alternative payment methods are not popular with the Swiss population, as they prefer cash or Credit/Debit Cards as means of payment. In a recent 2017-2018 study, it was said that more than 70% of Swiss payments were made in cash. Furthermore, many Switzerland-based brokers offer only Credit/Debit cards and Wire Transfer as their payment methods.
In 2011 the CHF plunged, caused by a statement from the European Union. That statement was “the Franc is a threat to the economy”.
Since 2014 all bank deposits in Swiss Francs are subject to a negative interest rates, which means that depositors must pay to keep their money in with the bank.
The CHF is also the official currency in Liechtenstein, in a small town in Italy called Campione, and in the German town of Bussingen.