The question every cross-border worker asks at some point
“Do I really need to open a bank account in Switzerland?”
It’s one of the most common questions for anyone starting a job as a cross-border worker in Ticino. The short answer is no, it’s not mandatory. The longer answer is what we’ll cover in this guide, together with the simplest and most convenient solution available today.
The classic cross-border worker problem
The typical scenario looks like this: your Swiss employer pays your salary in CHF into a Swiss bank account. You then need to transfer the money to your Italian account, converting CHF to EUR along the way. In the middle, you deal with bank spreads, transfer fees, and the hassle of managing two accounts in two countries and two currencies.
Many cross-border workers open an account with a Swiss bank (UBS, PostFinance, Raiffeisen) and stick with it. But maintaining a Swiss bank account isn’t free: Swiss banks typically charge monthly maintenance fees ranging from 5 to 15 CHF, plus additional costs for transactions and international transfers.
Over a year, that’s roughly 60–180 CHF gone from your salary before you’ve even touched it.
The solution: a free virtual IBAN
A virtual IBAN for cross-border workers is a CHF payment account you can use to receive your Swiss salary without opening a traditional Swiss bank account. The service is free, and the CHF you receive are automatically converted into EUR and transferred to your Italian bank account.
In practice: you give your employer the virtual IBAN details just like any other account, and you receive your salary in euros every month.
How it works, step by step
Step 1: Sign up
The process starts with an online registration requiring a valid ID and identity verification. It
usually takes just a few minutes, and within a few hours you can start using the service.
Step 2: Get your free virtual IBAN
Once registration is complete, the system generates your CHF virtual IBAN. This becomes your “virtual Swiss account” — you can share it with your employer as your salary destination.
Step 3: Share the details with your employer
Inform your HR or payroll department in Switzerland about your new payment details. This is the only action required on your side: it’s done once, and then everything runs automatically every month.
Step 4: Receive your salary in euros
From the following month, your CHF salary is paid into the virtual IBAN, automatically converted at the most competitive available exchange rate, and credited in euros to your Italian bank account. No further actions needed.
What if you want more control over timing?
You are not forced to automate the process. If you prefer to control when you exchange your money, you can do so just as easily.
You can simply make a bank transfer from your Swiss account to your virtual IBAN whenever you choose. No advance request, no forms, no need to contact anyone. It works like a normal bank transfer.
If instead you want to lock in the exchange rate at a specific moment, you can place a request on Swimo and then proceed with the transfer of CHF to your virtual IBAN.
Advantages over a traditional Swiss bank account
- No setup costs and no monthly fees
- No need to physically go to Switzerland to open an account
- More competitive exchange rates than traditional banks
- Automatic conversion: no manual monthly operations
- Fully manageable from smartphone or browser, in Italian
- Customer support in Italian from a team that understands cross-border workers
Swimo: built exactly for this
Mondial Change’s online service Swimo is designed specifically for people who need a simple, automatic and cost-effective CHF/EUR conversion every month.
With Swimo, you get a free CHF virtual IBAN, can have your salary paid directly into it, and receive euros in your preferred Italian bank account. The exchange rate is always among the most competitive on the Ticino market — no hidden fees, no surprises.
If you prefer flexibility, you can also send funds to your Swimo IBAN whenever you want, without any prior request.
Swimo. Your exchange, no stress.
Frequently asked questions
Can my Swiss employer pay my salary to an Italian IBAN?
In theory yes, but you would need a CHF account in Italy. Most Swiss employers prefer or require a Swiss-format IBAN (CH IBAN) for salary payments. The Swimo virtual IBAN is a Swiss-format IBAN, so it is compatible with payroll systems in Ticino and other Swiss cantons.
How long does it take to receive euros after payment in CHF?
Timing depends on the transfer day and time, but in most cases conversion and crediting happen within one business day after the CHF arrives on the virtual IBAN.
Can I use the service for bonuses and additional payments?
Yes. The virtual IBAN works for any CHF payment from your employer, including 13th salary payments, performance bonuses, expense reimbursements, and any other compensation.
Is it safe to route my salary through this system?
Swimo is the digital service of Mondial Change, an authorized operator active in the currency exchange sector in Ticino for over twenty years. Every transaction is traceable, regulated, and protected under Swiss financial regulations.
