Do you have Swiss francs in an account in Switzerland and need to transfer them to an Italian account in euros? The key is not only understanding how much the transfer costs. It is also useful to know where the CHF/EUR exchange will take place and how much will actually reach the destination account.
Transfer and conversion: two different operations
When you move money from Switzerland to Italy, there may be two separate steps: the transfer of funds and the conversion from Swiss francs into euros.
This is an important distinction. Switzerland is part of the SEPA area, but the SEPA Credit Transfer scheme applies to transfers made in euros. A transfer sent in CHF therefore does not become a SEPA transfer simply because it starts in Switzerland and ends in Italy.
If you hold CHF and want to receive EUR in your Italian account, the conversion has to take place somewhere along the way. Who carries out the exchange, at what rate, and with what possible costs?
Where can the CHF/EUR exchange take place?
The options depend on the services you use and on your bank’s conditions. In general, there are two main routes to compare.
1. Convert CHF through your bank
You can use your bank to convert Swiss francs into euros and then transfer the EUR to your Italian account.
In this case, it is important to check the actual exchange rate applied to the transaction and not automatically use the rate you find online as a reference. The European Central Bank publishes reference exchange rates every day, but specifies that they are for information purposes and do not necessarily represent the rates at which transactions are actually carried out.
Before proceeding, check the exchange rate applied, any fees and other transfer-related costs, as well as the expected crediting times.
2. Use an exchange service before the funds are credited in Italy
The other option is to separate the currency exchange from your Italian bank account: you transfer the CHF to an online currency exchange service, the money is converted, and the amount in EUR is then sent to the destination account.
Here too, rather than focusing only on whether a single fee is charged, it is useful to look at the overall result: how many euros will actually reach your account?
So, is it better to exchange before or during the transfer?
There is no single answer that applies to everyone.
To compare the alternatives correctly, it is important to start with the same amount and assess them at the same moment. The CHF/EUR rate changes over time, and the rate applied by a bank or currency exchange service may differ from the reference rate you see online.
A practical comparison can start from these elements:
| What to compare | Why it matters |
|---|---|
| Starting amount in CHF | It must be the same to compare the alternatives correctly |
| Exchange rate applied | It determines how many euros you receive from the conversion |
| Fees | They can affect the final result |
| Net amount in EUR | It shows exactly how much will reach the account |
| Crediting times | They matter if you need the funds by a certain date |
The best CHF/EUR exchange therefore cannot be identified by looking at a single number. For anyone transferring money from Switzerland to Italy, the most useful comparison is the final amount received, while also taking the transaction times into account.
A practical example
Imagine you have CHF 3,000 in your Swiss account and want to transfer them to the account you use in Italy.
You can ask your bank to convert them into EUR, or transfer them to a specialist service that carries out the exchange before the funds are credited to the Italian account.
To compare the two options, it is not enough to place a published exchange rate on one side and a net amount on the other: using the same starting amount, you need to check how many EUR you would actually receive in each case.
The example deliberately does not include a numerical result, because exchange rates and the conditions applied can change over time and vary depending on the provider.
How it works with Swimo
With Swimo, the CHF/EUR exchange can be managed online in two ways.
With your personal vIBAN, you can transfer CHF from your Swiss account to a dedicated Swiss virtual IBAN. When the funds arrive, they are converted automatically and sent to the destination account in EUR. The vIBAN is a technical transit account: it is not designed to hold funds.
If, instead, you want to make a one-off transaction and know the exchange rate before sending the funds, you can use Traditional Exchange. In this case, you submit the request, lock in the available rate, and then make the bank transfer to Swimo.
The main difference is therefore the moment when the exchange takes place: automatically when the funds arrive with the vIBAN, or after locking in the rate with Traditional Exchange.
Frequently asked questions
Can I transfer CHF directly to an Italian account in euros?
It depends on the bank and on the features of the destination account. Before making the transfer, it is useful to check whether the account can receive CHF, how they would be converted, and what conditions would apply.
Is Switzerland part of SEPA?
Yes. Switzerland is part of the SEPA geographical area. However, SEPA Credit Transfers apply to transfers made in euros. A transfer sent in CHF therefore follows a different process.
How can I tell whether a CHF/EUR exchange is convenient?
Compare the alternatives using the same amount and the same point in time, taking into account the exchange rate applied, any costs, and above all the net amount in EUR you will receive.
Can I lock in the exchange rate before transferring CHF with Swimo?
Yes. With Traditional Exchange, you can submit a manual request and lock in the rate before making the bank transfer. With the vIBAN, on the other hand, the conversion takes place automatically when the funds arrive.
