EUR/CHF Rate: Why the Mid-Month Myth is False
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- No best time of the month: the EUR/CHF exchange rate is not systematically more advantageous in the middle of the month, and cross-border salaries paid at the end of the month do not push the Swiss franc down.
- Twelve months of data: from April 2025 to March 2026, according to ECB reference rates, the most advantageous period was the middle of the month 6 times, the beginning 3 times and the end 3 times. It changes from one month to the next, and the end of the month was the least advantageous only 2 times out of 12.
- Why the calendar does not matter: the foreign exchange market trades around $600 billion a day in Swiss francs (BIS survey, April 2025); cross-border workers' conversions carry little weight against SNB and ECB decisions, inflation figures and geopolitics.
- What really makes the difference: the exchange margin charged when converting your salary, rather than the date you choose to convert.
What do twelve months of ECB EUR/CHF rates show?
To put this myth to the test, we calculated, for each month from April 2025 to March 2026, the average of the EUR/CHF reference rates published every working day by the European Central Bank over three periods: beginning, middle and end of the month (only trading days are counted). For a cross-border worker receiving a salary in Swiss francs (CHF) to be converted into euros (EUR), a lower EUR/CHF exchange rate is more advantageous.
The data below shows that the most advantageous period changes from one month to the next:
| Month | Beginning of Month (Average 1st to 5th) | Mid-Month (Average 14th to 18th) | End of Month (Last 5 trading days) | Most Advantageous Period |
|---|---|---|---|---|
| April 2025 | 0.9502 | 0.9281 | 0.9403 | Mid-Month |
| May 2025 | 0.9340 | 0.9383 | 0.9357 | Beginning of Month |
| June 2025 | 0.9357 | 0.9401 | 0.9367 | Beginning of Month |
| July 2025 | 0.9338 | 0.9316 | 0.9316 | Mid-Month (0.93158 vs 0.93160 at end of month) |
| August 2025 | 0.9334 | 0.9419 | 0.9366 | Beginning of Month |
| September 2025 | 0.9379 | 0.9334 | 0.9346 | Mid-Month |
| October 2025 | 0.9353 | 0.9290 | 0.9274 | End of Month |
| November 2025 | 0.9300 | 0.9214 | 0.9333 | Mid-Month |
| December 2025 | 0.9342 | 0.9339 | 0.9294 | End of Month |
| January 2026 | 0.9293 | 0.9320 | 0.9189 | End of Month |
| February 2026 | 0.9175 | 0.9123 | 0.9128 | Mid-Month |
| March 2026 | 0.9093 | 0.9061 | 0.9173 | Mid-Month |
Table Conclusion: Over these twelve months, the middle of the month was the most advantageous period in 6 cases (including July 2025, virtually tied with the end of the month), the beginning of the month in 3 cases and the end of the month in 3 cases. The middle of the month therefore wins one time in two, not systematically, and the winning period changes from one month to the next in no predictable order. Above all, the end of the month, which the myth presents as the moment when the franc falls, was the least advantageous period only 2 times out of 12; it was the beginning of the month that was most often the least advantageous (6 times). In 8 months out of 12, the gap between the best and the worst period of the same month stayed below 1%; it exceeded 2% only once, in April 2025 (2.4%). Attempting to “time” the calendar is therefore speculation. Rather than watching for a specific date, you can check the real market rate at any time with our converter before making your exchange.
What really moves the EUR/CHF rate?
The supply generated by cross-border workers converting their francs to euros is absorbed by global demand. In efficient financial markets, a cyclical anomaly (such as a predictable drop every month-end) is quickly corrected by institutional arbitrage mechanisms.
Fluctuations are driven above all by:
- Monetary policies: Key interest rate decisions from the SNB and the ECB.
- Macroeconomic data: Official announcements on Swiss (SECO) and European inflation.
- Geopolitics: Global crises that reinforce the Swiss franc's status as a safe haven.
How to Truly Optimize Your Salary Repatriation?
Since timing the calendar is ineffective, true optimization lies in reducing the fees charged by traditional banks.
Reduce the margin charged on each conversion
On a salary of 5,000 CHF converted every month, a bank margin of 1.5% costs 75 CHF a month, or 900 CHF a year; a margin of 0.40% costs 20 CHF a month, or 240 CHF a year. This gap is known in advance, unlike the hoped-for gain from a date. Using a specialized Swiss financial intermediary like ibani allows you to:
- Convert at the real market rate, plus a margin of 0.40% to 0.15% depending on the amount.
- Know the margin applied before each conversion, based on a published pricing grid.
- Automate the transfer to smooth the risk over the year, without worrying about the calendar.
Frequently asked questions
Is the EUR/CHF exchange rate better in the middle of the month for cross-border workers?
Not systematically. Over twelve months of ECB reference rates (April 2025 to March 2026), the middle of the month was the most advantageous period 6 times, the beginning 3 times and the end 3 times, and the winning period changes from one month to the next. The end of the month was the least advantageous period only 2 times out of 12: the drop of the Swiss franc at the end of the month is a myth.
Do cross-border salaries cause the exchange rate to drop at the end of the month?
No. Cross-border salary conversions at the end of the month carry little weight against the roughly $600 billion traded every day in Swiss francs, which are involved in 6.4% of the $9.6 trillion traded daily on the global foreign exchange market (BIS Triennial Survey, April 2025). The EUR/CHF rate reacts first to SNB and ECB monetary policy decisions, inflation figures and geopolitical tensions.
How much can you gain by choosing the date of your conversion?
Little, and without being able to predict it. From April 2025 to March 2026, the gap between the best and the worst period of the same month stayed below 1% in 8 months out of 12 and exceeded 2% only once, in April 2025 (2.4%). Because the winning period changes from one month to the next, this gain is only known afterwards, whereas the exchange margin is known before you convert.
When should you convert your Swiss salary into euros?
No date in the month is systematically more advantageous according to ECB reference rates. Converting on a fixed date, for example as soon as your salary arrives, smooths out the rises and falls of the rate over the year and avoids betting on the calendar. The lever you control is the margin charged on each conversion, which is worth comparing before choosing your provider.
How much does the exchange margin cost on a cross-border worker's salary?
On a salary of 5,000 CHF converted every month, a bank margin of 1.5% costs 75 CHF a month, or 900 CHF a year. A margin of 0.40% costs 20 CHF a month, or 240 CHF a year. With ibani, the conversion is made at the real market rate, plus a margin of 0.40% to 0.15% depending on the amount.
Official sources
- Euro foreign exchange reference rates: Swiss franc (CHF) — European Central Bank, accessed on 30.09.2026
- OTC foreign exchange turnover in April 2025 (Triennial Survey) — Bank for International Settlements, accessed on 30.09.2026
- The SNB's monetary policy decisions — Swiss National Bank, accessed on 30.09.2026