---
title: "Transferring your savings from euros to francs into Switzerland: supporting documents, cost and timing of the conversion"
url: https://www.ibani.com/en/guides/transfer-savings-eur-to-chf-switzerland
lang: en
date_modified: 2026-10-28
author: "Brice DELHOME"
---

![Euro savings cross the border and become Swiss francs, watched by the ibani mascot](https://www.ibani.com/images/transferer-epargne-eur-vers-chf-suisse.png)

# Transferring your savings from euros to francs into Switzerland: supporting documents, cost and timing of the conversion

 Reading time: 14 minutes | **Updated: 28 October 2026**

By [Brice DELHOME](https://www.ibani.com/en/author/brice-delhome)

📌 In short: your savings move freely, but you must be able to tell their story

-   **Nothing to declare for a bank transfer**: the obligations under the anti-money laundering legislation fall on the Swiss bank or intermediary that receives the funds. Cash, on the other hand, must be declared from 10,000 euros when leaving the European Union.
-   **A large incoming payment will probably be examined**: the law requires the intermediary to clarify unusual transactions and, where the risk is higher, the economic background of large payments. Have ready the statements and documents that show where the money comes from: salaries, the sale of a property, an inheritance, the surrender of a life insurance policy.
-   **The exchange costs more than the transfer**: on 100,000 euros, each tenth of a percentage point of margin represents about 92 francs. Measure it by comparing the amount received with the reference rate of the day.
-   **Timing can weigh more than the margin**: over the last twelve months, EUR/CHF has ranged between 0.9008 and 0.9478, a gap of 4,700 francs on 100,000 euros. Converting in instalments does not beat the market, but it avoids staking everything on a single day.
-   **On the tax side**, the transfer is not taxed, but your savings form part of your taxable wealth in Switzerland, and your European accounts are reported to Switzerland every year under the automatic exchange of information.

A German couple arrives in Zurich with the proceeds from the sale of their flat in Freiburg im Breisgau, an Italian engineer who has settled in Lausanne wants to bring the ten years of savings she left in Milan over to Switzerland, a French manager posted to Geneva is unsure whether to convert 100,000 euros in one go. You are free to transfer your savings to Switzerland, but the operation raises three questions that people rarely ask before making the transfer: what the Swiss bank will ask when it sees a large sum arrive, how much the conversion into francs will really cost, and when to carry it out. This guide answers them on the basis of the legislation in force on 28 October 2026 and the history of the European Central Bank's reference rates.

## 1\. Can you freely transfer your savings to Switzerland?

**Yes: neither Switzerland nor the European Union restricts transfers made by an individual between their own accounts, and you have nothing to declare for a bank transfer.** The [Federal Act on Combating Money Laundering and Terrorist Financing](https://www.fedlex.admin.ch/eli/cc/1998/892_892_892/fr) (Anti-Money Laundering Act, AMLA, SR 955.0, text in French) places its obligations on financial intermediaries: the Swiss bank or provider that receives your money must identify you, understand the purpose of the business relationship and clarify unusual transactions. On your side, there is no form to fill in.

Free does not mean free of questions. Both the Swiss bank and the bank the money leaves from may ask you to explain the transaction, and the Swiss bank may refuse funds whose origin it cannot establish. The preparation therefore takes place before the transfer, not after. Three situations also call for particular attention:

-   **Cash** carried across the border, which must be declared on the European side and may be checked on the Swiss side (section 4).
-   **Your Swiss tax return**, in which your savings appear as wealth, wherever they are held (section 8).
-   **The status of your European accounts**: inform your bank of your new tax residence, since it reports your accounts to the country where you are resident (section 8).

## 2\. What does the Swiss bank check when the money arrives?

**It checks that the arrival of the money is consistent with what it knows about you: the law requires it to clarify an unusual transaction and, where the risk is higher, to establish in particular the economic background of large incoming payments and their plausibility.** The criteria are set out in the [FINMA Anti-Money Laundering Ordinance](https://www.fedlex.admin.ch/eli/cc/2015/390/fr) (AMLO-FINMA, SR 955.033.0, text in French), in the version in force on 28 October 2026.

### When you open the account

Article 6 of the AMLA requires the intermediary to identify the nature and purpose of the business relationship. When you open an account on arriving in Switzerland, the bank will therefore ask you what you intend to deposit in it. Announcing the transfer of your savings at that stage, with its approximate amount and its origin, avoids a transfer of 150,000 euros landing in an account presented as a simple salary account. Among the criteria that point to a higher-risk business relationship, the ordinance lists the size of the assets deposited and the size of the inflows and outflows of funds (Art. 13(2)(e) and (f) AMLO-FINMA).

### When the transfer arrives

Each intermediary sets its own detection criteria, but the ordinance lists the size of the inflows of funds and significant deviations from the type, volume or frequency of the account's usual transactions (Art. 14(2)). There is therefore no fixed amount below which a transfer goes through without questions: everything depends on your profile. When the transaction involves a higher risk, the intermediary must establish, depending on the circumstances (Art. 15(2)):

-   the origin of the assets deposited;
-   the economic background of large incoming payments and their plausibility;
-   the origin of your wealth;
-   your professional activity.

The law also specifies what the intermediary is trying to rule out: funds originating from a felony or an aggravated tax misdemeanour (Art. 6(2)(b) AMLA). That is why a bank may ask you, in addition to the origin of the money, for proof that it was declared to the tax authorities of your former country: a tax assessment is often enough.

If the clarifications do not dispel its doubts, the bank may refuse the funds, and it must inform the Money Laundering Reporting Office Switzerland (MROS) if its suspicions are well founded, without being allowed to tell you. Our guide on [sending money to your family from Switzerland](https://www.ibani.com/en/guides/sending-money-family-abroad-from-switzerland) describes these mechanisms in the opposite direction.

## 3\. Which supporting documents should you prepare, depending on where your savings come from?

**The general rule: be able to show the complete chain, from the event that created the money to the account the transfer leaves from.** Savings held in an account in your name for ten years can be explained with a few statements; a sum that arrived in that account recently requires the document that explains its arrival.

| Origin of the savings | Documents to prepare |
| --- | --- |
| Savings built up from your income | Statements of the savings account covering several years, payslips or tax assessments that make the amount plausible in relation to your income |
| Sale of a property | Notarised deed of sale, the notary's statement of account and a statement showing the sale price being paid into your account |
| Inheritance | Notarial deed of heirship, certificate of inheritance or equivalent, inheritance tax return and a statement showing your share being paid |
| Gift received | Deed of gift or declaration of the gift to the tax authorities, and a statement showing the payment |
| Surrender of a life insurance policy or savings plan | Contract, the insurer's surrender statement and a statement showing the payment |
| Sale of securities | Securities account statements and contract notes for the sales |
| Sale of a business or of company shares | Transfer agreement, the company's accounts and a statement showing the sale price being paid |
| Crypto-assets sold | Full history from the platform, from purchase to sale, and proof of the origin of the funds initially invested |

A few precautions avoid most of the back-and-forth:

-   **Transfer from an account in your name.** In Switzerland as in the European Union, the rules on transfers require every transfer to pass on the name and account number of the payer to the receiving bank. A transfer from a third party's account, even a relative's, raises an additional question: who is the beneficial owner of the money?
-   **Keep legible, complete copies**, with a translation if the document is not in a language the bank reads routinely.
-   **Notify the bank before the transfer**, stating the amount, the planned date and the origin. A clarification that has been prepared is generally quicker; a clarification triggered by surprise can hold up the funds for longer.
-   **Do not try to split the amount** to stay below a supposed threshold. The criteria target deviations from your usual pattern and transactions that are linked to one another: artificial splitting is itself a warning sign.

## 4\. Why does cash make everything more complicated?

**Carrying your savings in cash is legal, but it is the route that triggers the most checks and leaves the least evidence.**

-   **When leaving the European Union**, anyone carrying 10,000 euros or more in cash must declare it. Crossing the border from France, Germany, Italy or Austria means leaving the Union: the declaration is due on the European side.
-   **When entering Switzerland**, there is no spontaneous declaration, but customs may ask you for your identity, the origin and intended use of the money and its beneficial owner from 10,000 francs, or below that amount if there is a suspicion (Art. 3 of the [Ordinance on the Control of Cross-Border Cash Transfers](https://www.fedlex.admin.ch/eli/cc/2009/118/fr), text in French). Refusing to give your identity or the amount carried, or providing incorrect information, is punishable by a fine of up to 5,000 francs (Art. 5 of the ordinance, which refers to Art. 127 of the Customs Act), and the money may be provisionally seized (Art. 4).
-   **At the bank**, a physical deposit of more than 100,000 francs at the start of a business relationship, in one go or in stages, is in all cases treated as a higher-risk transaction (Art. 14(3)(a) AMLO-FINMA). This is the only figure for higher risk that the ordinance sets for a cash deposit at the start of a relationship.

Above all, banknotes have no history: where a transfer carries the trace of the originating account, cash forces you to reconstruct its origin with other documents. For savings already held in an account, a bank transfer remains the simplest route.

## 5\. How should you organise the transfer, and in which currency?

**Two decisions are taken separately: by which route the money leaves your European account, and at what moment it becomes francs.** Mixing them up often means paying for the exchange in the worst place.

### Transferring euros or francs

-   **Transfer euros to a euro account in Switzerland**: Switzerland is part of the SEPA area, and a euro transfer to a Swiss IBAN is a SEPA transfer if both banks participate in the scheme. You then convert in Switzerland, at the moment you choose.
-   **Let your European bank convert** into francs at departure: it is simple, but the rate applied is that bank's rate, on the day of the order, and it is rarely displayed next to the market rate.
-   **Use a currency exchange service** that receives your euros and pays francs into your Swiss account: the conversion takes place when you trigger it, with a stated margin.

### The practical details that hold up a transfer

-   **The online transfer limit** of your European bank is often well below your savings. Ask for a temporary increase or a signed order at a branch before the planned date.
-   **The fees for a transfer** to a country outside the Union depend on your bank: check its price list before placing the order.
-   **The beneficiary's name** must match exactly that of the Swiss account, with the full IBAN. A discrepancy can cause the payment to be blocked or returned.
-   **Fixed-term investments**: a term deposit, a life insurance policy or a statutory savings plan may require notice or charge exit penalties. Check them before setting your timetable.

If you also need francs straight away, for a rent guarantee for example, see our guide on [funding a rent guarantee from abroad](https://www.ibani.com/en/guides/swiss-rent-guarantee-deposit-from-abroad) and our [checklist for moving to Switzerland](https://www.ibani.com/en/guides/moving-to-switzerland-checklist).

## 6\. How much does the conversion cost, and where is the margin hidden?

**On a large amount, transfer fees are marginal: what costs money is the gap between the rate you are given and the market rate.** At the European Central Bank's reference rate of 28 October 2026, 1 euro was worth 0.9247 franc: 100,000 euros therefore represented 92,470 francs before any margin. Each tenth of a percentage point of margin costs about 92 francs on this amount.

| Margin applied to the rate | Cost on 100,000 euros | Francs received |
| --- | --- | --- |
| 0.30% | 277 francs | 92,193 francs |
| 0.50% | 462 francs | 92,008 francs |
| 1% | 925 francs | 91,545 francs |
| 2% | 1,849 francs | 90,621 francs |

Calculated at the ECB reference rate of 28 October 2026 (0.9247), excluding transfer fees.

The margin is rarely shown openly. To measure it, divide the francs received by the euros sent and compare the result with the reference rate of the same day: our guide on [how to calculate an exchange rate](https://www.ibani.com/en/guides/how-to-calculate-exchange-rate) explains the calculation in detail, and the day's rate can be followed on our [CHF-EUR converter](https://www.ibani.com/en/currency-converter/chf-to-eur-rate). Also ask for the rate in writing before placing the order: a rate advertised as "fee-free" can hide the widest margin.

**💡 Currency exchange with ibani:** [ibani](https://www.ibani.com/en/app) is a Geneva-based financial intermediary affiliated with SO-FIT, a self-regulatory organisation (SRO), and not a bank. You transfer your euros to a Swiss IBAN in your name, which serves as a pass-through account and not a deposit account: they are converted into francs at the real market rate, plus a sliding margin of 0.40% to 0.15% depending on the amount, then paid into your bank account in Switzerland. For 100,000 euros, or about 92,000 francs, the margin is 0.30%. You trigger the conversion when you decide, in one go or in several, and a rate can be locked for 24 hours on request by email or by phone. Like any intermediary, ibani verifies your identity and may ask you about the origin of the funds.

## 7\. Convert in one go or in instalments?

**With substantial savings, the day of the conversion can weigh more than the margin: over the last twelve months, the gap between the best and the worst ECB reference rate represents 4,700 francs on 100,000 euros.** The rate fell to 0.9008 on 9 March 2026 and rose to 0.9478 on 30 September 2026: 100,000 euros were worth 90,080 francs on the first date and 94,780 francs on the second. Nobody knows these dates in advance.

### What five years of reference rates show

Using the ECB's daily reference rates from 28 October 2021 to 28 October 2026, we calculated what each strategy would have produced:

-   **Over one month**, EUR/CHF moved by a median of 0.83%, or about 770 francs on 100,000 euros. The change exceeded 1% in 42% of cases and 2% in 12% of cases.
-   **Over five years**, the euro lost 13% against the franc: 100,000 euros were worth 106,560 francs on 28 October 2021, compared with 92,470 francs on 28 October 2026.
-   **Immediate conversion versus six equal monthly instalments**: because the euro mainly fell over the period, immediate conversion gave a better result in two cases out of three. The median gap between the two methods was 0.91%, and it exceeded 2.4% one time in ten.

These figures describe the past and say nothing about the direction of the coming months. They show that instalments did not improve the result over the period: they spread the risk over several dates, which avoids the worst day but also the best one.

### The criteria that really matter

-   **The date on which you need the francs.** A property purchase, a rent guarantee or a contribution due on a specific date cannot be played out over several months: the amount owed in francs is known, and the risk is being short of francs when the day comes. Savings with no particular purpose can be converted gradually.
-   **The interest rate differential.** On 28 October 2026, the Swiss National Bank's policy rate is 0% and the ECB's deposit facility rate is 2.50%; savings in euros generally earn more than savings in francs. Holding euros for longer can therefore earn interest, but leaves you exposed to a fall in the euro.
-   **Your future expenses.** If you continue to pay expenses in euros, a mortgage in your former country for example, keeping part of your savings in euros avoids a double conversion.

Our [analysis of EUR/CHF](https://www.ibani.com/en/guides/chf-eur-exchange-rate-forecast), updated after each SNB and ECB decision, reviews the factors weighing on the rate. It is no substitute for advice tailored to your financial situation.

## 8\. What does this transfer change for your taxes in Switzerland?

**The transfer itself is not taxed: moving your own money from one account to another is not income. What matters is your residence.** If you are resident in Switzerland, you have unlimited tax liability (Art. 6(1) DBG/LIFD for direct federal tax, a rule mirrored in the cantonal laws): it extends to your income and wealth abroad, with the exception of businesses, permanent establishments and real estate located outside Switzerland. The cantonal wealth tax is levied on total net wealth (Art. 13(1) StHG/LHID), and the interest on your accounts is taxable income (Art. 20(1)(a) DBG/LIFD).

Your savings must therefore appear in your Swiss tax return, whether they are still in a European account or have already been transferred. European accounts do not go unnoticed: under the [agreement between Switzerland and the European Union on the automatic exchange of financial account information](https://www.fedlex.admin.ch/eli/cc/2005/444/fr) (SR 0.641.926.81, text in French), each member state sends Switzerland every year the name, address, tax identification number, account number and balance of the accounts held by Swiss residents, as well as the income paid into them (Art. 2). The mechanism works in both directions.

Our guide on [wealth tax in Switzerland](https://www.ibani.com/en/guides/wealth-tax-switzerland-cantons) explains what must be declared for assets held abroad, the value used for a euro account and the scales canton by canton. In the year of your arrival, your former country may also tax you up to the date of your departure: settle your tax obligations there before considering the matter closed.

## 9\. Key takeaways

Transferring your savings to Switzerland requires no declaration for a bank transfer, but the Swiss bank must understand where a large payment comes from. Announce the transfer when you open the account, prepare the documents that show the origin of the money, and transfer from an account in your name rather than carrying cash.

Three decisions remain yours: **the route of the transfer**, in euros or already converted; **the exchange margin**, which you measure by comparing the amount received with the reference rate of the day; and **the timing of the conversion**, which can weigh more than the margin on a large sum and which regular instalments allow you to spread. Then do not forget to declare your savings, wherever they are held, in your Swiss tax return.

## 10\. Frequently asked questions

No, for a bank transfer. No Swiss provision requires an individual to declare a transfer they receive from abroad: the obligations under the anti-money laundering legislation fall on the bank or intermediary that receives the funds. Two situations require a step on your part: cash, which Swiss customs may ask you to justify from 10,000 francs and which the European Union requires you to declare from 10,000 euros when leaving its territory; and your Swiss tax return, where your savings are included in your wealth, whether they are held in Switzerland or abroad.

The FINMA Anti-Money Laundering Ordinance lists the origin of the assets deposited, the economic background of large incoming payments and their plausibility, the origin of the client's wealth and their professional activity (Art. 15(2) AMLO-FINMA). In practice: statements of the originating account covering several years, payslips or tax assessments for savings built up over time, the deed of sale for a property, the certificate of inheritance or notarial deed of heirship for an inheritance, the surrender statement for a life insurance policy, and a statement showing the money arriving in the originating account.

There is no single amount. Each intermediary sets its own risk criteria, which include the size of the assets deposited and of the inflows of funds, and deviations from the account's usual transactions (Art. 13 and 14 AMLO-FINMA). For a bank transfer, the ordinance sets no threshold. The only amount it mentions for a relationship that is just starting concerns physical deposits: more than 100,000 francs brought in at the start of a business relationship, in one go or in stages, is always treated as a higher-risk transaction. In practice, a transfer that clearly exceeds what your income can explain will prompt a clarification.

Neither method wins every time. Over the last five years, the euro has fallen against the franc, and converting immediately did better than six monthly instalments in two cases out of three. Instalments, on the other hand, avoid staking everything on a single day: over one month, EUR/CHF moved by more than 1% in 42% of cases, and the gap between the best and the worst rate of the last twelve months amounts to 4,700 francs on 100,000 euros. The choice depends on when you need the francs and on the risk you are prepared to accept.

At the ECB reference rate of 28 October 2026 (0.9247), 100,000 euros are worth 92,470 francs before margin. Each tenth of a percentage point of margin costs about 92 francs: 277 francs with a margin of 0.30%, 925 francs with 1%, 1,849 francs with 2%. Transfer fees come on top. To find out the margin actually applied, compare the amount received in francs with the reference rate of the day.

It is legal but impractical. If you leave the European Union with 10,000 euros or more, you must declare them to EU customs. In Switzerland, customs may question you about the origin and intended use of the money from 10,000 francs; refusing to state the amount or giving false information is punishable by a fine of up to 5,000 francs. At the bank, a physical deposit of more than 100,000 francs at the start of the relationship is always treated as a higher-risk transaction, and cash has no banking trail to prove its origin. A transfer from an account in your name is much easier to justify.

No, moving your own money from one account to another is not income. If you are resident in Switzerland, your savings form part of your taxable wealth, whether they are held in Switzerland or abroad, and the interest is taxed as income. The accounts you keep in a European Union member state are reported to Switzerland every year, with their balance, under the automatic exchange of information; they must in any case appear in your tax return.

## Official sources

-   [Federal Act of 10 October 1997 on Combating Money Laundering and Terrorist Financing (AMLA, SR 955.0)](https://www.fedlex.admin.ch/eli/cc/1998/892_892_892/fr), as at 1 October 2026: Art. 6, 9 and 10a — Fedlex, accessed 28 October 2026 (in French)
-   [Ordinance of the Swiss Financial Market Supervisory Authority on Combating Money Laundering and Terrorist Financing (AMLO-FINMA, SR 955.033.0)](https://www.fedlex.admin.ch/eli/cc/2015/390/fr), as at 1 January 2023: Art. 13, 14 and 15 — Fedlex, accessed 28 October 2026 (in French); [consultation on the partial revision of the AMLO-FINMA](https://www.finma.ch/en/news/2026/05/20260512-mm-anh-gwv-finma/) (12 May 2026) — FINMA
-   [Ordinance on the Control of Cross-Border Cash Transfers (SR 631.052)](https://www.fedlex.admin.ch/eli/cc/2009/118/fr), as at 1 January 2022: Art. 3 to 5 — Fedlex (in French); [Cash, foreign currencies, securities](https://www.bazg.admin.ch/fr/transport-argent-liquide-en-suisse) — Federal Office for Customs and Border Security (in French); [EU cash controls](https://taxation-customs.ec.europa.eu/customs/prohibitions-restrictions/eu-cash-controls_en) — European Commission, accessed 28 October 2026
-   [Agreement between the Swiss Confederation and the European Union on the automatic exchange of financial account information to improve international tax compliance (SR 0.641.926.81)](https://www.fedlex.admin.ch/eli/cc/2005/444/fr), as at 1 January 2026: Art. 2 — Fedlex, accessed 28 October 2026 (in French)
-   [Federal Act on Direct Federal Taxation (DBG/LIFD, SR 642.11)](https://www.fedlex.admin.ch/eli/cc/1991/1184_1184_1184/fr), as at 2 September 2026: Art. 6 and 20; [Federal Act on the Harmonisation of Direct Taxes of the Cantons and Communes (StHG/LHID, SR 642.14)](https://www.fedlex.admin.ch/eli/cc/1991/1256_1256_1256/fr), as at 1 January 2025: Art. 13 — Fedlex, accessed 28 October 2026 (in French)
-   [Swiss franc/euro reference exchange rate, daily series](https://data.ecb.europa.eu/data/datasets/EXR/EXR.D.CHF.EUR.SP00.A) (28 October 2021 to 28 October 2026) and [key interest rates](https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html) — European Central Bank; [monetary policy assessment of 24 September 2026](https://www.snb.ch/en/publications/communication/press-releases-restricted/pre_20260924) — Swiss National Bank, accessed 28 October 2026
-   [list of SEPA scheme countries](https://www.europeanpaymentscouncil.eu/sites/default/files/kb/file/2025-12/EPC409-09%20EPC%20List%20of%20SEPA%20Scheme%20Countries%20v8.0.pdf) (v8.0, 24 December 2025) — European Payments Council, accessed 28 October 2026

**Disclaimer:** this guide describes Swiss law in force and the reference rates published as at 28 October 2026. Due diligence criteria vary from one intermediary to another, FINMA opened a consultation in May 2026 on a partial revision of the AMLO-FINMA whose date of entry into force is not known, and the rate statistics describe the past without prejudging future developments. This information is provided for guidance only and constitutes neither legal advice, nor tax advice, nor an investment or currency exchange recommendation. Before a large transfer, have your bank confirm the documents it expects and your canton's tax administration confirm your tax situation.

## Savings in euros, a new life in francs?

Our Geneva-based team helps people who convert their savings when they arrive in Switzerland, in one go or over several months. A financial intermediary audited for its activity, affiliated with SO-FIT (SRO).

We are available by [email](https://www.ibani.com/en/contact) or by [phone](https://www.ibani.com/en/contact) from Monday to Friday.

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