--- title: "How it works? Exchange your currencies at the best rate, with no hidden fees." url: https://www.ibani.com/en/how-it-works lang: en --- Currency exchange, simple and transparent since 2018 # How it works? Exchange your currencies at the best rate, with no hidden fees. ibani is built on a simple principle: a **personal Swiss transit IBAN** in your name. You receive your funds on it, we convert them at the real market rate (+ margin from 0.15%), then we transfer them to the account of your choice. Discover how it works in 5 steps. [Download the app](https://www.ibani.com/en/app) See the 5 steps ↓ **35,000+** Active clients **0.40%** Max. margin **4.7/5** 2,000+ reviews Currency exchange at a glance | Criterion | ibani | Bank | Exchange office | | --- | --- | --- | --- | | Starting rate | Real interbank | « In-house » rate | « In-house » rate | | Exchange margin | From 0.15% | ~1.5% to 2% | Often > 2% | | Transfer fees | 0 CHF | Variable | — | | Personal Swiss IBAN | Yes, dedicated | Full account required | No | | To declare in taxes | No (transit account) | Yes | — | | 100% digital tracking | Yes | Partial | No | Margin from 0.40% to 0.15% on the real interbank rate  ·  0 transfer fees **35,000+ clients** Cross-border workers, individuals & businesses **CHF 1 Billion+** Processed since 2018 **Transfer in 30 min** On a business-day morning **4.7/5 · Excellent** On 2,000+ client reviews [![SO-FIT logo](https://www.ibani.com/images/sofit-light.svg) SO-FIT (SRO) affiliated\*](https://so-fit.ch/) ibani at a glance ## Currency exchange, reduced to its simplest form. In short: ibani is a Swiss currency exchange service. You receive your funds on a personal Swiss transit IBAN, ibani converts them at the real market rate, plus a margin of 0.40% to 0.15% depending on the amount, then sends them to the account of your choice. Here are the four essential points to remember. ### A personal Swiss transit IBAN A CH IBAN in your name, dedicated to a currency pair. It's not a deposit account to declare, but a pass-through account for currency exchange. ### The real market rate A sliding margin from 0.40% to 0.15% (up to 10× lower than banks), applied to the interbank rate. No hidden fees. ### Automatic or manual exchange Automatic conversion on receipt, or put on hold to trigger the exchange yourself when the rate suits you. ### Swiss security and self-regulation Founded in Geneva in 2018, ibani SA is a financial intermediary affiliated with SO-FIT, a self-regulatory organisation recognised by FINMA. How it works ## Your exchange in 5 steps. Set up once, automatic thereafter. Manually exchanging your currencies at the bank or exchange office wastes time and money. With ibani, you set up your transfer route just once: then every incoming transfer is converted and repatriated all by itself. ### Download the ibani app Available on iOS and Android. Sign-up is 100% digital, free and takes around 5 minutes, with fast identity verification. ### Choose your currency pair Tell us the currency in which you will receive your funds, then the one into which we should convert them: CHF, EUR, USD, GBP, CAD, SGD, HKD, JPY, NOK, NZD, SEK or TRY. ### Provide the destination account Enter the details of the bank account on which you want to receive the funds once converted. ### Get your personal Swiss IBAN We assign you a CH IBAN in your name, dedicated to the route you have just created. It's a pass-through account, not a deposit account: nothing to declare in your taxes. ### Send your funds, and off you go! The funds received are converted at the market rate (+ margin from 0.15%) on receipt (or at your signal), then transferred to the destination account. Received on a business-day morning, they leave again within half an hour. [▶ Watch the explainer video](https://youtu.be/P96P3LnCbE0) Your ibani Dashboard Funds received · Auto conversion CHF → EUR · Rate: 1.0543 +4,744.35 EUR 2h ago Transfer · Destination account Transfer successful −4,744.35 EUR 1h ago Swiss bill paid Health insurance · Deducted before exchange −312.00 CHF 30 d. ago Total saved this year vs. your bank 912.40EUR Your Swiss IBAN ## A personal Swiss IBAN, in your name. The heart of the ibani service is your personal Swiss IBAN. It lets you automate your currency exchange simply and securely. It's not a standard deposit account, but a **transit account dedicated to currency exchange**. You'll find your Swiss bank details directly in the mobile app, ready to share with an employer, a temp agency or any payer. As it bears your name, no reference code is needed for the funds to arrive safely. [See all our currencies →](https://www.ibani.com/en/currency-converter/currencies) ![Screen of the ibani app showing the personal Swiss transit IBAN](https://www.ibani.com/images/iban-en.png) ![Screen for adding a Swiss bill (health insurance, 3rd pillar) in the ibani app](https://www.ibani.com/images/invoice-en.png) Payment at source ## Pay your Swiss bills before exchanging. ibani goes further than simple currency exchange. Add your one-off or recurring Swiss bills to the app (health insurance, 3rd pillar, parking, phone…). When your funds in CHF arrive, ibani: 1. pays your bill in CHF, **with no exchange or transfer fees**; 2. then converts the balance into euros and repatriates it (automatic exchange), or keeps it in CHF awaiting your signal (manual exchange). No more making your money take pointless round trips across the border. [The guide to automating your bills →](https://www.ibani.com/en/guides/automate-swiss-bill-payments) You stay in control ## Automatic or manual exchange, your choice. By default, every transfer received on your ibani IBAN is converted on receipt at the market rate (+ margin from 0.15%), then transferred to your destination account. Prefer to wait for a better rate? Switch your IBAN to **manual mode**: the funds stay on hold until you trigger the exchange at the desired moment, at the real market rate of that instant, with the same margin. [See our rates →](https://www.ibani.com/en/rates) ![Home screen of the ibani app: balance, rate and exchange management](https://www.ibani.com/images/dashboard-en.png) Why it changes everything ## A way of working designed down to the detail. Everything you need to exchange your currencies and transfer your funds, with no constraints or nasty surprises. ### No transfer reference needed Thanks to the personal IBAN, your funds arrive safely without having to enter any reference in the transfer. The only exchange service to allow this. ### No Swiss bank account needed Your ibani IBAN is a Swiss IBAN: give it directly to your employer or payer. You can do without a traditional Swiss bank account. ### No transfer limit No cap on the frequency, number or volume of your transfers. Suitable for monthly salary as well as large one-off amounts. ### Zero hidden fees A single sliding margin from 0.40% to 0.15% on the exchange. No transfer, opening, maintenance or account closing fees. Nothing else. ### Multi-currency CHF → EUR, but also USD, GBP, CAD, SGD, HKD, JPY, NOK, NZD, SEK and TRY — 12 currencies in total. Each pair has its own dedicated transit IBAN. ### Rewarding referrals Get CHF 25 for each person you refer, and give them CHF 10 welcome. [Learn more](https://www.ibani.com/en/referral). What our clients say ## 4.7/5 across more than 2 000 reviews Thousands of clients who trust us with their currency exchange, every month, since 2018. ★★★★★ I am entirely satisfied with your services, your phone support, your responses and your speed of execution. You are a very dynamic and very friendly team. Eric M. ★★★★★ Very satisfied with ibani's services. Very good exchange rate, transaction completed quickly, efficient app — in short, true professionals to recommend. Frédérique D. ★★★★★ An ibani user for a few months now, I'm satisfied with the services offered. Conversion and transfer are done at excellent rates and speed! Christophe L. ★★★★★ First experience with ibani and no regrets. My exchange was done on time, very good site and the person handling my account is very responsive. Thomas G. ★★★★★ Advantageous and efficient transfers. The team is professional and very friendly. I find it reassuring that the head office is in Geneva. Christophe C. & Stéphane L. ★★★★★ I'm completely satisfied with ibani's services. Transfers are fast and the rate very good. I recommend. Cédric D. Frequently asked questions ## How it works: your questions The essential answers to understand how ibani works with full confidence. ibani assigns you a Swiss (CH) IBAN in your name, dedicated to a transfer route. As soon as a transfer is received on it, ibani converts the funds at the real market rate, plus a margin of 0.40% to 0.15% depending on the amount, and transfers them to your destination account. It's a pass-through account, not a deposit account to declare. If we receive your funds on a business-day morning, the converted funds are sent back to the destination account within half an hour. In manual mode, the conversion is triggered when you decide. No. The ibani IBAN is a transit account (pass-through account) and not a bank deposit account. The funds only stay there for the time of the conversion and transfer, so you don't need to declare it. ibani handles 12 currencies: CHF, EUR, USD, GBP, CAD, SGD, HKD, JPY, NOK, NZD, SEK and TRY. Each currency pair has its own transfer route with a dedicated transit IBAN. Find the details on the [our currencies](https://www.ibani.com/en/currency-converter/currencies) page. Yes. You can save one-off or recurring Swiss bills in the app. ibani pays them in CHF as soon as your funds are received, with no exchange or transfer fees, before converting and transferring the balance according to your preferences. See the guide [Automate your Swiss bill payments](https://www.ibani.com/en/guides/automate-swiss-bill-payments). ibani applies a sliding margin from 0.40% to 0.15% on the real exchange rate. There are no opening, account maintenance or SEPA transfer fees. It's up to 10× cheaper than a traditional bank. See the details on the [Rates](https://www.ibani.com/en/rates) page. Yes. Founded in Geneva in 2018, ibani SA is a financial intermediary affiliated with [SO-FIT](https://so-fit.ch/), a self-regulatory organisation recognised by [FINMA](https://www.finma.ch/) in accordance with the Anti-Money Laundering Act (AMLA). [See all questions →](https://www.ibani.com/en/support) ## Ready to exchange your currencies at the best market rate? Opening an account is free, 100% digital and takes just 5 minutes. Join 35,000 clients who have trusted ibani since 2018. [DOWNLOAD THE APP](https://www.ibani.com/en/app) [Talk to an advisor](https://www.ibani.com/en/contact) ✓ Zero opening fees  ·  ✓ SO-FIT affiliated (SRO)  ·  ✓ Data hosted in Switzerland [![SO-FIT logo](https://www.ibani.com/images/sofit-light.svg)](https://so-fit.ch/) ## Swiss financial intermediary subject to the AMLA regulatory framework Your money is handled with the utmost regulatory rigour. ibani SA is a FinTech company established since 2018 in the heart of Geneva, Switzerland. We are a financial intermediary audited for our activity, with thousands of clients and operations to our name. ibani SA is affiliated with [SO-FIT](https://so-fit.ch/) as a financial intermediary. SO-FIT is a self-regulatory organisation (SRO) approved by the Swiss Financial Market Supervisory Authority ([FINMA](https://www.finma.ch/en/authorisation/self-regulatory-organisations-sros/)) for the supervision of the financial intermediaries referred to in Article 2 para. 3 of the Swiss Federal Act on Combating Money Laundering and Terrorist Financing in the Financial Sector (Anti-Money Laundering Act, AMLA).