Swiss Banks’ Foreign Exchange Rate Comparisonby Michael Wüst, Co-Founder and CEO at AMNIS Treasury Services AG December 1, 2021
Swiss banks charge on average 1.46% for currency exchange. In some cases 4.5 times more than amnis.
Small and medium-sized companies are often unaware that high exchange rate mark-ups are hidden in the standard industry exchange rates. Amnis, however, is committed to transparent conditions and, thus, regularly analyzes the fees included in banks’ foreign exchange rates.
The chart below shows a comparison of the fees included in the exchange rates for a currency exchange of max. CHF 50’000:
Swiss banks charge between 1 and 1.9 percent for currency exchange. Amnis, on the other hand, offers fair and transparent conditions. The highest fee of amnis is 0.40%. The solution is therefore already worthwile for low annual volumes. With our “Essential” or “Professional” plans, the fee is 0.3% and 0.2% respectively. For customers with a very high currency volume, we are also happy to prepare a custom offer. Moreover, the foreign exchange account in our amnis starter package is available to anyone free of charge.
If your bank is not included in the analysis, we are happy to provide you with a non-binding comparison quote.
SMEs that regularly exchange foreign currencies can save with Amnis up to 1.46% of the total CHF amount exchanged. Hence, a company with a monthly FX volume of CHF 50,000 can already save more than CHF 8,400 per year. Already in the first half of 2021, SMEs saved more than 2.5 million thanks to Amnis.
By following three simple steps, you can create transparency and, most probably, save some money:
- Never exchange currencies by means of standard account transfers. This can cost you up to 2.5% of the amount exchanged.
- Know your costs! Find out the margins and fees included in your exchange rates.
- Compare the various conditions and services.
Amnis WebApp combines all the tools you need for optimizing international payments and currency exchange. Send and receive international payments without any hidden fees. Bank opening hours no longer play a role. You can access our platform whenever you want and exchange currencies even on weekends – 24/7.
This article first appeared on amnistreasury.com