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International Money Transfers from Switzerland an Information Brochure for Migrants Disclaimer

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International Money Transfers from Switzerland an Information Brochure for Migrants Disclaimer International money transfers from Switzerland An information brochure for migrants Disclaimer SECO assumes no liability for the correctness, accuracy, relevance, reliability or completeness of the information published. The information printed in this brochure and in the supplement represents the state of knowledge as at 1 July 2008. Details on prices and services are furnished by the service providers and could not be verified in all cases. More- over, the information may have changed since publication of this brochure (and its supplement). Therefore, before using any of the services, the user should check the current information from the service provider and should not rely solely upon the details given in this brochure (and the supplement). In all cases, the user should enquire about the service fee and exchange rate. In no event will the Federal Authorities be liable for any loss or damage of a material or immaterial nature arising from use or non-use of published information. Contact State Secretariat for Economic Affairs SECO Economic Cooperation and Development Effingerstrasse 1 CH-3003 Bern [email protected] Tel. +41 (0)31 324 09 10 www.seco-cooperation.ch Year of publication: 2009 This brochure is available in German, French, Italian, English, Albanian, Bosnian, Macedonian and Serbian. Foreword Recent years have seen increased discussion on how best to use the opportunities posed by migration and mitigate the negative effects. A key topic in this respect is the transfer of money, or remittances, by migrant workers to their country of origin. The value of such remittances currently accounts for more than twice the total of official development aid. The objective must therefore be to cut down on the time and costs for remittances and strengthen their contribution to development efforts. The State Secretariat for Economic Affairs SECO works towards both of these goals as part of its economic cooperation with developing and transition countries. In publishing this brochure, it contributes to greater transparency among the various operators and services on the Swiss market. In addition, in promoting private sector development in transition and developing countries, it is helping to create attractive savings and investment opportunities on site. This encourages recipients to use the money not only for spending but also, and increasingly, for productive investments, thereby contributing to growth and job creation in their own country. In addition to specific details on money transfer operators in Switzerland, including their services and prices, this brochure also provides general information on money transfers and financial services. This will help users of such services to overcome knowledge barriers and make it easier for them to access financial services. With this brochure, the State Secretariat for Economic Affairs SECO aims to provide you with a solid decision-making basis for the next time you send money home. At the same time, we must stress that you should always check the price and conditions before making a transfer, as these can change very quickly. By law, operators are obliged to display their prices and exchange rates, so make sure to ask to see these. The future of the money transfer market is also of interest. We can expect to see some new products that make transfers even more efficient, such as the possibility of sending money by mobile phone. In terms of development policy, products designed specifically for migrants – combining money transfer with savings and investment opportunities – would be particularly welcome. Jean-Daniel Gerber State Secretary State Secretariat for Economic Affairs SECO 3 Table of contents 1. Overview: What are the options? 6 2. Banks 8 3. Post office: Swiss Post 11 4. Money transfer operators 12 5. Online payment systems 14 6. Glossary 16 1. Overview: What are the options? Do you want to send money from Switzerland to However, depending on the provider and their your family members, friends or acquaintances in offering, the costs, transfer times and terms of use another country? If so, there are a number of op- differ enormously. This brochure provides infor- tions available to you. You can transfer the money mation on the most important transfer possibilities either via a bank, the post office or a specialised and outlines the advantages and disadvantages money transfer firm. You can also use an online of each. payment system to send the money. A. Legislation* on price transparency in money transfers In Switzerland, consumers must be informed in advance of the • The prices and the associated services should be published in charges for banking and bank-like services, such as domestic and price lists, catalogues, the Internet, etc. in an easily accessible international payments and currency exchange. The following and clearly legible manner. At banks, post offices, bureaux de rules apply: change, money transfer firms, etc., the pricing information must be published or posted at the counter or wherever the customer • For foreign exchange transactions at the counter, the exchange normally is. It is not sufficient to merely state such information rates for buying and selling the major currencies must be posted. orally. This must be updated daily, specifying that the actual rates may differ and should be obtained from the counter. The fees Any breaches of these transparency rules may be reported to the incurred in buying/selling foreign currencies should be stated appropriate cantonal commercial police authorities. in a clear and transparent manner. • For money transfer transactions, the transfer fees should be * Ordinance of 11 December 1978 on the Notification of Prices specified. 6 In the coloured boxes, you’ll find useful infor- Please note that this brochure does not contain mation concerning money transfers. Terms printed information on transfers to specific countries but in italics are explained in the glossary on page merely selects the most common transfer possi- 16ff. In the supplement to this brochure, you will bilities and explains in general how these work. find the fees of various providers, expected trans- fer times and other important details at a glance. Note that banks and other businesses offering bank-like services in Switzerland are legally obliged to publish their prices (see Box A). Depending on the canton and your category of residence permit, you may also be able to deduct your money transfers for tax purposes (see Box B). B. Money transfers and tax deductions Migrants with a „C” permit and naturalised citizens in Switzerland family members who are partially or totally unfit for work or in are subject to normal tax assessment, i.e. like all natural persons need of care. Note that the possibilities for deductions may differ living or residing in Switzerland, they must file a normal tax from one canton to another. In general, you will be asked to pro- return. The part of a migrant’s salary that is sent to his or her vide proof of money transfers made to the funded person abroad family in the country of origin can be taken into account within as well as official certificates on their income situation and their the scope of social security deductions (DBG Art. 213). However, partial or total unfitness for work or need for care. this deduction only applies for maintenance payments for children who are of minor age or in vocational education and for 7 lsedfdfne 2. Banks General information How do I transfer money There are over 300 banks in Switzerland. All of abroad via a bank? these have a licence to operate from the Swiss In general, you can make international transfers Federal Banking Commission and are subject in writing (letter or form) or via e-banking (see to state regulation. To make payments abroad, Box E). Often it is also possible to submit your banks require you to have an account with them. order at the counter or by telephone, although Occasional customers, i.e. who do not have a these options generally cost more. To minimise bank account, are no longer accepted under the the costs incurred in sending money, it is impor- anti-money laundering rules. If you already have a tant to give the bank the following information bank account in your home country and your bank when submitting your payment order, whether has a subsidiary or branch in Switzerland, you can by Internet, in writing or by phone: make money transfers to your home country in the form of domestic payments via the Swiss subsi- Your name and address diary or branch. If this is not the case and you plan Your account number or IBAN to remain for an extended period in Switzerland, (see Box D) you are advised to open an account with a Swiss The recipient’s name and address bank. You will find all the necessary details for The recipient’s BIC and IBAN (see Box D) opening an account in Box C. Note that the or account number recipient must also have a bank account. The name and address of the recipient’s bank The destination country The currency The amount you wish to transfer The reason for payment C. How do I open an account? Your chosen payment option, see p. 10 Opening a bank account is normally a simple and straight- forward process. Go to any bank of your choice and ask about the various accounts they offer. If you want to send money abroad, your best option would be to open a salary or current account. To open an account, you usually need to take along your passport, your residence permit (B, C, L, G, F, N) or refugee travel document and proof of your address. In certain cases, D. What do IBAN and BIC mean? the bank may also ask to see a copy of your employment IBAN stands for International Bank Account Number and contract or your work permit.
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