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How to receive your Swiss pension in Europe and save €50 a month

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The Context:

A Swiss pension paid abroad

Chantal is a French national. After the death of her husband, who had worked in Switzerland for many years, she became entitled to a Swiss AHV survivor’s pension (1st pillar).

A few years ago, Chantal decided to move abroad. For convenience, she provided the Swiss Compensation Office (AHV) with the IBAN of her euro-denominated bank account. For some time, the process seemed straightforward: the AHV sent the amount in Swiss francs and her bank converted it into euros before crediting it to her account.

However, a hidden cost was taking hundreds of euros away from her every year.

The Discovery:

the "Currency Watch" webinar on YouTube

One day, while looking for information about the Swiss franc’s performance, Chantal comes across a video from the Currency Watch series on Moneyswapp.com’s YouTube channel.

Thanks to the videos, she understands two key aspects:

  • The long-term strength of the CHF: the Swiss franc has shown a consistent upward trend against the euro.
  • The impact of hidden fees: by leaving the conversion to her bank abroad, she was being penalised twice:
    1. Unfavourable exchange rate: the bank applied a spread of 1.5% – 2% compared with the real market exchange rate.
    2. International payment fees: the bank charged fees for receiving an international transfer from a non-EU/SEPA country.

Calculator in hand, Chantal discovers that she was losing around €50 a month, or more than €600 a year.

The Problem:

High cost of a Swiss bank account

Chantal decides to take action, but encounters an obstacle: the AHV requires an account with an IBAN in her name for the pension to be paid.

However, she does not have a bank account in Switzerland.

Opening a Swiss bank account as a person living abroad often involves high account management fees (from CHF 20 to CHF 40 per month).

The Solution:

The Free Virtual CHF IBAN from Moneyswapp.com

Moneyswapp.com offered the ideal solution: the free Virtual CHF IBAN.

Thanks to the vIBAN, Chantal was able to obtain:

Personal Swiss IBAN

Chantal obtained a Swiss CHF IBAN in her name, fully recognized by the AHV.

Unbeatable exchange rate

Spreads starting from 0.15% (compared with 1.5%-2% at traditional banks).

No account maintenance fees

No monthly fees or account opening costs.

No fees for receiving international payments

The funds are transferred directly to her account abroad, converted at the best exchange rate.
The Result

€50 more per month in net pension income

Today, the AHV pays the pension into the Virtual CHF IBAN provided by Moneyswapp.com, which converts and transfers the amount in euros to Chantal’s account abroad.

The final result:

  • €50 more every month directly into her bank account (+€600/year),
  • No Swiss bank account fees,
  • Maximum transparency and speed.

“I thought losing part of my pension because of the exchange rate was unavoidable. Thanks to the Currency Watch series and Moneyswapp.com’s virtual IBAN, I’ve been able to optimise the management of this monthly income in a practical and cost-effective way.”

– Chantal

Do you receive a Swiss pension or salary abroad?

Stop wasting money on bank fees.

Watch our videos on YouTube Currency Watch or discover the Free Virtual CHF IBAN from Moneyswapp.com and calculate your savings now.

Watch the videos on YouTube
Try the free Virtual IBAN