Comparative analysis of foreign exchange rates: Alpian’s competitive advantage over other Swiss providers

In Switzerland, the average FX mark-up, the fees charged by intermediaries over market rates, is estimated at around 1,7%, leading to frustration for many individuals. As Alpian is committed to offering better and more transparent FX rates to Swiss residents and expatriates, this study aims to assess our competitive positioning in the Swiss FX market compared to other providers.

By utilising a systematic approach, we collected and analysed FX rates from Alpian and 5 other key groups of players in the market, focusing on the most commonly used currency pairs in Switzerland. The results indicate that Alpian consistently offers the most competitive rates in Switzerland for retail clients during business days on the most used currency pairs: EUR/CHF (USD/CHF and GBP/CHF show similar relative rankings).

Overview of Alpian’s offering 

• Alpian offers competitive FX rates on various currencies through a single app. Included as a default in the banking package is a multi-currency account. This account allows users to hold and exchange four currencies: CHF, USD, EUR, and GBP. A single debit card is linked to the multi-currency account, featuring an automatic conversion function, thus eliminating the need for users to maintain exact balances when they travel. 

• The focus on CHF, USD, EUR, and GBP is motivated by the fact that these are the primary currencies used by Swiss residents and expatriates. 

• Alpian's pricing is as follows: During business days, an FX mark-up of 0,20% is applied on top of the market rates (0,20% of the foreign currency transaction volume). This mark-up covers our costs to access the market. On weekends (from Friday at 21:00 until Monday at 08:00), the FX mark-up increases to 0,50%. This increase is justified by the greater volatility of the FX markets over the weekend. As this study focuses on weekday FX conditions, weekend pricing is described here for completeness but not included in the comparative analysis.

• Alpian also offers the option to pay in other currencies, but the rates applied are those offered by our partner, Visa. However, we do not apply any additional spread on top of these rates. 

Methodology 

Panel – Selection of providers 

In this comparative study, we collected data from a panel of 71 banks, representing the majority of financial institutions that Swiss individuals typically interact with. This panel includes digital banks (such as Neon, Yuh), large Swiss banks (including UBS, PostFinance, Migros Bank), regional and cantonal banks, as well as other financial institutions such as foreign banking groups.

For specific banking features, we also included fintech and specialized FX platforms, as these are increasingly used by cost-conscious Swiss residents. The full list of institutions included in the panel is available in the appendix.

Data collection method

The data was gathered from the providers’ websites and the most up-to-date fee brochures available as of June 30th, 2025. This approach ensures that our analysis reflects the current pricing landscape across a broad and representative range of banking services and institutions.

For currency conversion, we examined the costs involved in converting CHF to EUR for 36 institutions (32 banks and 4 FX platforms) in our panel that publicly disclose this information, either in their fee brochures or by streaming FX rates on their websites.

Unfortunately, the foreign exchange market remains opaque, and 39 banks did not provide this level of transparency. To make the study as comprehensive and meaningful as possible, we therefore also included 4 specialized FX platforms.

To ensure consistent measurements across the panel, we focused on the bid/ask spread during daytime, which we consider the best indicator of the total FX cost, as it captures both explicit and implicit margins.

Limitations 

This study focuses solely on the exchange rate and does not take into account additional fees such as transfer fees or correspondent bank fees. It is also worth noting that FX rates were only streamed during weekdays. 

Findings 

The results obtained from the multiple data retrieval instances were remarkably stable and consistent with the FX mark-ups disclosed. Across all recorded data points, Alpian consistently ranked first, indicating its competitive edge in offering favorable FX rates. 

First, the average margin applied by banks when converting currencies remains surprisingly high at 1,7%. For every CHF 1’000 converted into EUR, CHF 17 is effectively lost. Over the course of a year, even moderate FX usage can amount to the cost of a full banking package.

While there are notable differences between providers, only 8 out of 36 institutions analysed apply a margin below 1,0%, and all of them are either digital banks or specialized FX platforms.

Second, and importantly, Alpian continues to stand out, with an FX mark-up of 0,20%, placing it among the top 5% of the most competitive providers in Switzerland.

Results overview

Data collected on 30/06/2025
CHF/EUR – Average bid/ask spread incl. margin

It is surprising to us that our favorable rates are not referenced in surveys conducted by our competitors. We believe that promoting fairer practices in the financial industry serves the best interests of everyone, most importantly, those of the clients. 

Conclusions

The findings of this expanded study reaffirm Alpian’s strong competitive position in the Swiss foreign exchange market.

Despite analysing a significantly broader panel of institutions, Alpian continues to rank among the most competitive providers, combining transparent pricing with consistently low FX margins.

This confirms that Alpian’s approach is not only competitive within a niche comparison, but robust even when measured against the wider Swiss banking landscape, reinforcing our commitment to fair pricing, clarity, and long-term value for clients.