NEWS

The Covid-19 pandemic is taking its toll on Swiss economy with the worst crisis since 70’s predicted. Swiss banks so far are doing well, but might also face issues in next months.

The euro exchange rate stabilized on Tuesday against the US dollar after Federal Reserve announced plans to start purchasing bonds. Meanwhile a scare of new wave of infections of Covid 19 influenced also forex market.

Swiss franc’s exchange rate gained for a second day in a row against USD after stock in US tumbled and triggered appetite for safe-haven currencies among investors.https://exchangemarket.ch/en

Economy around the world will be severely hit by the coronavirus pandemic due to lockdown, businesses’ problems, but also less spending with consumers clearly changing habits.

In recent months, the transaction volume on ExchangeMarket.ch has increased by around 40%, the number of customers has increased by 30%, enthuses Michael Wychowaniec, co-founder of this platform specializing in the exchange of francs and euros. "We had the strongest first quarter in our history," he adds.

The Zurich fintech has more than 20,000 customers in Switzerland, mainly cross-border workers and SMEs, who exchange small amounts, from 100 francs and up to 250,000 francs. To grow, ExchangeMarket.ch targets these 300,000 people who cross the border every day to come to work. It highlights transaction costs which it ensures are more competitive than those of banks. It is remunerated on the difference between the buying and selling prices of currencies.