Pretty much this^^^ or SCHVALL-buh is how it's said in Germany. The finishing "e" should be pronounced much like the finishing e in Porsche (Porsh-Uh... not porsh). But, most in North America say Schwall-bay, which works fine for us, in fact that's how we generally say it. Some folks say Sch-wobble, which we mostly find pretty funny.

Schwalbe = Swallow..... the bird.