The official currency of Switzerland is the Swiss Franc (CHF). Swiss Francs are available in both banknotes, issued by the Swiss National Bank, and coins issued by the federal mint Swissmint.
In this article, we’re going to answer the most common questions we receive about the currency of Switzerland and share important currency-related considerations if you are planning on opening here.
This article is part of our free series on establishing an account in Switzerland, which you can access by clicking here right now.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Currency of Switzerland: Swiss Franc (CHF)
- Where Can You Exchange Money in Switzerland?
- Can You Use Foreign Credit Cards in Switzerland?
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
Currency of Switzerland: Swiss Franc (CHF)
The official currency of Switzerland is the Swiss Franc (CHF). Swiss Francs can be symbolized by Chf, Fr., or SFr and are available in both banknotes and coins.
While the Swiss Franc is the official local currency of Switzerland, it is also the currency and legal tender of neighboring Liechtenstein.
In the following sections of the article, we will discuss currency exchange, local payments, money management, and Switzerland banking services, and answer common questions about the franc that we receive from members looking to bank in Switzerland. This will be important to understand, especially if you are looking for individual financial management through personal banking in Switzerland.
Likewise, businesses considering local operations, corporate financial management, or opening a business bank account in Switzerland will want to understand how their home currency compares to CHF. The same goes for anyone looking for premier financing solutions through private banking in Switzerland.
That said, Switzerland is an overseas financial hub and a popular offshore banking jurisdiction. So, prospective customers should consider the financing expenses and costs of banking in Switzerland before contacting banks here. Not the mention, the investment perks and benefits of banking in Switzerland as a foreign non-resident.
To get more insight on banking in Switzerland as a foreign non-resident, access any of our free resources covering the new account guidelines and banking requirements in Switzerland and much more. Of course, if you want to unlock instant access to excellent financial firms and the best banks in Switzerland, you can use GlobalBanks IQ to get started immediately.
But, before diving in, it’s important to note that the collection of banking organizations and the list of banks in Switzerland available to you likely offer multi-currency accounts. As one of the most sophisticated banking jurisdictions in the world, Swiss banks offer a wide range of international currencies to choose from.
So, if you’re looking for an international account in Switzerland with access to USD or other major currencies or are looking for a secure transfer service to send money to Switzerland, opening an account here could be an option worth considering. That said, like banking elsewhere, it’s important to consider your asset exposure and risks of banking in Switzerland before applying.
Where Can You Exchange Money In Switzerland?
Where you can exchange money in Switzerland depends on the amount you want to exchange, the fees you’re willing to pay, and where in the country you are located. That said, most people elect to exchange money at currency exchanges, airports, hotels, branches of major institutions, and the largest banks in Switzerland.
Of course, exchange rates and fees will vary drastically between each of these options. So, it’s very important that you compare the exchange rates and fees before choosing which method to use.
Can You Use Foreign Credit Cards in Switzerland?
Yes, you can use foreign credit cards in Switzerland. In fact, most major credit cards, including American Express, Mastercard, and Maestro are widely accepted in Switzerland.
Of course, it’s important to keep in mind that if you are using a foreign credit card to complete a purchase in Switzerland, you will likely be charged foreign exchange fees. On the other hand, if you have a foreign credit card that has zero foreign exchange fees, this won’t apply to you.
Can You Use Foreign Currency When You Travel in Switzerland?
No, you cannot use foreign currency in Switzerland. The official local currency of Switzerland is the Swiss Franc (CHF) and it is the only form of legal tender accepted in the country.
That said, certain establishments in Switzerland may accept euros. Likewise, various tourist destinations like hotels and tourism operators may accept major currencies. However, when using foreign currencies, you will likely pay significantly higher exchange rates for the privilege of doing so.
Also, it’s important to note that the change will be given back in Swiss Francs. Therefore, it is highly recommended to exchange your money for CHF, the main currency of Switzerland, before (or upon) arriving in Switzerland.
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Frequently Asked Swiss Banking Questions
Below are a few of the most common questions we receive from people asking about the currency of Switzerland. If you have further questions you would like answered, don’t hesitate to get in touch.
Which Currency Should I Carry in Switzerland?
The currency you should carry in Switzerland is the Swiss franc (CHF). The Swiss franc is the official currency of Switzerland and can be obtained from currency exchange offices, local banks, and certain large tourist destinations like airports and hotels.
Is It Better to Use Swiss Francs or Euros in Switzerland?
It is better to use Swiss francs in Switzerland. However, the euro is accepted in certain retail and tourism outlets. However, it’s important to understand if you do choose to make a cash payment in euros, your change will be returned in Swiss francs.
Should I Use a Card or Cash in Switzerland?
You can use both cards or cash in Switzerland. However, the most common payment option is with a credit or debit card. In fact, most foreign credit cards are widely accepted throughout Switzerland, including Visa, Mastercard, Maestro, and American Express. That said, depending on your credit card, foreign transaction fees will apply.
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