Exchanging US dollars to Swiss Francs in banks
A traveler named Sunset is looking to exchange US dollars for Swiss Francs while in Switzerland. They want to know if it’s possible at Swiss banks, what fees to expect, and where the best rates can be found. Several users share their experiences and tips on exchanging money and using credit cards in the country.
- You can exchange USD at banks or currency exchange offices, but the latter may offer better rates.
- It's advisable to use ATMs for cash withdrawals, especially if your debit card has low or no fees.
- Using a credit card that doesn't charge foreign transaction fees can be beneficial for purchases in Switzerland.
- For smaller purchases, it's good to have some cash on hand, as not all places accept cards.
- Avoid airport kiosks for exchanging money, as they often have poor rates and high fees.
AI-generated summary-
Hello dear group,
Can I exchange cash US dollars at any Swiss Bank into Swiss Franc? What are the fees etc?
Thank you at all times!
-
I brought USD to exchange last June, and went to a bank in Luzern. There was a small fee – 5 or 10 CHF.
Hi Sunset,
Yes, this is possible. You can also exchange your cash at any currency exchange offices, which might offer better rates than the banks. I’m not sure about the current fees though.
You can find more information here: http://www.myswissalps.com/swissfranc
Regards,
Anna
Thank you Lastlook and Anna for the responses. Any more detailed information is appreciated about it. If anyone knows of the best and cheapest place to exchange usd to chf. With the fees details, currency exchange rate etc in different locations. Very much appreciated! Thank you so much!
One good link:
http://www.myswissalps.com/forum/topic/best-way-to-get-the-swiss-currency
For more help, use the search box/button at top of page. I find using ATMs to be the best, especially if you have a bank card (debit) that has no fees and provides the best exchange rate.
Thank you pvonk. What about credit card usage at ATM instead of debit card please?
Another question I have is how can the ATM be the cheapest way? Isn’t there cash advance fees etc? Thank you soo much everyone!
A regular credit card (not debit) **may** offer withdrawals without exchange fees, but most probably charge fees. Of course a regular credit card charges interest for borrowing money, no way around that. A debit card usually does not involve borrowing, cash is taken directly out of your account.
My debit card from my broker offers no exchange fees, and low currency exchange rates. Since it’s a debit card, the cash is taken directly out of my account. But then, getting dollars from your hometown bank, bringing it with you to Switzerland and changing it into Swiss Francs at a bank amounts to the same thing. But as indicated in an earlier post, you may well pay a “fee” at the Swiss bank.
By the way, search on at travel sites on the web and you’ll find the general opinion – airport kiosks or stores should be a last resort. Exchange rates are poor, and fees are high. Banks are better. (And for purchases at stores, pay in Swiss Francs, not your card’s currency.)
This topic has been discussed often, and some posters have identified credit card companies that do not charge a fee. Chase and Capital One are often mentioned. Here’s one link I found: http://www.valuepenguin.com/travel/best-no-foreign-transaction-fee-credit-cards
Hi Sunset
All good info posted above. When I went for two weeks in Sept 2018, I went to the AAA travel agency to exchange $1000.00 into Swiss Francs. I believe the rate was ok, but to be honest, I didn’t concern myself with it to much at all. I just did it. It came to 900-some odd Francs. It got me through the trip. I also have two credit cards that don’t charge any foreign exchange fees. I used the credit cards for all hotels, some meals and some mountain excursions. The cash went on a lot of meals, cocktails, and other incidentals. As I said, it got me through the trip. Hope you have a great trip.
Regards,
Danielsan
Hi Sunset,
Have you tried using Wise or Revolut (or something similar)? When I travel abroad, I use my Wise debit card for payments and withdrawals in the local currency. You can find more information from this link: http://www.myswissalps.com/swissfranc (scroll down to the bottom – section Cheapest way to pay in Switzerland).
Regards,
Anna
Question regarding exchanging USD to CHF:
My preference is to use my credit card whenever & wherever it is taken. Do most retail & restaurants take credit cards?
Yes – I use my “no foreign transaction fee” credit card for most purchases in Switzerland, but I also changed 1k USD for CHF at a Raiffeisen bank in Luzern, once I arrived as I like to have cash for smaller purchases or in case I run into a situation where credit cards are not accepted. I used to use my ATM card to get CHF, but my home bank charges 3% of the amount withdrawn on top of a flat ATM fee, so now I avoid those fees by bringing some cash to exchange at a regular bank (not a currency exchange kiosk) in Switzerland. If I have any left over, I save it for my next trip to Switzerland, since I know I’ll want to return again.
Hi Delray,
Yes, pretty much any restaurant and shops take the cards. The only time I had any problems were at a stand alone kiosk-type souvenir/food stand. Mostly in and/or around train stations. (One in the Chur train station, one in Zermatt and one outside the Tirano train station. I realize that was in Italy.) But you should be good to have some cash. Maybe not 1k as Lastlook and I had, but in your case it sounds like just a couple hundred may do the trick. (I pretty much closed down bars each night and preferred the cash. I was once told by someone that it’s better to choose the Francs on the credit cards instead of dollars, as you do have a choice. Something about the exchange rate perhaps? but I’m not too sure. You may want to research that. The most important thing is to make sure there aren’t any foreign exchange fees on the credit card(s) you have.
I still hope you have a great trip. Enjoy.
Regards,
Danielsan
Thank you all for the great info.
I heard that when you withdraw money from the ATM you pay high interest daily on it? Is it true? Any advice? That will add up.
Do grocery stores accept credit card payments?
Thank you as always to this great group!
When I withdraw cash at an ATM, I never pay high or even low interest. That’s because I use my bank card or a debit card. I NEVER use a credit card that incurs interest. I use credit cards for store/web purchases.
I must thank Anna for her post above. The wise card/account looks interesting.
Thank you all for your input.
Sunset, yes, most grocery shops take credit card as a form of payment.
I agree, when withdrawing money with your credit card. Higher fees can be incurred, best check with your credit card what they will charge.
Kind regards,
Yolanda
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