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Avoid banking fees when paying in Swiss francs


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Ildiko
Ildiko
2498 posts
top member &
moderator
May 26, 2022 - 6:41 AM in reply to robinl

Hi robinl,

Tourist places will take credit card too, usually the credit card is widely accepted. In some smaller shops maybe you cannot pay with a card, but in general you won't have any problem with card payment. In very small shops or bakeries there might be a limit like 10 CHF, to be able to use your card.

Read more about the Swiss Franc here: www.myswissalps.com/swissfranc

Ildiko

robinl
robinl
13 posts
new member
May 26, 2022 - 11:24 PM in reply to Ildiko

Thanks! One more followup, is visa debit card commonly used as well?

Anna
Anna
3881 posts
expert &
moderator
May 27, 2022 - 9:10 AM in reply to robinl

Hi robinl,

Yes, using debit cards to make payments is common here.

Regards,

Anna

andrew
andrew
133 posts
active member
May 27, 2022 - 9:20 AM

Hi Robini,

You shouldn't have any trouble but note that reports show that Mastercard generally gives a slightly better exchange rate than Visa in the region of 0.1% to 0.7%.

Andrew

NannyNorman
NannyNorman
56 posts
active member
May 28, 2022 - 1:54 PM in reply to Arno

Hi Guys, I received my wise debit card (visa) and i am going to use in Switzerland on July 19 to 26. I lived in the UK, if i deposit 300 pounds in my wise debit card, how can i convert it to swiss franc? Or i can use the card straight away in switzerland like a local card once i deposited pounds on it?

Thank you

Anna
Anna
3881 posts
expert &
moderator
May 28, 2022 - 2:15 PM in reply to NannyNorman

Hi NannyNorman,

Yes, you can use the debit card straightaway. But if you want to avoid currency conversion fees every time you pay in Swiss Franc, might be a good idea to convert some of the currency you have in your account to Swiss Francs in advance. This way your payment gets deducted automatically without charges. A Wise account usually allows you to hold multiple currencies. Be sure to check your Wise account terms and conditions.

Regards,

Anna

Last modified on May 28, 2022 - 5:39 PM by Anna
Arno
Arno
15661 posts
expert &
moderator
May 28, 2022 - 3:58 PM

Yes, the trick is to have multiple currency balances in your Wise account. GBP and CHF for example. You can add as many balances as you find useful. If your GBP balance contains money you can click the Convert button and convert any desired amount into CHF. If you don't do that you can still pay in CHF, but then Wise needs to convert from GBP each time, and the conversion rate will be whatever it is at that point in time. If you convert a bigger amount in advance, the insights in your spending is easier (I think) and you can convert when the conversion rate is in your favour.

Last modified on May 28, 2022 - 3:59 PM by Arno
NannyNorman
NannyNorman
56 posts
active member
May 28, 2022 - 5:32 PM in reply to Anna

Thank you Anna for your help

NannyNorman
NannyNorman
56 posts
active member
May 28, 2022 - 5:32 PM in reply to Arno

Thank you Arno for your help

Sweyne
Sweyne
47 posts
active member
May 28, 2022 - 11:00 PM

Living in Thailand I use Wise to transfer money. But unfortunately the Wise card is not available here yet.

robinl
robinl
13 posts
new member
May 29, 2022 - 5:31 AM in reply to Anna

Thanks for all the insights! :)

robinl
robinl
13 posts
new member
May 29, 2022 - 5:31 AM in reply to andrew

Good to know, thanks Andrew.

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