Best currency exchange USD to Swiss Francs
A traveler named LOswald is unsure whether to exchange US dollars for Swiss Francs at their home bank or once they arrive in Switzerland. They’re looking for advice on the best way to get currency with the best exchange rates, including whether to use cash or ATMs.
- Use ATMs at local banks in Switzerland for cash withdrawals, as they generally offer better rates than currency exchange offices.
- Notify your bank and credit card companies of your travel plans to avoid issues with transactions abroad.
- Consider using credit cards that don’t charge for currency conversions to make purchases directly in Swiss Francs.
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Get daily forum questions & answers by e-mailHi
I am planning on going to my bank here in the US and getting Swiss Franks before we leave. Do any of you know if the exchange rate would be better if we wait to exchange once we get to hotel in Switzerland or ATM? Thanks for your help.
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Hi LOswald,
As I live in Switzerland I cannot really give personal input on this question. Let’s wait for some member to share his experience.
in any case make sure to read this page for helpful information:
– http://www.myswissalps.com/sw issfrancGenerally speaking it’s surely reasonable to carry some cash on you as well as a credit card, just to cover any occasion.
To exchange currencies in Switzerland I always recommend the SBB rail stations, they offer transparent currency exchange, are widely spread and handy if you travel by train anyway.
Best,
Steph
Get daily forum questions & answers by e-mailHi LOswald,
Unless your US bank is used to sell CHF notes, they will overcharge you for the service of obtaining them. Most travellers use credit cards and ATMs, of which there are plenty, including in the arrival area of the airport and at border train stations.
Just get your bank to confirm to you that your ATM card will work in Switzerland, same for your credit card.
CHF 1.00 is approximately equal to USD 1.00.
Enjoy the trip!
Get daily forum questions & answers by e-mailBroadening the question a bit, here are the preferred ways to go in funding your Swiss trip, in my experience:
To purchase goods in CH: Use a credit card (such as Chase Sapphire Preferred) that doesn’t charge for currency conversions, and be sure to run the payment at the store in CH francs (not USD–otherwise the store or its bank takes a slice to convert).
To get cash in CH: Use a debit card at a bank ATM (not a non-bank one, however), preferably a card that doesn’t charge for currency conversions and/or that reimburses you for using other banks’ ATMs. BTW– You will probably have a CHF300 per day limit on ATM withdrawals, which seems like a lot, until you get there…
Never go to a currency exchange office, if it can be avoided. Ditto, using hotel desks.
Buying CHF notes in US probably not cost-effective, unless you happen to work for a bank and can avoid the add-on charges.
NTL
Get daily forum questions & answers by e-mailThank you all for such great information. You may have just saved me some money ;o)
Laila
Get daily forum questions & answers by e-mailSnowman and Nevertoolate are correct. One added bit of advice: be sure to contact your credit card company and bank debit card issuer with a ‘travel alert’ before you leave the US so your transactions will be accepted and processed once in Switzerland. This can be done online if you want. If you’re unsure about using your debit card the first time for an ATM withdrawal in a foreign country, use an ATM (ideally in your card’s system) at a local bank during open hours. That way, if you have a problem someone at the bank may be able to help you. Plus, it should be daylight, making your activity a bit safer. Enjoy your travels to wonderful Switzerland.
Get daily forum questions & answers by e-mailHere is a good place, consistent with the above advice, if you wish to exchange foreign currency at Zürich airport ( as of September 2108).
http://www.myswissalps.com/fo rum/topic/atmforex-at-zurich-airport
To reinforce what others have said – exchange booths in Switzerland, if they are not not run by banks, can have exorbitant costs.
Some banks with lots of ATM’s are UBS, Credit Suisse, and Raiffeisen Bank, throughout all of Switzerland. Near Zürich, ZKB ( Zürich Kantonal Bank) has plenty of ATMS.
I always look up exchange rates here, before I travel and occasionally while on the road:
http://www.bloomberg.com/mark ets/currencies
then look at the posted rates ( if available). The rates at Travelex brand booths – everywhere that I have looked at them in the USA and Switzerland – are much more expensive than the rates at bank run facilities. They can be up to a 10% or higher premium over the bank rates.
The Chase credit card mentioned above ( which also use) , and some American Express cards, to name a few, charge about 3% premium over the rates at Bloomberg.
There are no longer any “per transaction” fees with these cards. I have periodicaly used both kinds on the same day while in Switzerland, to test which is better. Their rates are almost exactly the same, with, on average, AMEX a tiny tiny fractional amount better. Not enough to make a difference unless you’re moving millions of dollars. ;-).
When used to wire money to my small Swiss bank account at Post Finance, before FATCA caused Swiss banks to become disinterested in having accounts of US citizens, Chase charged 2.7% above the bank rates posted at Bloomberg.
Slowpoke
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