Banking & Money in Switzerland: what actually matters to know

From real experience

• In Switzerland, major supermarkets like Migros accept Euro cash, but change is given in Swiss Francs (CHF), and the exchange rate is generally unfavorable. For card payments, always choose to be charged in CHF at the terminal, as the cross-currency conversion rate is usually more favorable than allowing the card issuer to convert or paying in EUR. It is recommended to use CHF for transactions.
• Taking Swiss francs (CHF) out of Switzerland carries a risk, as the Swiss National Bank periodically declares older banknote series invalid, making them exchangeable only within Switzerland. Outside of Switzerland, the exchange rate for CHF against other major currencies (e.g., EUR, USD) is generally less favorable than within Switzerland. If there are no immediate plans to return to Switzerland, it is advisable to exchange CHF into a more globally accepted currency before leaving the country.
• 1000 CHF banknotes are legal tender in Switzerland but widely refused by small shops and may cause difficulty in large supermarkets. It is highly recommended to carry smaller denominations (10-200 CHF). Only 9th series banknotes are currently in circulation.
• In Switzerland, a budget of 150 CHF typically secures a 2-3 star hotel with small rooms, often without breakfast. For booking, use platforms like Booking.com. If international cards are an issue, consider Russian platforms like Ostrovok.ru, which may list some hotels.
• In Switzerland, credit/debit cards are universally accepted. Euro cash is also widely accepted in various establishments, including hotels, train stations, and some grocery stores. However, the exchange rate when paying with euros can vary significantly; sometimes it's reported as very favorable, other times as disadvantageous. It is advisable to be aware of the prevailing exchange rates if opting to pay with euro cash.
• In Switzerland, payment via mobile applications like Apple Pay is generally accepted. Users should verify if their specific application is compatible.

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