Banks and financial institutions play an important role in the Swiss economy. The Swiss franc is among the world's most stable currencies, and the two largest banks - UBS and Credit Suisse, are among the leading banks.

The Swiss are world-wide leaders in private banking, or asset management for individuals. Private banking provides more than one third of all UBS and Credit Suisse’s net profits. Switzerland has 24 cantonal banks, owned by the individual cantons either entirely or with a  majority stake.

Currency
Since Switzerland is not part of he European Union, it is one of the few European countries, which has yet to adopt the Euro as its unit of currency. Therefore, all payments in Switzerland must be made in Swiss francs (CHF), or alternatively via credit or debit cards. The Swiss franc is known as Schweizer Franken in German, franc suisse in French, and franco svizzero in Italian. You can, however, expect to get by on euros in major cities as well as the Swiss federal railway, airports, motorway tolls, and some coin-operated phone booths.

Banknotes and coins
Swiss banknotes are issued in denominations of CHF 10, 20, 50, 100, 200 and 1000. They are distinguished according to their size and colour. The smallest both in terms of size and value is the CHF 10 note; the largest, the CHF 1000 note.

Swiss coins are issued in denominations of CHF 1, 2, and 5, and of 5, 10, 20 and 50 centimes. Unlike other currencies, all Swiss coins are silver, with the exception of the 5-centime coin, which is gold.

Banks and bureaux de change
Bureaux de change tend to offer better exchange rates than banks. At banks, currency can be exchanged over the counter, or cash withdrawn via automatic teller machines or ATMs. Banks are open from 8h30 to 16h30, although smaller towns may close between 12h00 and 14h00. If possible, avoid exchanging your money at hotels, for they are known to have the least favourable rates.

Credit cards
As in most of Europe, credit card use is common in Switzerland. Visitors must consider that some small local shops and restaurants may require cash. MasterCard and Visa are most popular in Switzerland, followed by American Express and Diners Club.

Opening a bank account
To open a bank account in Switzerland, you will need to provide a copy of documents such as:

• a passport or equivalent identification card
• residence permit
• lease
• work contract

It is not necessary to make an appointment before opening a bank account, and any requested credit or debit cards can be expected to arrive after a week to ten days.

Banks can issue you a Carte Maestro -- a debit card which can be used in nearly all shops and can also be used for withdrawing cash. The Maestro card also has an embedded CASH chip which can be recharged with a credit of up to CHF 300. This is most commonly used to pay for services such as car parking, phone calls and public transport. Carte de Crédit is a credit card that can be debited once a month. Banks can charge a commission fee on cash withdrawals made using this card.

Updated for 2011 in cooperation with:
Mrs. Shawna Games
Highfield Financial Management
+41 (0) 61 225 2777
info@hfm-ag.ch
www.hfm-ag.ch

Photo credit: kalleboo / flickr.com/stepagna (100 CHF notes)