Survival guide, Switzerland: Currency, payment, and bureaux de change

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 svizzer in Italian. You can however, expect to get by on euros in some spots, such as the Swiss federal railway, airports, motorway tolls, and some coin-operated phone booths.

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

Swiss coins are issued in denominations of 1, 2, and 5 francs, 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 At banks, currency can be exchanged over the counter, or cash withdrawn via automatic teller machines or ATMs.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 8:30am to 4:30pm, although smaller towns may close between noon and 2pm.  If possible, avoid exchanging your money at hotels, for they are known to have the least favourable rates.

Credit cards
Unlike the United States and the United Kingdom, credit card use is infrequent in Switzerland. Visitors must bear in mind that some hotels, shops and restaurants only accept cash as a means of payment. 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 present the following documents:

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 with 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.

[Expatica, 2008]