ATM charge in Euros or Swiss Francs
I am from the Netherlands and I recently went to Switzerland. When withdrawing Swiss Francs from an ATM I got the option in which currency I wanted to charge the money on my account, Francs or Euros. I am wondering whether any of the two options is cheaper, better or smarter in some way and whether this depends on the current exchange rate of Francs-Euros?
Best Answer
It depends on the (retail) rate/fees your bank/credit card company is charging compared to the rate offered by the bank/money changer operating the ATM. Both depend on the current exchange rate but they are not identical to the interbank exchange rates.
Your bank should provide information on fees and exchange rates (for example here are the rules for ABN-AMRO), while the rate offered by the ATM operator is usually displayed at some point before completing the transaction on the machine itself.
I always go for “charging in local currency” and let my bank do the change. I vaguely remember reading somewhere that it's usually better and at least I know what the fees are and I avoid huge rip-offs. Beyond that, I don't actually know if it's always the smartest or cheapest solution.
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Does Switzerland use the Euro or Swiss franc?
The Swiss Franc is the official currency and legal tender in Switzerland and Liechtenstein, as well as it is also legal tender in the Italian exclave of Campione d'Italia. Some cantons accept Euros for certain payments, but they will return your change in Swiss francs.Can I use my ATM card in Switzerland?
Major credit and debit cards are widely accepted in Switzerland, including Visa, Mastercard, Maestro, and Cirrus. American Express cards aren't as widely accepted, but can be used in many places.Can I get euros from ATM in Switzerland?
For example, in Switzerland, which officially uses Swiss francs, some ATMs give euros, prices in touristy areas are listed in both currencies, and travelers can get by with euro cash. But if you pay in euros, you'll get a rotten exchange rate.Is it better to exchange money in Switzerland?
As a rule, if you want to buy currencies other than British pounds, US dollars and euros, you will often get a better rate outside of Switzerland. Swiss banks typically use a less-favorable "banknote rate" for cash exchanges and a more-favorable "forex rate" for ATM withdrawals outside of Switzerland.TOP MONEY TIPS for Swiss Travel
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