Managing Your Finances Abroad: Tips for Swiss Travelers during the Holiday Season

Despite the drama surrounding Credit Suisse, the Swiss franc has remained strong. According to the current status (July 2023) of the Swiss National Bank, the exchange rate is 0.96 francs for the euro.

He’s even better off with the dollar. One US dollar currently costs just under 0.86 francs. Swiss travelers abroad generally benefit from a strong currency, because the dollar is not only used as a means of payment in the USA. Travelers in the Caribbean and South America also get away cheaper.

SRF has also dealt with the topic of money on vacation. In an article, the broadcaster points out that cashless payments are very common. In other countries, “cashless” is now so widespread that you hardly have to take cash with you.

The Scandinavian countries are pioneers here. This is especially convenient as they are not part of the Eurozone. So if you travel to Sweden or Denmark once, you won’t be left with Swedish or Danish kronor afterwards.

But there is nowhere without cash, for example when paying in rural areas. Notes and coins are also still welcome when it comes to tipping, as they are more transparent for the staff.

More and more debit and credit card providers are waiving fees for paying with foreign currencies. For others, fees vary depending on the card and personal finances.

SRF cites the Zürcher Kantonalbank as an example. There is a 1.75 percent fee for using a credit card and 1.25 percent for using a debit card.

Therefore, compare and clarify which card is more worthwhile when paying. In countries where cash is widely accepted, ATM withdrawal fees should also be considered.

Debit cards are usually cheaper than credit cards here. However, there are also providers who allow fee-free withdrawals. Sometimes it is also possible to withdraw euros in advance from Swiss ATMs free of charge.

If you take Swiss francs with you, you should always exchange them at official banks. If there are several exchange offices at the holiday destination, it is worth comparing the exchange rates in advance.

Caution also in countries like Thailand or India. There are some smaller parlors here, some of which don’t take it very seriously when changing. Therefore, always check your finances in advance.

When paying with cards, billing in Swiss francs should be selected instead of billing in the local currency. At first glance, this may seem advantageous, since there is no foreign currency fee.

However, the courses are extremely bad and turn the advantage into a disadvantage. So always choose the local currency.