I was wondering if a USBank NA ATM card will work in Zurich to withdraw CHF? Not a lot but some for those little things like bathrooms and little items. US Bank told me it was better to exchange before I go but the price for 1 CHF was $1.36 plus a Fedex fee of $10. Yikes! And they told me US Bank doesn't have any Swiss banking relationships. I checked the current exchange rate online and it was about $1.25. Again, YIKES. I think I picked a wrong time for Switzerland. However, since I have reservations made already a few months ago before the huge dollar value drop, that should be some consulation. Anyway, any suggestions of what ATM's at the airport or downtown Zurich to make a withdrawal and not take a bath in fees or exchange rates? I appreciate any advice.
Posted by
Eastern Iowa, USA
8718 posts
What you are missing is what fees USBank will charge you to use the ATM there. At one time, it was something like a $5 out of network fee and a 3% foreign transaction fee, though I have seen $2,50 and a 3% fee.
But lets say you take out the equivalent $100 at todays rate of $1.26 (will vary a bit) and the worst of the two options above, you will pay $126 + $5 + $3 or $134, you are still ahead of the $146 from them here in the US.
In the big picture, you are worrying about a few Dollars on what is likely an expensive trip. Do not worry too much about the exchange rate, go, enjoy yourself. Believe me, when you see what a beer or a meal costs, just in Swiss Francs, you will hardly think just of the exchange rate. Steel yourself and not break it down to cost, just how much enjoyment you are getting.
Posted by
OP
48 posts
Good advice. It's not like I am taking out $1000's. It's going to be challenging enough just getting around I don't need to stress over a few CHF's. I've already likened this to NYC pricing at higher end restaurants.
Posted by
Fort Myers, FL
2126 posts
Whether you pay cash or credit, the exchange rate will be approximately the same. Having a CC with no foreign transaction fee will save you a lot of money. Take out one big cash withdraw. You can always spend the remaining cash at the end of your trip pretty easily.
Posted by
Los Angeles
5183 posts
Do not use a credit card at an ATM, that is considered a cash advance with a breathtaking interest rate. And for a debit card there are going to be several entities along the processing chain that will take a bite.
Open an online savings/checking account with Charles Schwab and you'll get a debit/credit card that refunds all the fees that you will encounter. I've tried it in several countries and it's great.
Don't get hung up on exchange rates and currency conversion charges, it's all a part of travel. Why should someone run a business providing a service for free?
Posted by
Washington DC
29212 posts
Unless you have pre-paid your hotels, the old (better) exchange rate isn't locked in; your credit card payments when you get to Switzerland will be converted to dollars at the then-current
exchange rate, plus any fees charged by your credit card.
Posted by
Green Bay
22345 posts
From my last trip to Switzerland this past January, I had a no fee credit card (Capital One) and an ATM card from my credit union with no foreign ATM fees and only 0,9% foreign transaction fees. My analysis when I got home was that items I used cash ended up costing almost exactly 0.9% more than if I had used a credit card.
So my advice is to use a no fee credit card for everything you can. You can get 100 CHF from an ATM for small incidentals. UBS ATM's are pretty ubiquitous. Raiffeisenbank is another good one. Just make sure to opt, in all cases, to be charged in CHF, NOT USD.