Euros in Switzerland

Thanks so much for the feedback. Curious to know why exchange rates are better at ATMs than exchanging dollars. Is this unique to Switzerland? Do you recommend I save my dollars to exchange them in Italy? Thanks!

Touristy places will accept Euros but you will get a lousy exchange rate, and any change due will be given to you in Francs.

No, I would not recommend that you exchange your dollars anywhere. I wouldn't even take them. Get your local currency from ATMS and save your money.

Would I get a better exchange rate if I buy Swiss Franc in the U.S. than using the ATMs in Switzerland?

Thanks.

The currency exchanges you find in airports, train stations, etc are commercial businesses that make a profit on the spread between what they buy and sell currency for. Banks and ATMs exchange at or near the official exchange rate.

Buying any foreign currency at home is always the least good idea. You'd get the least favorite rate of all plus you'd have to pay handling fees etc. The best idea always is to take the currency straight out of an ATM in the country of destination. Also note: While some few places in Switzerland might accept Euros there is pretty much no place in Italy that would accept Swiss Francs.

The major train stations in Switzerland usually have some sort of shopping center underneath them. Go to a bank ATM in this part of the station, i.e. UBS, Credit Suisse, the local Kantonal Bank, or even Die Post Bank, you will get a very good rate, close to current market rate. On the other hand, do not bother with the Red and Blue signed currency exchange kiosks on the platform level, or ticket office level of the station, they will charge hefty fees.

As I see it, there are 2 main reasons exchanging currency is more expensive than using ATMs. First, ATMs exist all over the place for use by locals. There is no additional overhead to use a foreign card. An exchange bureau needs to pay rent, pay staff, use electricity. Second, a local ATM is spitting out local currency. It's already there. But if you buy euros in America, they have to be physically sent there. A little juice needs to have been paid on their inventory. Or if you exchange dollars overseas, they have to physically send them back before they're actually paid. It's all due to overhead and shipping. Use ATMs.

If you must exchange money for some reason instead of using an ATM in Switzerland, you can look for an automated exchange machine in the train station. It’s similar to an ATM or metro ticket dispenser in appearance and is typically attached to a wall. I had to use one in Lausanne in order to exchange a few Euro for Francs to cover taxi fare from the station. In this case, I didn’t care about the exchange rate…only talking about a few Euro and was in a hurry. Otherwise, always use the ATM for cash!

Great information, thank you!