Banking
To open a bank account in Switzerland, you will need your passport and residence permit. This means that you cannot open an account immediately after your arrival. So make sure you have enough cash or a credit/debit card from your bank in your home country.
Banks are usually open from 9 am to 5 pm. ATMs can be found almost everywhere.
Paying bills
In general, you must pay your bills within 10 to 30 days. After this period, a penalty of 5% per annum may be charged in addition.
Bills are paid in Switzerland by means of electronic slips showing the payee, payer, amount due and bank account details. They can be processed by your bank, if you have an account (sent by post, fed into special machines on the bank's premises, or paid online - ask the cashier at your new bank for help) or very easily by going to any post office with enough cash to cover the bill. You give the money to the teller and the money is paid into the account of the person or company named on the bill. You will receive a stamped receipt confirming payment.
Currency
The Swiss National Bank (SNB) conducts the country’s monetary policy as an independent central bank. Switzerland’s currency is the Swiss franc (CHF) comprising 100 centimes. The smaller denomination, which is worth a hundredth of a franc, is called "rappen" in German, "centime" in French and "centesimo" in Italian.
New bills have been edited in 2019 with new pictures but the coulours reamin the same.
- Banknotes: CHF 1'000, 200, 100, 50, 20 and 10
- Coins: CHF 5, 2, 1 and 50, 20, 10 and 5 centimes
In addition to the Swiss franc, euros are often accepted, usually in bigger cities or large international stores. The change will be returned in Swiss francs (often with a bad exchange rate). Credit cards are accepted in most shops and restaurants. This Currency Converter is based on live mid-market rates.
