Swiss currency Swiss franc: exchange rate

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Due to frequent changes on the geopolitical map of the world, many people are already confused about which country belongs to which union. Moreover, not everyone knows what currency people use in a particular country. For example, some people still doubt what currency is in circulation in Switzerland today. Since this country is a member of the European Union, the currency there must be the euro. But is it really so? It turns out not.

Money in Switzerland

For many years, the money in this country remains unchanged and is called the "Swiss franc". Banknotes are issued by the Swiss National Bank and coins are minted by the Swiss Mint. To date, it is the only currency in the united Europe called the "franc".

Unlike other states, Switzerland has several official languages. So the Swiss currency is officially named in four languages. It looks like this:

• franco - onItalian;
• franken - in German;
• franc - in Romansh and French.

Small money also has a different name. One franc is:

• 100 rappen - German;
• 100 centesimo (centesimo) - in Italian;
• 100 raps (rap) - in Romansh;
• 100 centimes (centime) - in French.

The Swiss currency is encrypted with the Latin letters CHF, the ISO code is 756 or 4217. It is noteworthy that sFr, ₣, Sfr, FS, SF or Fr are used to designate the currency within the country.

Historical digression

As an independent currency, the Swiss franc appeared in this territory in 1850. He replaced the motley money that "walked" in the cantons (administrative units of the country) until that time. Some cantons by this time already used francs - the national money of France. To avoid chaos and unify the currency, a special clause was made in the Swiss Constitution in 1848. Only the leadership of Switzerland can print and mint monetary units on the territory of the state. After that, the Swiss franc, put into circulation on May 7, 1850, was declared a single currency.

In total, 8 series of banknotes were printed into circulation. The last one took place between 1994 and 1998. Designed by Jorgan Sintzmaier. He dedicated it to the famous figures of the art world.

The Swiss franc has always been fairly stable. He staggered significantly only once, at the end of September 1936of the year. Then the Swiss currency devalued by thirty percent.

Banknotes

Today, the Swiss National Bank issues banknotes of various denominations. All of them are of different size, color and pattern. Paper Swiss currency has the parameters shown in the table.

Denomination	Size, mm	Color	Picture
10 CHF	126x74	Yellow	Le Corbusier - the founder of constructivism
20 CHF	137x74	Red	Arthur Honegger - composer
50 CHF	148x74	Green	Sophie Tauber-Arp - sculptor
100 CHF	159х74	Blue	Alberto Giacometti - artist
200 CHF	170x74	Brown	Charles Ferdinand Ramus - writer
1000 CHF	181х74	Purple	Jakob Burckhardt - philosopher

It is noteworthy that all images on banknotes are arranged vertically, while the banknotes of most countries are horizontal. Swiss money is very colorful, made on good paper and has all the necessary degrees of protection. Interestingly, the banknotes of the previous - the seventh - series, developed in 1983-1985, remained only a project. They were not put into circulation and became reserve.

New series of banknotes

Preparing for release in Switzerland todaya new wave of banknotes, the 9th in a row. Manuela Pfrunder became its designer. Initially, the release date for the new series was scheduled for 2010. But in order to develop high-quality banknote protection, the event was postponed for two years. However, in February 2012, the Swiss National Bank again made a statement. It talked about the presence of technical problems and the postponement of the start of production for at least a year. Then there was another delay. According to the latest information, the new series should be released between 2016-2019. Already in April 2016, 50 new Swiss francs were put into circulation. But despite all the delays, a week later, the new banknote had some shortcomings. So, most likely, the Swiss currency will again be sent for revision.

Coins

Among the metal banknotes, 5, 10 and 20 rappen are minted here. There are also metal 5, 2 and 1 Swiss francs, as well as a half franc coin. On the "money" it is written - 1/2. Smaller coins are gradually disappearing from circulation. The minting of the 1 centime coin was discontinued ten years ago, and the 2 rappen coin was discontinued as early as 1974.

All Swiss coins are regular round. Five-rappen coins are minted from an alloy of Al, Ni and Cu. All the rest are from a compound of Cu and Ni. On coins of 20, 10 and 5 rappen the head (in profile) of the goddess of freedom is depicted. On coins of 2 and 1 Swiss francs, she is present in full growth. The five-franc coin is decorated with the image of the Swiss nationalhero - William Tell.

On the reverse of all coins there is their denomination, as well as a wreath of grapes or oak.

Subtleties of currency exchange

Exchange of Swiss francs for any other currency can be done at specialized points, which are available in abundance throughout the country. Also, the exchange service can be used at any bank. But here you need to remember about time. Banks serve customers from 8:00 to 16:00. Some banking institutions are open until 18:00, but these are rather exceptions. You can exchange the Swiss franc against the dollar or another currency through an "exchanger" located near the train station or airport, from six in the morning until ten in the evening. And some exchange offices even work around the clock.

If you don't really feel like wandering around the city in search of an "exchanger", you can make an exchange right at the hotel (any). In this case, the course will not differ too much from the bank. But it's best to change money before you arrive in Switzerland, and here's why:

• the Swiss franc is initially artificially high here;
• the more unpopular currency you want to exchange, the less profitable the rate will be; by the way, rubles are one of the least popular currencies in this country.

If you decide to cash out at an ATM, you can "withdraw" both euros and Swiss francs. Oddly enough, but credit cards in this country are not very common. At least compared to England or America. Nevertheless, you can pay with a credit card in almost any public place: a store,restaurant, hotel. But it is worth remembering that in Switzerland for credit cards there is often a lower limit on the amount that can be paid in this way. Most often it is 25-30 francs. This means that you will still have to pay in cash for an amount less than the set one.

Today, the Swiss franc can be exchanged against the dollar at the rate of 1 CHF=1.03 USD, and against the euro - 1 CHF=0.92 EUR.

Import of currency into the country and features of cash payments

There are no restrictions on the import and export of any foreign currency in Switzerland. This means that you can import / export any money and in any quantity into the country.

But there is an interesting detail. According to the decree of the Swiss government, from January 1, 2016, a person who paid in cash for more than 100,000 francs is required to disclose his identity. In this way, the country is fighting money laundering. A person who decides to pay for such a large purchase in cash, organizations of the Confederation are required to require identification. Moreover, the seller must keep a copy of the certificate. If there are doubts about the legality of the transaction and there are grounds to consider the acquisition as money laundering, the seller must report this fact to the employees of the Bureau for Combating Money Laundering.

This requirement applies only to entities engaged in entrepreneurial activities. Settlements between individuals are not subject to fixation.

Tax-free and VAT

VAT (Value Added Tax)cost) in Switzerland is adopted at the level of 7.5%. This and other taxes are immediately included in the check when paying for services and purchasing goods. In this country, there is one feature - the return of part of the VAT (VAT) upon departure from the country. To use the service, you need to take a special check in the store, which is issued upon presentation of a passport. The amount indicated in it must exceed 500 Swiss francs. In this case, when leaving the country, you need to contact the bank located on the territory of the airport. By presenting your passport and a special check for more than 500 CHF, you will receive back about 80% of the VAT amount.

Sometimes money is not paid when leaving the country, but a little later. In this case, a special seal will be put on the check. It will need to be sent by mail upon arrival home, and the money will be transferred to your card.

Some major shops in Switzerland can refund VAT on the spot in cash. This also requires a passport.

Where does the Swiss franc go?

The currency we are considering is in circulation not only in Switzerland. It also circulates in other places. The Swiss franc has been the official currency of the Kingdom of Liechtenstein since 1924.

Moreover, here they have the right not only to use francs in settlements, but also to issue them into circulation (minting). An important feature of the francs minted in this territory is that coins issued in the territory of Liechtenstein can only "walk" within the kingdom itself. Therefore, the honorary rightissue of coins applies only to commemorative francs.

Swiss francs are considered the official currency in one more locality. This is Campione d'Italia. The fact is that although this exclave is officially located on Italian lands, it is surrounded by the territory of the canton of Tessin, belonging to Switzerland. Therefore, the economy of Campione d'Italia is not connected with Rome, located not close, but with Switzerland. This country provides the inhabitants of the exclave with telephone communications, postal services, hospital services, education in schools and more. So Swiss money can be considered the official currency of these lands.