How cash is organized in Switzerland
Cash is the 'king' of payment methods in the country. Moneyland's 2022 survey found that 62% of citizens consider cash to be absolutely essential. 96% regularly use cash for payments. Their biggest advantages are anonymity and control over spending (you can't spend more than you planned if you take a certain amount with you).
Currency in Switzerland
The main currency used in the country is the Swiss franc. The ISO code is CHF.
The Swiss franc is divided into 100 rappens (sometimes also called centimes).
Coins are available in denominations of:
- 5 rappens
- 10 rappens
- 20 rappens
- 50 rappens
- 1 franc
- 2 francs
- 5 francs
There are also banknotes in denominations of:
- 10 francs
- 20 francs
- 50 francs
- 100 francs
- 200 francs
- 1000 francs
Local banknotes are considered the most counterfeit-proof in the world, with up to 18 security features.
As for the euro, it is also accepted in many shops. However, the exchange rate is usually not very pleasant, so it is still recommended to exchange your currency for Swiss francs.
The easiest way to do this is through internet exchangers, bank branches or the exchange office at Zurich's main railway station.
Demand for CHF cash in Switzerland
The results of an observation conducted by the School of Management and Law at Zurich University of Applied Sciences and the Centre for Financial Services Innovation at the University of St. Gallen show that cash still plays a vital role in the payment behaviour of the Swiss population, even after the Covid-19 pandemic.
- 29 per cent of everyday payments are made in cash.
- People with lower levels of education and lower incomes use nal more frequently.
- Approximately one in six people in Switzerland do without cash. This is especially true for young people.
- 62 per cent have a strongly negative attitude towards the possible abolition of cash. Only 7.9 per cent would like to see them abolished completely.
The topic of cash is very controversial in the country. Most of the respondents have a clear opinion on this issue. In any case, Cash CHF is currently very popular, and there is every reason to believe that it will come in handy when travelling around Switzerland or moving to Switzerland to live.
