Banks in Switzerland for travelers

Banks in Switzerland for travelers

Switzerland, a country located in the middle of several countries in Eurozone has its own national currency the Swiss franc and it has numerous banks offering the best banking services for travelers from most parts of the world.

Swiss banks operate with the utmost secrecy and thus travelers disclosure of personal information is forbidden by the law making it safe to use them.

Services, provided by Swiss banks

Many country’s banks offer both private and retail banking services to travelers. Travelers with very large assets can receive private banking services from the Swiss banks. Here, foreign customers are able to receive banking services at a personal level and other benefits like being counseled on the management of wealth, tax concerns including planning on estates.

Retail banking offered in Swiss banks can be used by individual travelers who will be able to receive services like saving their money, personal loans, investment services, checking and even mortgages services.

Banks in Switzerland for travelers

Therefore, since there are a variety of services that travelers can receive in Swiss banks, first and foremost, the travelers have to ensure that in order to access these services they open a bank account in Switzerland.

Opening Swiss bank account for travelers is very easy and straightforward as there are no restrictions for any foreigner wishing to open it except for the US citizens due to the latest sanctions imposed by US which prompted Swiss banks to refuse opening bank accounts for US citizens.

The list of most convenient Swiss banks for travelers includes the UBS AG, Credit Suisse, Pictet group, Cantonal banks, Raitaissen, CIM, and Migros.

UBS AG and Credit Suisse bank are considered very convenient because they have branches in almost every part of Switzerland.

On the other hand, Cantonal and Raitaissen banks are good for travelers who have more than $1 million liquid assets thus convenient for private banking.

Generally, all these banks are most convenient to travelers because they offer the best rates for mortgages and savings, they are good in exchange rates, they possess cards that don’t charge any conversion rates and thus at the end of it saves money for the travelers.

Using ATMs in Switzerland

In Switzerland, travelers can easily use ATMs for their transactions as it is found nearly everywhere. Moreover, Swiss banks don’t charge any fees on withdrawal with the use of Swiss ATM’s and it is also very easy for travelers to get francs in Switzerland with the use of ATMs. Besides that, it is the easiest way for one to obtain cash at the exchange rate which is most favorable.

swiss-atm

Banking cards and currency exchange

Apart from that, currency exchange agencies in Switzerland can be found in most CFF/SBB train stations or in any Swiss bank.

It is worth to remember, that the traveler will be charged with a commission for every exchange being carried out. However, travelers can be advised to use debit cards or credit cards in Switzerland (MasterCard and Visa are most acceptable). These cards are convenient to use as most merchants in Switzerland have credit cards all over the country and most businesses in Switzerland accept them. Additionally, travelers can also use travel credit cards as with this, they will not be required to pay currency conversion when they will be doing a transaction in francs.

Debit cards are also considered the best as a traveler can use it by spending and withdrawing money just like when in a home country. For maximum benefit, the traveler should ensure that he finds a debit card which waives international withdrawal fee on the ATM and this will enable the traveler to make free ATM withdrawals with Swiss bank ATMs.

To be able to identify the best debit or credit card to use, the traveler can call their issuer or bank for further clarification.

Consequently, traveler’s cheques use has declined in Switzerland and Swiss banks ceased issuing it in 2009 but instead issue prepaid cards or travel cash which can be used in withdrawing cash in ATMs all over the world and for payments in EFTPOS terminals where Maestro is approved.

 

zurich airport

Summing up, the banks in Switzerland offer the excellent services for travelers and are very convenient to use. For maximum benefits, travelers should opt to use debit or credit cards but after proper liaison with the banks.

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