Cheapest Money Changers in Switzerland

Good day,

I will be travelling to London for a week and need to get some pounds sterling. Friends recommended changing money at an SBB station or at the airport. Are those the cheapest places in Switzerland to change money?

With kind regards

Hi there,

You can find useful information about changing money in Switzerland in the moneyland.ch guide to buying foreign currency.

You can request a PDF comparison of the average exchange rate spreads of many Swiss banks and the SBB at the foot of the moneyland.ch guide to Swiss bank currency exchange rates.

British pounds are available at most Swiss banks and bureaus de change. Major SBB stations and airport branches of banks and bureaus de change often have stocks of less-widely-circulated currencies which are not readily available at most banks.

If you use a Swiss bank account, you can either change Swiss francs for pounds sterling at the till or use your Swiss debit card to withdraw pounds sterling from an ATM in the UK. As a general rule, changing at the till can work out cheaper for small amounts, while using your debit card at a foreign ATM works out cheaper for larger amounts.

The reason for this is that Swiss banks charge foreign transaction fees (typically 5 francs per withdrawal) when you use your debit card to withdraw money at a foreign ATM. So even though banks use their more favorable forex rates for debit card transactions, withdrawing small amounts of foreign currency can be relatively expensive because of the foreign transaction fee. Most Swiss banks use their less favorable banknote rates for foreign currency purchases at the till, but generally do not charge exchange commissions to their customers, making this a cheaper option for changing smaller amounts in many cases.

Best regards from Moneyguru

More on this topic:
Banknote rates and forex rates in Switzerland
Simple ways to protect your money while traveling