Lexi Webster
Austria and Switzerland are two of the most popular tourist destinations in Europe. Both countries are known for their beautiful landscapes, rich culture, and fascinating history. If you're planning a trip to either country, it's important to know the local currency to ensure you can make purchases and pay for services. So, what currency is used in Austria and Switzerland? Let's find out.
| Characteristics | Austria | Switzerland |
|---|---|---|
| Currency | Euro | Swiss Franc |
| Currency Code | EUR | CHF |
| Symbol | € | Fr. |
| Coins | 1, 2, 5, 10, 20, 50 cents, 1 and 2 euros | 0.05, 0.10, 0.20, 0.50 francs, 1, 2, 5, 10, 20, 50, 100, 200, 1000 francs |
| Banknotes | 5, 10, 20, 50, 100, 200, 500 euros | 10, 20, 50, 100, 200, 1000 francs |
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What You'll Learn
Austria's currency
Austria's current currency is shared with 18 other EU countries: Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. It is also used in some countries outside of the EU, such as Monaco and San Marino.
Before the introduction of the Euro, Austria used the Austrian Schilling as its currency from 1925 until 1938, and again from 1945 until the Euro was introduced. During the period of German annexation from 1938 to 1945, the German Reichsmark was used as the official currency.
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Switzerland's currency
The euro is often accepted in Switzerland, particularly in shops, hotels, rail stations, and gas stations. However, many smaller shops, market stalls, and kiosks only take Swiss francs. The euro is the currency in several of Switzerland's neighbouring countries, including Germany, France, Italy, and Austria.
The Swiss franc is a strong currency, so the exchange rate is often perceived as expensive. It is cheaper and more convenient to use Swiss francs for longer stays in the country.
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Exchanging currency in Austria
Austria's currency is the Euro, which is also used by most of its neighbouring countries. This makes travelling in the region much easier, as there is often no need to exchange money.
Where to Exchange Money
Foreign currency can be exchanged at banks, bureaux de change, and post offices. It is worth comparing rates to avoid high fees. Austrian banks are generally open Monday, Tuesday, Wednesday, and Friday from 8 am to 3 pm, and Thursday from 8 am to 12.30 pm, reopening from 1.30 pm to 5.30 pm.
Using ATMs
ATMs, known locally as Bankomaten, are common in Austrian towns and cities. Some are available 24/7, although some ATM services close after midnight. You can withdraw cash from ATMs 24/7, with Maestro, MasterCard, American Express, Visa, and Diners cards accepted, though fees may apply.
When withdrawing from an ATM, always choose to pay in the local currency to cut your costs and get the best rates available.
Card Payments
Card payments are widely accepted in larger hotels, chain stores, and upmarket restaurants. However, smaller shops and simple eateries may require cash. To buy train tickets using your card, head to a major station, where credit card sales are usually available.
Tips for Exchanging Money
- Avoid changing currency at airports or hotels. Currency exchange desks in these locations often have poor exchange rates and may charge hidden fees.
- Familiarise yourself with the mid-market rate before your trip. This is the true exchange rate, with no hidden fees.
- It is advisable to carry only small amounts of money in case of theft.
- It is recommended to always have some cash on hand in Austria for small purchases.
- It is wise to roughly plan your expenses in advance, as exchanging too much cash back can be expensive and not always possible (coins).
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Exchanging currency in Switzerland
Switzerland uses the Swiss Franc as its official currency. The symbol used to show prices at shops and restaurants is 'Fr', and the currency code is CHF. Each Swiss Franc is divided into 100 centimes, with coins in CHF 0.05, CHF 0.20, CHF 0.50, CHF 1, CHF 2, CHF 5, and CHF 10. Swiss Franc banknotes come in CHF 10, CHF 20, CHF 50, CHF 100, CHF 200, CHF 500, CHF 1,000, and CHF 2,000 denominations.
If you're looking to exchange money in Switzerland, here are some tips:
- Avoid exchanging currency at the airport or at home before your trip. You'll usually get a better rate once you're in Switzerland.
- Choose to pay in the local currency, Swiss Francs, when using your card in shops and restaurants. This will help you avoid dynamic currency conversion (DCC) fees.
- If you need to exchange a less common currency, consider doing so at a major bank branch, such as UBS or Credit Suisse. These banks offer a large portfolio of over 90 currencies, including exotic currencies. Even if you're not a customer, you can exchange money at these banks, usually at the same rate as customers, but you may have to pay a commission of 5 to 10 francs.
- The Swiss federal railway (SBB) offers forex services at most major train stations, with over 90 currencies available. There is a 4-franc fee for each exchange, but this is waived for SBB GA Travelcard holders. However, the exchange rates offered for some less major currencies may not be the most favourable.
- For exchanging foreign currency back into Swiss Francs, you can do so at SBB Change points of sale.
- When purchasing other currencies besides euros, US dollars, or British pounds, pay close attention to the exchange rates offered by different banks, as they can vary significantly.
- If you have a specific currency in mind, consider phoning ahead to ensure its availability and to inquire about any potential commission fees.
- If you're a PostFinance customer, you can order foreign currency (minimum 100 francs value) to be delivered to your home for a fee of 5 francs. This option is available for over 80 currencies, excluding euros, which can be purchased directly at the counter.
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Card payments in Austria and Switzerland
Austria and Switzerland are two beautiful European countries with a lot to offer visitors and residents alike. When it comes to card payments, there are some similarities and differences between the two countries. In both Austria and Switzerland, cash is still a popular form of payment, but each country has its own unique relationship with cards as well.
Austria
In Austria, the euro is the official currency and has been since 2002. While credit cards are accepted in many places, their use is not as widespread as in countries like the UK and the USA. Major credit card providers such as Visa, Mastercard, American Express, and Diners Club are widely accepted at major retailers, hotels, and restaurants. However, smaller stores and eateries may only accept cash. Therefore, it is always a good idea to carry some euros with you when travelling around Austria.
Debit cards are more popular in Austria than credit cards. The Bankomat debit card is extremely common and widely accepted. Most ATMs in Austria, known locally as Bankomaten, offer withdrawals of up to 400 euros, and many allow you to choose your preferred denomination. It is worth noting that credit cards may incur foreign transaction fees, merchant currency conversion fees, cash advance fees, and cash machine fees, so using a debit card is often a more cost-effective option.
Contactless card payments have been available in Austria since 2013 and are now common across the country. To make use of this, ensure that your card has a four-digit PIN.
Switzerland
Switzerland has a strong banking tradition and is an international financial hub. The Swiss franc is the official currency, denoted by CHF or SFr. In recent years, the percentage of cash payments in Switzerland has dropped below 30%, with debit cards now being the most popular payment method, accounting for around 40% of transactions. Credit cards and mobile wallets are less commonly used.
While Switzerland is modernising its payment infrastructure, it still has a unique domestic payments landscape. Unlike many other countries, Switzerland has historically been more cash-centric than its European neighbours. Swiss consumers have traditionally paid their bills in cash at local post offices, but today, most use electronic bill (e-bill) schemes or online banking.
Debit cards are widely accepted in Switzerland, including UK debit cards. Credit cards can also be used, but it is important to check with your credit card provider about any additional fees for foreign transactions or withdrawals.
Contactless payments are very common in Switzerland, with 99% of cards having this feature enabled. The limit for contactless payments is 80 Swiss francs, after which a PIN is required. Digital wallets such as Google Wallet, Apple Pay, and Samsung Pay are also used for approximately a third of credit card payments and 13% of debit card transactions. TWINT, a local mobile wallet app, is the most popular Swiss payment app and is used by over 50% of the population.
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Frequently asked questions
The currency used in Austria is the Euro.
The currency used in Switzerland is the Swiss franc.
Euros are sometimes accepted in Switzerland, but it is recommended to use Swiss francs as they are the official currency.
The symbol for the Swiss franc is CHF.
The symbol for the Euro is €.
