At present, the currency of Switzerland is the Swiss franc. This has a history of over 100 years and has gone through several important processes. In art article, we talk about your exchange rate, as well as various data that will be of great interest.
Below you have an index with all the points that we are going to deal with in this article.
Although Switzerland is a country that is integrated into the Schengen area, it does not belong to the European Union and, therefore, the euro is not its official currency. If you want to know which territories belong to these formations, we recommend this article: The Schengen area and the Member States of the European Union.
The official currency of this country is the Swiss franc. This one is in force since 1850, when, thanks to the first federal monetary law, the different currencies that existed in the Swiss cantons were replaced.
The official ISO code or abbreviation for this currency is CHF and its symbol Fr. As for its value, it remained fixed to gold until the year 2000. A franc is divided into one hundred cents.
In addition to this country, the Swiss franc is also used in Liechtenstein, in Campione d'Italia (a municipality in Italy), and in Büsingen am Hochrhein, a town in Germany.
There are coins of 5, 10 and 20 cents and 1/2, 1, 2 and 5 francs. The 1 and 2 cent models are already deprecated. As for the tickets, there are 10, 20, 50, 100, 200 and 1,000 francs. The person in charge of issuing the tickets is the Swiss National Bank, while the coins are responsible for Swissmint.
On the other hand, since 1999, bimetallic, gold and silver commemorative coins are launched, which are collectible and are not used as current currency.
This is the equivalence between the Swiss franc and some of the world's foremost currencies:
- CHF 1.00 = US $ 1.00 (USD)
- CHF 1.00 = 0.92 euros (EUR)
- CHF 1.00 = 667.80 Chilean pesos (CLP)
- CHF 1.00 = 2.952.66 Colombian pesos (COP)
- CHF 1.00 = 15.36 Argentine pesos (ARS)
- CHF 1.00 = 3.27 Peruvian soles (PEN)
- CHF 1.00 = 19.13 Mexican pesos (MXN)
- CHF 1.00 = 112.00 Japanese yen (JPY)
- CHF 1.00 = 15.53 Argentine pesos (ARS)
- CHF 1.00 = 0.78 pounds sterling (GBP)
- CHF 1.00 = 47.47 Dominican pesos (PDO)
- CHF 1.00 = 7.38 Guatemalan quetzales (GTQ)
- CHF 1.00 = 5.614.84 Paraguayan Guarani (PYG)
- CHF 1.00 = 3.58 Turkish Lira (TRY)
- CHF 1.00 = 28.28 Uruguayan pesos (UYU)
- CHF 1.00 = 3.90 Polish zlotys (PLN)
If you travel to Switzerland, you can exchange money at any exchange office and even at airports and some hotels. In addition, you can withdraw money directly from an ATM, or pay by credit or debit card.
Also, in many establishments they allow you to pay with euros. However, they will return the exchange in Swiss francs.
What relationship does the Swiss franc have with the euro?
To protect Switzerland's economy against the overvaluation of the Swiss franc, the minimum exchange of 1.20 francs for one euro was set in 2011. However, as the currency was devalued, in 2015 it was released to the currency of that fixed exchange. Currently, 1 Swiss franc equals 0.92 euros.
Why is it said that the Swiss franc is the new "refuge currency"?
Because it is considered to be a more stable and stronger currency than others such as the euro. Therefore, to avoid crisis or losses, companies from different countries decide to bring their money to this country. Although this stopped between 2011 and 2015, once released from the euro, the Swiss franc is once again considered a shelter currency.
What is the alternative currency of Switzerland?
In Switzerland we find the WIR, a monetary system parallel to the Swiss franc used by SMEs to make transactions between them or obtain loans with lower interest rates. Sometimes they even combine payment between Swiss francs and the WIR model.
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