| Exchange Rate / Historical Analysis / Monthly Average | |||||||||||||||
| Currency | Ref. | Average | Mar-05 | Apr-05 | May-05 | Jun-05 | Jul-05 | Aug-05 | Sep-05 | Oct-05 | Nov-05 | Dec-05 | Jan-06 | Feb-06 | |
| Swiss Franc | CHF | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Australian Dollar | AUD | 1.05 | 1.09 | 1.09 | 1.07 | 1.03 | 1.03 | 1.04 | 1.04 | 1.03 | 1.04 | 1.03 | 1.04 | 1.03 | |
| British Pound | GBP | 0.44 | 0.45 | 0.45 | 0.44 | 0.43 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | |
| Euro | EUR | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.64 | 0.64 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.64 | |
| Hong Kong Dollar | HKD | 6.17 | 6.65 | 6.65 | 6.40 | 6.15 | 6.01 | 6.15 | 6.15 | 6.03 | 5.92 | 5.94 | 6.05 | 5.95 | |
| Japanese Yen | JPY | 88.81 | 89.63 | 89.63 | 87.63 | 85.91 | 86.51 | 87.63 | 87.94 | 89.12 | 90.43 | 90.72 | 90.36 | 90.27 | |
| Malaysian Ringgit | MYR | 3.00 | 3.24 | 3.24 | 3.12 | 3.01 | 2.93 | 2.98 | 2.99 | 2.93 | 2.88 | 2.90 | 2.94 | 2.86 | |
| Russian Roubal | RUB | 22.48 | 23.55 | 23.55 | 22.95 | 22.54 | 22.18 | 22.55 | 22.49 | 22.19 | 21.96 | 22.07 | 22.15 | 21.64 | |
| Singapore Dollar | SGD | 1.32 | 1.39 | 1.39 | 1.36 | 1.32 | 1.30 | 1.32 | 1.33 | 1.31 | 1.30 | 1.28 | 1.28 | 1.25 | |
| United States Dollar | USD | 0.79 | 0.85 | 0.85 | 0.82 | 0.79 | 0.77 | 0.79 | 0.79 | 0.78 | 0.76 | 0.77 | 0.78 | 0.77 | |
| Retail Banking | Asset Management | |||
| - | UBS | - | UBS Brinson | |
| The leading Swiss and European bank. | Institutional Asset Management at UBS. | |||
| - | CREDIT SUISSE | - | Credit Suisse Asset Management | |
| #2 in Switzerland and a major global player. | Credit Suisse Asset Management is a leading global asset manager responsible for $129.3 billion of discretionary assets. | |||
| - | Zürcher Kantonalbank | - | The Pictet Group | |
| Largest regional bank and #3 in Switzerland, especially strong in the Zurich area. | The bank, a pioneer in its domestic market of Switzerland, today ranks as one of the leading pension fund managers in Europe. | |||
| - | Zürcher Kantonalbank | |||
| Private Banking | Asset Manager with strong focus in the Zurich area. | |||
| - | UBS | - | Swiss Re | |
| Private Banking services for individuals handing over 1,000,000 Swiss Francs | Asset Management with global reach. | |||
| - | CREDIT SUISSE Private Banking | |||
| Private banking services at the #2 of Switzerland. | Investment Banking | |||
| - | Vontobel Private Banking | - | Credit Suisse First Boston | |
| Private bank based in Zurich. | Credit Suisse First Boston ("CSFB") is a leading global investment banking firm, providing comprehensive financial advisory, capital raising, sales and trading, and financial products for users and suppliers of capital around the world. | |||
| - | Bank von Ernst | - | Warburg Dillon Read | |
| Specializing in private banking services. | Warburg Dillon Read is the investment banking division of UBS AG, and one of the most successful investment banks in the world. | |||
| - | Zürcher Kantonalbank | - | Goldman Sachs | |
| Private banking services localized in the Zurich area. | Goldman Sachs's branch in Switzerland. | |||
| - | Darier Hentsch & Cie | - | Merrill Lynch | |
| Darier Hentsch & Cie, founded in 1796, are Geneva's oldest Private Bankers, and the third largest institution of its kind in Switzerland. | Merrill Lynch's office in Switzerland. | |||
| - | The Pictet Group | - | Morgan Stanley | |
| Founded in 1805 in Geneva, Pictet & Cie is today, with over CHF 115 bn of assets under management and administration, Switzerland's foremost private bank and one of the premier asset management specialists in Europe. | Morgan Stanley's branch in Switzerland. | |||
| - | Sarasin | - | J.P. Morgan & Co. | |
| One of the finest private banks in Switzerland. | JP Morgan's office in Switzerland. | |||
| Australia | Britain | Canada | China | Denmark | France | Germany | Greece | Israel | Italy | Japan | Russia | Singapore | Spain | Switzerland | USA | |
| Australia | 100% | 197% | 126% | 79% | 202% | 170% | 154% | 136% | 234% | 141% | 182% | 90% | 123% | 136% | 226% | 164% |
| Britain | 51% | 100% | 64% | 40% | 103% | 87% | 78% | 69% | 119% | 72% | 93% | 46% | 63% | 69% | 115% | 83% |
| Canada | 79% | 156% | 100% | 62% | 160% | 135% | 122% | 108% | 186% | 112% | 144% | 71% | 97% | 108% | 179% | 130% |
| China | 127% | 250% | 160% | 100% | 256% | 217% | 196% | 173% | 298% | 179% | 231% | 115% | 156% | 173% | 288% | 208% |
| Denmark | 50% | 98% | 63% | 39% | 100% | 85% | 76% | 67% | 116% | 70% | 90% | 45% | 61% | 67% | 112% | 81% |
| France | 59% | 115% | 74% | 46% | 118% | 100% | 90% | 80% | 138% | 83% | 107% | 53% | 72% | 80% | 133% | 96% |
| Germany | 65% | 128% | 82% | 51% | 131% | 111% | 100% | 88% | 152% | 91% | 118% | 59% | 80% | 88% | 147% | 106% |
| Greece | 73% | 145% | 93% | 58% | 148% | 125% | 113% | 100% | 172% | 104% | 134% | 66% | 90% | 100% | 166% | 120% |
| Israel | 43% | 84% | 54% | 34% | 86% | 73% | 66% | 58% | 100% | 60% | 78% | 38% | 52% | 58% | 97% | 70% |
| Italy | 71% | 140% | 90% | 56% | 143% | 121% | 109% | 97% | 166% | 100% | 129% | 64% | 87% | 97% | 160% | 116% |
| Japan | 55% | 108% | 69% | 43% | 111% | 94% | 85% | 75% | 129% | 77% | 100% | 50% | 68% | 75% | 124% | 90% |
| Malaysia | 130% | 255% | 164% | 102% | 262% | 221% | 200% | 177% | 304% | 183% | 236% | 117% | 160% | 177% | 294% | 213% |
| Russia | 111% | 218% | 140% | 87% | 224% | 189% | 171% | 151% | 260% | 156% | 202% | 100% | 136% | 151% | 251% | 182% |
| Singapore | 81% | 160% | 103% | 64% | 164% | 139% | 125% | 111% | 191% | 115% | 148% | 73% | 100% | 111% | 184% | 133% |
| Spain | 73% | 145% | 93% | 58% | 148% | 125% | 113% | 100% | 172% | 104% | 134% | 66% | 90% | 100% | 166% | 120% |
| Switzerland | 44% | 87% | 56% | 35% | 89% | 75% | 68% | 60% | 104% | 62% | 80% | 40% | 54% | 60% | 100% | 72% |
| USA | 61% | 120% | 77% | 48% | 123% | 104% | 94% | 83% | 143% | 86% | 111% | 55% | 75% | 83% | 138% | 100% |
Money - Currencies Analysis - Banking Services - Switzerland
Site Admin.
Currency Overview:
The Swiss currency is called "Schweizerfranken" ("Swiss Francs") or short "Franken". One hundred "Rappen" make up one Swiss Franc. CHF is the ISO representation for Swiss francs; however, the old notation sFr. is still often used.
With over 200 years of established political stability, Switzerland is regarded as an economic safe haven, the Swiss franc considered to be amongst the world’s premier currencies, with virtually zero inflation and historically backed by at least 40% gold reserves.
Evidence of the great pride the Swiss have for their currency and sovereignty is characterised through the recent introduction of its new banknotes, as clear an indication as any that entry into the European Monetary Union (EMU) is not deemed a priority.
However, full EU membership is a stated long-term objective of the Swiss government, despite popular negative sentiment. In recent years, the Swiss have brought their economic practices largely into conformity with those of the European Union in an effort to enhance international competitiveness. As evidence of this move many established businesses in major cities, including Zurich and Bern, now accept the "Euro" as legal tender, although the conversion rates may not be entirely favorable.
Swiss bank notes are amongst the most technically advanced and secure world currencies, the multitude of paper variations and ink applications aimed at deterring counterfeiters is so extraneous that the Swiss National Bank has needed to provide explanatory brochures for each monetary unit.
Cash Availability - Limitations
One of the surprising anomalies in Switzerland is that despite being a recognised major financial centre, it can often be quite difficult to obtain cash or access money. Per chance you arrival coincides with a weekend or public holiday you will undoubtedly be frustrated in your efforts to locate an ATM or to readily access cash. This is due in part to the large number of private banks, for which such facilities are contained within secure premises closed outside of normal bank operating hours.
Full ATM and essential service facilities are available within the principal Bahnhof (Railway Station) found in each major city.
Tipping
A 15% service charge is automatically included for restaurant bills in Switzerland. However, where service is courteous and forthcoming it would be deemed appropriate to allow an additional small cash tip, between CHF 1 to CHF 10 depending on the quality of the establishment. At hotels it is recommended to complement maids with CHF 2 and hotel porters and monkey-boys should receive between CHF 1 - 2 per piece of luggage.
Never tip because you feel you should, to do so is an admission of conformity unbecoming of a sophisticated traveller. Tipping is an acknowledgment of exceptional service and a expression of gratitude - mediocrity should not be rewarded.
Foreign Currency & Exchange Rates
There was a time when Travellers Checks were the predominant and most widely accepted form of currency conversion. Today however, they are somewhat of a monetary antiquity, inconvenient and expensive. It is now widely accepted that the best rate obtainable for any currency conversion is achieved through the use of a credit card and that the best rate for cash withdrawal is obtained from Automatic Teller Machines (ATM's).
Cash withdrawals from Banks will incur a processing charge and the exchange rate applied will be less than favorable. In addition, rates will generally be non negotiable for transactions less than CHF 50,000. Hotel exchange facilities should only be used as a last resort.
Purchasing Power Parity
The table detailed below is intended to provide an indicative analysis of international price purchasing power parity (PPP) based on the United Nations International Comparison Program. The percentages are based on price comparisons of a common market basket, containing approximately 150 detailed categories of goods.
The highlighted column provides a generalised representation of the expected cost for goods and services relative to one's own currency. For example, if a cup of coffee costs AUD $2 in Australia, then the equivalent cup of coffee consumed in Switzerland should cost AUD $4.52 - 226% of the Australian price.
It should be noted that the results detailed are an estimate only based upon a broad cross section of domestic consumables. It should not be concluded that all prices within the destination country will be comparable to your domestic currency at the percentages indicated.
Banking
Switzerland has established a worldwide reputation for the services it provides in banking, notably in private wealth management. More than 350 banks, Swiss and foreign, offer their services to a sophisticated clientele looking for high quality in asset management as well as in customer services. Banks in Switzerland are estimated to manage 30% of the cross-border assets which makes them one of the biggest players worldwide.
Banking is an important component of the Swiss economy, generating a share of 14% to the gross domestic product exceeding by large other traditional Swiss industries such as watch making (1.2%), chemicals (3.9%) or insurances (2.1%).
Swiss National Bank (SNB)
The SNB is the central
bank of the Swiss Confederation, and it runs the country's monetary policy
independently. As lender of last resort, it bears some responsibility for
ensuring that the Swiss economy has sufficient liquidity. However, unlike
the Bank of England, for instance, it has no regulatory powers - banking
supervision is the purview of the Federal Banking Commission.
www.snb.ch
Major Banking Institutions