Banknote transaction: Is identification required?
First published on June 19, 2020, and regularly updated, this article provides essential information for those looking to exchange old Swiss banknotes.
The Swiss National Bank (SNB) is the institution where old Swiss banknotes can be exchanged. The bank has cash desks in Bern and Zurich for this purpose. Old banknotes can also be exchanged at SNB agencies, with addresses available in the SNB brochure on the exchange of recalled banknotes.
It is important to note that the exchange of old Swiss banknotes of the 8th series is no longer possible in Swiss shops since April 30, 2021. After this date, old banknotes of the Swiss 8th series can be exchanged only at the Swiss National Bank branches in Bern and Zurich; there are no other authorized exchange locations outside these branches.
The tightened rules regarding the exchange of old banknotes are in place to prevent banks from engaging in money laundering and terrorism financing. As a result, the bank is obligated to identify customers for cash transactions exceeding 15,000 Swiss francs. The identification requirement does not apply if the transaction is conducted at a customer's main bank, as they already have the customer's details.
Cash transactions, including exchanging currencies, buying gold coins, or exchanging old banknotes, are subject to this identification requirement. Previously, the identification requirement for cash transactions did not apply until transactions reached 25,000 Swiss francs.
Rest assured, the exchange of old Swiss banknotes does not result in a loss of value. Old Swiss banknotes do not lose their value.
For more detailed information, including the addresses of SNB agencies where old banknotes can be exchanged, please refer to the SNB brochure on the exchange of recalled banknotes.
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