Dear MEL Topic Readers,
Why the Swiss still love cash
Switzerland is a landlocked country in the
center of Europe. Though all the surrounding countries belong to the EU and
adopt Euro, Swiss distances itself from the union nor and currency zone. Their
official currency is Swiss Franc. Seven denominations of coins and six series
of banknotes are in circulation. Each coin has distinct weight; one franc, two francs, and five francs coin weighs 4.4, 8.8, and 13.2 grams respectively. The main
colors of the banknotes are also distinct; yellow, red, green, blue, brown, and
purple. Their one-thousand-franc bill is one of the most valuable banknotes in
the world, which is worth around ten 100-dollar US bills. This super banknote
is still commonly used for big-ticket items and paying bills. Indeed, cash is
still the dominant payment method in Switzerland as 70% of the transactions are
made by cash and 22% by debit cards, an instant withdrawal from the bank
account.
It seems that cash is considered as part of
their culture. They prefer to have control over their spending, keep privacy,
and prevent getting into debt.
Enjoy reading the article and learn what cash
means to the culture.
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