The currency in Switzerland is the Swiss Franc (₣), and its official currency code is CHF, which is how you will see it represented at Moneycorp. The banknotes are available in denominations of 10, 20, 50, 100, 200, and 1000. One Swiss Franc is divided into 100 centimes or Rappen. Coins are available in denominations of 1, 2, and 5 CHF, and in 5, 10, 20, and 50 centimes/Rappen. £1 is worth ₣1.12 at 11.43am on 3 February 2023.

Where to live in Switzerland

The high-skilled career opportunities, incredible natural beauty, and undeniably good quality of life offered in Switzerland come at a price. This is obvious in the high cost of living in Switzerland

When it comes to where to live in Switzerland, British expats need to consider their options carefully. According to Mercer’s 2022 Cost of Living Survey, the Swiss cities of Zurich, Geneva, Basel, and Bern are among the world’s top 5 most expensive cities to live in. They’re in the second, third, fourth, and fifth spots, respectively. Other locations such as Lugano and Luzern are more affordable options.

How much does accommodation cost in Switzerland?

The cost of accommodation has an important influence on the average cost of living in Switzerland. The cost of renting or buying property can vary greatly, depending on the city or region you choose to live in. The table below offers a good idea of accommodation costs in various cities. All figures were taken from Numbeo.com and exchange rates were calculated on 3 February 2023 at 11.50am.

Bern

Zurich

Basel

Lugano

How much does transport cost in Switzerland?

The cost of transportation, whether you use a private vehicle or public transport, is an important factor to consider when determining the average cost of living in Switzerland. Many expats appreciate that the cost of single journey tickets and monthly passes for public transport are similar to what they pay in the UK, while the average price of petrol is almost identical to the average price in the UK.

The cost of living in Switzerland for international students

The cost of living in Switzerland for international students is among the highest in the world, but there are ways you can minimise that, such as by sharing an apartment with other students. Alternatively, you can take advantage of the housing offices at many Swiss universities that offer discounted rates for dormitories to international students. Those costs vary from city to city, and generally range between £448 and £717 per month.

The most expensive and popular cities among foreign students include Zurich, Geneva, Lausanne, and Basel. Student accommodations such as apartments in Zurich and Geneva range in price between £1522.89 and £4479.08 per month, while those in Lausanne range between £1343.72 and £2329.12 per month. Basel’s prices range between £1254.14 and £2329.12.

If you choose to stay in a dormitory, you should have a monthly budget of between £1254.14 and £1522.89 to cover accommodation, transportation, food, supplies, and leisure activities. However, with Zurich and Geneva being the most expensive Swiss cities, you might need a higher monthly budget. You can further bring down the cost of living for international students by doing your grocery shopping in supermarkets, especially those which offer between 25-50% discounts on perishable items after 5pm.

What is the cost of living in Switzerland compared to the UK?

The cost of living in Switzerland is similar to what you would find in London rather than in the UK’s smaller cities and towns. The table below includes average prices for various goods and services in Switzerland.

Sign up for a personal account with Moneycorp

A Moneycorp personal account allows you to send money to Switzerland easily and securely. This takes the hassle out of moving to this beautiful country, whether you’re planning to study, work, or retire there. Sign up for a Moneycorp account and enjoy peace of mind.