Banknote Transaction - Is Identification Required?
First published on June 19, 2020 and regularly updated, this article provides essential information for exchanging old Swiss banknotes.
Old Swiss banknotes, particularly those of the 8th series, are no longer accepted in Swiss shops since April 30, 2021. However, their value remains intact, and they can be exchanged at the Swiss National Bank (SNB) cash desks in Bern and Zurich, as well as at SNB agencies. The addresses of the SNB agencies can be found in the SNB brochure on the exchange of recalled banknotes.
When exchanging old banknotes, identification may be required to prevent money laundering and terrorism financing. This identification requirement applies to cash transactions such as exchanging currencies, buying gold coins, or exchanging old banknotes.
It's worth noting that if a transaction is done at a local bank, the identification requirement may be waived as they already have the customer's information on file.
The SNB agencies serve as additional locations for exchanging old banknotes, providing convenience for those living outside of Bern and Zurich.
The bank is obligated to identify customers for transactions above 15,000 Swiss francs since the beginning of 2020, a change from the previous limit of 25,000 Swiss francs.
For more detailed information, including the addresses of SNB agencies, it is recommended to refer to the SNB brochure on the exchange of recalled banknotes. It's important to note that this article was first published on June 19, 2020 and is regularly updated, but no new information about updates is provided in this paragraph.
The correct planting of raised beds and the most popular books of this decade are not discussed in this article.
Read also:
- Deepwater Horizon Oil Spill: BP Faces Record-Breaking Settlement - Dubbed 'Largest Environmental Fine Ever Imposed'
- Meta Unveils Ray-Ban AR Display Sunglasses; TikTok Agrees to $200 Million Deal
- Historic downtown temples to receive restoration funds totaling over 25 million pesos
- Cars' Environmental Impact Explained
