EXPLAINED: How major bank customers now have free access to every ATM in Switzerland

EXPLAINED: How major bank customers now have free access to every ATM in Switzerland
Photo: FABRICE COFFRINI / AFP
Switzerland’s main banks have just standardised their ATMs, meaning customers can now enjoy reciprocal access and a range of new functions. Here’s what you need to know.

Customers of Switzerland’s major banks can now access a range of new features, after the machines were standardised across the country. 

All ATMs will now used standardised software which offers the same functions to all users, including withdrawals and deposits, regardless of their bank.

Smartphone withdrawals will now be available at all ATMs, while the interface will be the same regardless of the bank. 

Customers will be able to choose which denominations to withdraw, while QR codes can be used for deposits and withdrawals. 

Financial services provider Six has overseen the standardisation process, replacing 25 different software systems employed across Switzerland with one standardised platform. 

“The software now looks the same on all bank machines. This means that every ATM can do the same,” a spokesperson for Six told 20 Minutes. 

Despite Switzerland’s banking system being internationally renowned, customers of the major Swiss banks – including Credit Suisse, UBS, Raiffeisen and others – have not been offered the same services. 

A lack of reciprocal ATM usage (access to other bank ATMs) for free withdrawals and deposits, along with certain functions being unavailable at certain bank ATMs, has long frustrated bank customers.  

The only major holdout to the new system is Swiss Post, who will “continue to use their own platform” according to the spokesperson. 

The changes took place on Sunday, October 4th. 

 


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