20 minutes – Migros opens its own currency exchange


Migros is entering a new business area in German-speaking Switzerland: in the middle of the city of Basel, the retailer will open an exchange office on Monday, 11 November. Customers can change currencies in the "Migros Change" franc – and vice versa.


Where do you change your money?

In Geneva, there have been a total of ten such branches for years. "Migros Change at the Basel Dragon Center is the first one in German-speaking Switzerland," confirms media spokeswoman Nadine Kunz from the Migros Cooperative Basel opposite to 20 minutes.

Migros promises top courses

Migros promises that customers will receive top exchange rates in the in-house currency exchange without charges and fees. "We want to offer better courses compared to the competition," said the spokeswoman.

In addition to francs, euros, US dollars and British pounds, one can also exchange exotic currencies such as Moroccan dirham or Mexican pesos. On board is at the currency exchange Western Union. Therefore, customers can send cash from the counter to over 200 countries.

No exchange office in Zurich

The bureau de change in Basel is not a pilot project and will run fixed, spokeswoman Kunz. At present, no further Migros Change branches are planned in the region. There is a need for such an offer among customers in the region. Therefore, the cooperative Migros Basel decided to open such a branch.

There will not be a Migros exchange office in Zurich, for the time being. "There are no plans to introduce this service in the medium term," the Migros Cooperative informs Zurich on request.

Long term, not very attractive

According to Andreas Dietrich, the exchange office is attractive for Migros: "The retailer usually has more time to open up than a bank. In addition, shopping can be combined with changing money ยป, says the bank professor at the Lucerne University on request.

In the long term, however, such bureaux de change would become less attractive. "On the one hand, the importance of cash will continue to decline. On the other hand, there are more and more credit card providers, which charge hardly any transaction costs. "Thus, can be increasingly cheap with the card paid locally, so Dietrich.

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  1. Well, nice for the ones that want to change some cash from time to time. But in Switzerland most people use ExchangeMarket.ch if the want to change euro or francs. Online will always be better and cheaper


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