Hi there,
Here are the pros and cons of each option you mentioned:
1. Changing or withdrawing currency at the till of your bank. You do not pay a commission, but the bank will use the less favorable banknote rate for the exchange.
2. Withdrawal at a Czech ATM using your Swiss debit card. Your Swiss bank charges a foreign transaction fee (typically 5 Swiss francs per withdrawal) to withdraw money at a foreign ATM. Your bank uses the more favorable forex rate for the conversion. If you use an ATM operated by a major Czech bank you will not normally pay a third-party ATM fee. If you use ATMs from other service providers then you may pay a third-party ATM fee.
3. Withdrawal at a Czech ATM using a Travel Cash Card prepaid card. You pay a cash withdrawal fee of 5 Swiss francs (5 euros or 5 U.S. dollars if you have a euro or U.S. dollar card). Because you pay a loading fee of 1.5% when you deposit money into your prepaid card account, using this card for this transaction works out more expensive than using your debit card.
4. Withdrawal at a Czech ATM using a credit card. This is the most expensive option. You pay a foreign transaction fee equal to between 1.2% and 2.5% of the amount withdrawn, depending on the Swiss credit card used. Then on top of that you pay a cash advance fee equal to between 2.5% and 4% of the amount withdrawn with a minimum fee of 5 francs or 10 francs, (depending on which credit card you use). You then pay the currency exchange spread on top of that.
Verdict:
The cheapest options are getting foreign currency at the till and using a debit card to withdraw money at a foreign ATM. Which of these works out cheaper depends on the specific banknote rate and forex rate used by your bank. Results of our research on changing Swiss francs into other less-widely-used currencies indicate that changing/withdrawing money at the till is often the cheapest option when you are changing smaller amounts while withdrawing money at foreign ATMs is often the cheaper option when you need larger amounts of foreign currency (not accounting for possible third-party ATM fees).
Because most Swiss banks charge a flat fee per withdrawal made at a foreign ATM (typically 5 francs per withdrawal) you should avoid making more withdrawals than necessary. Withdrawing the full amount you need in a single withdrawal, when possible, will normally work out the cheapest. Making numerous small withdrawals is not recommended because you pay the flat fee for each withdrawal.
You can request comparison of the average currency exchange spreads used by Swiss banks at the foot of the Swiss bank currency exchange spread comparison.
You can get an overview of the type of transactions which banknote rates and forex rates are used for by many Swiss banks by requesting a comparison at the foot of the guide to banknote rates and forex rates in Switzerland.
Best regards from Moneyguru
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