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SWISS NATIONAL BANK

Switzerland’s new 50 franc note: what you need to know

Switzerland's new 50 franc note became available on Tuesday. Here's what that means for you.

Switzerland's new 50 franc note: what you need to know
The new 50 france note has been dubbed the "dandelion". Photo: Swiss National Bank

Where to get the new notes

The new notes are already available at the offices of the Swiss National Bank in Zurich and Bern and at the regional agents of the bank which are listed here.

Some other banks already have the new notes but people in some regions will have to wait until Wednesday when deliveries are complete – a delay bemoaned by numismatists.

The design

The design of the new note “focuses on the wealth of experiences Switzerland has to offer”, an idea represented by the wind, according to the Swiss National Bank.

The front site of the note features a dandelion while the rear side shows a mountain range.

Security features

This note is the first in a whole new series of banknotes for the country with the national bank saying it comes with “state-of-the-art anti-counterfeiting protection”. This multi-faceted protection includes design features that can only be seen under a microscope or using UV light.

The note's security strip lists all of the Swiss mountains over 4000 metres high from the Aletschhorn to the Zumsteinspitze.

Smaller size

The new series of notes will come in the same colour scheme as the older notes. However, the news notes are smaller and “easier to handle”, according to the Swiss National Bank.

This new size has meant a refit of cash machines, which means you may have to wait until an ATM spits one out for you.

No more Dada

Crucially, the new notes will also see people replaced by designs. In the case of the 50 franc note, that will see Switzerland saying goodbye to the image of Swiss Dada artist Sophie Taueber-Arp who has appeared on the note since 1995.

The timing is unfortunate as Zurich is currently in the throes of celebrating the centenary of Dadaism in the city with events centred on the legendary Cabaret Voltaire.

A new series of notes

The next denomination in the Swiss series of banknotes, the 20 franc note, is expected to be released in spring 2017.

Can I keep using my old 50 franc notes?

The current 50 franc notes will remain legal tender until 2020 with the Swiss National Bank then obliged to swap the current notes for the new version for 20 years, according to Swiss daily the Tages Anzeiger.

What will happen to the old notes when they go out of circulation?

The old notes will be shredded and compacted, then burned in waste incineration plants.

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MONEY

Can I get financial help in Switzerland if I’m struggling to pay the bills?

Can foreign residents who are struggling to get by receive the same financial help from the state as the Swiss do, and under what circumstances?

Can I get financial help in Switzerland if I'm struggling to pay the bills?

Say you are a foreign resident in Switzerland and find yourself short of funds, and are unable to pay your monthly bills.

Can you count on your canton’s public coffers to help you out?

Much depends on your status in the country.

If you have a residency permit, have been working in Switzerland and contributing to the social security scheme, then you can receive financial assistance, in form of subsidies, from your local authority.

This is how it works

For instance, if the obligatory health insurance premiums exceed 8 percent of the household income, then you are eligible to receive this help.

However, your canton of residence will look not only at your earnings, but at any other financial assets you hold as well.

So if your income is low but you have plenty of money in the bank in the form of savings or other investments, you will not qualify.

Generally speaking, any resident who is a low earner or has a large number of children — regardless of nationality — could be eligible for subsidised premiums, though criteria, as well as amounts, vary from one canton to another.

READ ALSO : How do I apply for healthcare benefits in Switzerland? 

What about housing?

Low-earners (again, regardless of nationality) are entitled to have their rents subsidised, under certain circumstances — the conditions as well as the income threshold is determined by cantonal authorities.

Generally speaking, in order to claim this help, you must prove that you live in the cheapest available housing in your area. (Needless to say, if you reside in a luxury apartment, you can’t ask for rent subsidy.)

If you don’t fulfill this particular condition, you will be told to move to cheaper accommodations before claiming any benefits.

Exceptions to this rule include situations such as a large number of minor children living in the household, which may make relocation — that is, finding a sizeable apartment at a cheaper price — unrealistic.

The amount of rent reduction will be set by the authorities.

Is any other help available?

If you can’t afford anything in Switzerland which, admittedly, is an extreme and rare situation for anyone working full-time and already receiving either health insurance or housing subsidy (or both), then your only other option is applying for welfare.

This, however, should be the absolute last resort if you want to remain in Switzerland and eventually apply for naturalisation, or even have your work permit renewed.

That’s because being on public assistance is grounds for refusal of citizenship — unless all the money is repaid in full in advance of your application.

READ ALSO: Can I still get Swiss citizenship after claiming social benefits? 

What about disabilities?

This falls under the general social security scheme, so if you are working in Switzerland, then you are eligible to receive these benefits.

The only exception may be people from outside the EU /EFTA — unless your country of origin has concluded a social security agreement with Switzerland.

This link provides additional information about these countries.

If you qualify for disability (and medical records confirm this), you can apply for these benefits at the social security office of your canton.

There are some other things you should keep in mind as well:

Not all foreigners who have a residency permit can apply for financial assistance.

If you came to Switzerland on a temporary permit (L or B), then you don’t have access to any benefits.

And if you ‘bought’ your Swiss residency, you can’t resort to any public help either.

The condition of your stay in Switzerland is that you should be self-sufficient enough to live here without having to work or resort to welfare benefits.

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