Switzerland–European Union relations
The currency of Switzerland is the Swiss franc. Switzerland (with Liechtenstein) is in the unusual position of being surrounded by countries that use the euro. As a result, the euro is "de facto" accepted in many places, especially near borders and in tourist regions. Swiss Federal Railways accept euros, both at ticket counters and in automatic ticket machines. Also many public phones, vending machines or ticket machines accept euro coins. Many shops and smaller businesses that accept euros take notes only, and give change in Swiss francs, usually at a less favourable exchange rate than banks. Many bank cash machines issue euros at the traded exchange rate as well as Swiss francs.
Banknotes of the Swiss franc
Switzerland is unusual among affluent countries in that it expires its banknotes; the Swiss National Bank has declared several older series of banknotes to be no longer legal tender some time after introducing newer series. Notes from these "recalled" series can be exchanged for still-valid notes at the National Bank for up to 20 years after the date of recall, after which the notes lose all value. When recalled series become valueless, the National Bank transfers an amount of money equal to the sum of the now-worthless notes to a state-run last-resort disaster insurance fund, the Swiss Fund for Aid in Cases of Uninsurable Damage by Natural Forces. The most recently recalled series of banknotes, the sixth series, was recalled on 1 May 2000 and will expire on 1 May 2020. The Swiss Federal Council (executive cabinet) and National Bank have proposed to remove this twenty-year time limit for the sixth series as well as any future recalled series; as of mid-2018, this proposal remains in the draft bill stage.