Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 14.06.2018, 17:03
Forum Veteran
 
Join Date: Mar 2010
Location: Greater Zürich Area
Posts: 838
Groaned at 112 Times in 70 Posts
Thanked 619 Times in 348 Posts
EPMike has earned the respect of manyEPMike has earned the respect of manyEPMike has earned the respect of many
Swissquote multi currency credit card

Hi, was is your opinion on this offering from swissquote?

https://en.swissquote.com/sites/swis...itions_en_.pdf

seems quote convenient:

TWELVE
CURRENCIES.
ZERO FEES*.
Reply With Quote
  #2  
Old 14.06.2018, 17:31
AbFab's Avatar
Forum Legend
 
Join Date: Sep 2006
Location: Zürich
Posts: 7,293
Groaned at 311 Times in 207 Posts
Thanked 9,649 Times in 3,404 Posts
AbFab has a reputation beyond reputeAbFab has a reputation beyond reputeAbFab has a reputation beyond reputeAbFab has a reputation beyond reputeAbFab has a reputation beyond reputeAbFab has a reputation beyond repute
Re: Swissquote multi currency credit card

You need to be a Swissquote trading customer to apply.

First year is free, then CHF100/200 silver/gold card (Mastercard).

So I pay 1.75% to convert to CHF with my current MasterCard. This means I would need to spend 5,714 or 11,428 to make Swissquote‘s deal worth it.

Of course if you pay for your cc, then the deal looks good. Also it comes down to a question of what rate of exchange they use...
Reply With Quote
This user would like to thank AbFab for this useful post:
  #3  
Old 19.06.2018, 23:11
Forum Veteran
 
Join Date: Feb 2012
Location: CH
Posts: 2,304
Groaned at 87 Times in 73 Posts
Thanked 2,002 Times in 1,123 Posts
ivank has a reputation beyond reputeivank has a reputation beyond reputeivank has a reputation beyond reputeivank has a reputation beyond repute
Re: Swissquote multi currency credit card

Quote:
View Post
So I pay 1.75% to convert to CHF with my current MasterCard
Are you sure about that? 1.75% is what they charge explicitly on top of an already ridiculous exchange rate, all in all it's prob 4-5%

Quote:
Of course if you pay for your cc, then the deal looks good. Also it comes down to a question of what rate of exchange they use...
Last time I checked they were charging ~ 1% to convert currency, but the point of this card seems to be that you don't have convert money with them, you can bring in your currency from elsewhere then it won't cost any extra, just the yearly fee
Reply With Quote
  #4  
Old 20.06.2018, 07:41
NotAllThere's Avatar
Forum Legend
 
Join Date: Oct 2008
Location: Baselland
Posts: 10,825
Groaned at 166 Times in 144 Posts
Thanked 15,363 Times in 6,209 Posts
NotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond repute
Re: Swissquote multi currency credit card

It appears not to be a credit card, since you must have the funds in your account.
Reply With Quote
  #5  
Old 20.06.2018, 08:12
The_Love_Doctor's Avatar
Forum Legend
 
Join Date: Aug 2009
Location: Zugerberg, Zug
Posts: 3,212
Groaned at 71 Times in 55 Posts
Thanked 3,595 Times in 1,695 Posts
The_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond repute
Re: Swissquote multi currency credit card

Quote:
View Post
Hi, was is your opinion on this offering from swissquote?


seems quote convenient:

TWELVE
CURRENCIES.
ZERO FEES*.
I had a look a few days back as they sent me the newsletter about it, as I have a trading account with them which I stopped using ages ago due to high fees.

It seems convenient on the surface but the devil is in the detail. The Zero Fees doesn’t hold water. Because they have zero annual fees upfront and then start charging them in later years. Also the 12 currencies have to be on your account with them to pay the bills otherwise they will convert automatically and charge fees on top. If you do exchange money directly and ensure you cash in the right currency, my experience with them is that they charge around 0.5-0.75% per exchange depending on the currency and the amount.

Seems to me like a free call option for them to charge you fees that could be avoided all together and to sucker you into other trading services.

I wouldn’t bother, Revolut beats this offering hands down, even the Transferwise card is probably better.

Nice try Swissquote. Try harder.
Reply With Quote
The following 2 users would like to thank The_Love_Doctor for this useful post:
  #6  
Old 20.06.2018, 08:40
Forum Veteran
 
Join Date: Mar 2010
Location: Greater Zürich Area
Posts: 838
Groaned at 112 Times in 70 Posts
Thanked 619 Times in 348 Posts
EPMike has earned the respect of manyEPMike has earned the respect of manyEPMike has earned the respect of many
Re: Swissquote multi currency credit card

Thanks. Revolut has been recommended by someone else as well. I have to try it out.

Do you use Revolut as your only cc?



Quote:
View Post
I had a look a few days back as they sent me the newsletter about it, as I have a trading account with them which I stopped using ages ago due to high fees.

It seems convenient on the surface but the devil is in the detail. The Zero Fees doesn’t hold water. Because they have zero annual fees upfront and then start charging them in later years. Also the 12 currencies have to be on your account with them to pay the bills otherwise they will convert automatically and charge fees on top. If you do exchange money directly and ensure you cash in the right currency, my experience with them is that they charge around 0.5-0.75% per exchange depending on the currency and the amount.

Seems to me like a free call option for them to charge you fees that could be avoided all together and to sucker you into other trading services.

I wouldn’t bother, Revolut beats this offering hands down, even the Transferwise card is probably better.

Nice try Swissquote. Try harder.
Reply With Quote
  #7  
Old 20.06.2018, 08:56
roegner's Avatar
Forum Legend
 
Join Date: May 2011
Location: Zurich
Posts: 8,476
Groaned at 297 Times in 244 Posts
Thanked 9,093 Times in 4,601 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: Swissquote multi currency credit card

Quote:
View Post
Thanks. Revolut has been recommended by someone else as well. I have to try it out.

Do you use Revolut as your only cc?
Can recommend Revolut. It was a blessing last time when I went on holidays in the UK and directly after that had to go to the US. Just swapped my EUR into GBP and then into US. Conversion rates are execellent, although I have heard that these are not as good during the weekend
Reply With Quote
  #8  
Old 20.06.2018, 09:14
Las Las is offline
Junior Member
 
Join Date: Mar 2016
Location: Basel
Posts: 31
Groaned at 0 Times in 0 Posts
Thanked 20 Times in 9 Posts
Las has no particular reputation at present
Re: Swissquote multi currency credit card

I have been using Revolut for 6 months and am very satisfied with their offering.


The forex conversion rates are hands down the best on the consumer market.


They do charge a markup of 0.5% on the weekends but the simple solution to that is to just convert your weekend-needed-amount on Friday and then use it over the weekend without paying any fees.


The only downside is that the card is not accepted at certain automated petrol stations.


Topping up Revolut free of cost is a slight hassle. You need to transfer funds from your Swiss bank account to a Transferwise borderless account (CH IBAN) and then load up the Revolut card with the Transferwise debit card.


The transfer to Transferwise takes 1 day and the Revolut load-up is instantaneous.


Quote:
View Post
Thanks. Revolut has been recommended by someone else as well. I have to try it out.

Do you use Revolut as your only cc?
Reply With Quote
  #9  
Old 20.06.2018, 18:09
The_Love_Doctor's Avatar
Forum Legend
 
Join Date: Aug 2009
Location: Zugerberg, Zug
Posts: 3,212
Groaned at 71 Times in 55 Posts
Thanked 3,595 Times in 1,695 Posts
The_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond repute
Re: Swissquote multi currency credit card

Quote:
View Post
Do you use Revolut as your only cc?
For my CHF transactions I still mix and match as I get points from my credit card company (Swisscard) and for online bookings / travel insurance it might make a difference. I plan to eventually just use them but haven’t fully switched.

For U.K. transactions I have a UK credit card still so rarely use Revolut.

For everything else I swear by it. In Germany, France or while on holiday in countries where they support the currency and specially where they allow you to hold the currency as this makes it more cost effective when you can convert to the holding currency during the week to avoid the weekend mark-up. I’ve used it mainly for EUR, USD, ISK, HRK, TRY.
Reply With Quote
This user would like to thank The_Love_Doctor for this useful post:
  #10  
Old 24.02.2019, 08:32
Newbie
 
Join Date: Feb 2019
Location: Zurich
Posts: 7
Groaned at 0 Times in 0 Posts
Thanked 2 Times in 1 Post
Bocman has no particular reputation at present
Re: Swissquote multi currency credit card

Also was looking on that option, besides the nice picture of the card, Swissquote has nothing to offer. Personally use both Revolut and Transferwise and very happy, also soon N26 should be in Switzerland probably worth to look especially for shopping over the border.
Reply With Quote
  #11  
Old 24.02.2019, 08:54
Forum Veteran
 
Join Date: Oct 2014
Location: Nyon
Posts: 1,525
Groaned at 57 Times in 39 Posts
Thanked 1,402 Times in 716 Posts
bowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond repute
Re: Swissquote multi currency credit card

Revolut now has a Swiss IBAN.

And to avoud appearing stupid like I did: when you first get to the bank transfer screen, you have to scroll down to see all the details. The first screen shows only a flashing reference number, which left me scratching my head and searching the internet for the IBAN and Beneficiary. The tinternet told me to stop being so stupid and just scroll down. .
Reply With Quote
  #12  
Old 09.04.2019, 14:39
Banned
 
Join Date: Apr 2019
Location: vevey
Posts: 3
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
onedebitcard has no particular reputation at present
Re: Swissquote multi currency credit card

Hi everyone,

I found your topics during my research for my website onedebitcard.io about fees on card transaction (online/offline) and multi currency card. And I would like to add maybe some useful information.

I just compared the exchange rate between Transferwise(0.88704), Revolut (0.8870) & Swissquote. The first two give you the mid-price of the currency (https://transferwise.com/us/mid-market-rate) and for swissquote you have an exemple below:
Swissquote rate: 0.878744
(Apr 9, 2019 2:00:40 PM)
mid-rate: 0.887167
So will receive more on Revolut and Transferwise but they charges between 0.35%(most common currency) and 2%.


Compared this three solutions to a swiss debit or credit card from a bank like UBS. When you pay online/ offline with their debit card, you have a mark-up of 1.7%. Furthermore, for the debit card when you pay at a shop abroad, you have 1.5% fees or 1% of the amount. With your credit card, when you are paying offline or online on foreign company, you have a mark-up of 1.75%.

Those three cards are cheaper than cards from traditional banks. After I think it's depends really on the amount you want to hold on this account. Transferwise and Revolut are not a bank with a full banking license. So I would recommend to use this two only to spend your money and not hold. Revolut is really nice for trips and you can save up 5 to 10% but I won't put all my money over there.

Revolut and Transferwise are two famous startup that try to have hight growth before making money compared to Swissquote who has the obligation to make money. The important is to look for the services that don't hide fees and fit your needs.

Hope I help a little bit.

Regards
Reply With Quote
  #13  
Old 09.04.2019, 14:58
roegner's Avatar
Forum Legend
 
Join Date: May 2011
Location: Zurich
Posts: 8,476
Groaned at 297 Times in 244 Posts
Thanked 9,093 Times in 4,601 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: Swissquote multi currency credit card

Quote:
View Post
So will receive more on Revolut and Transferwise but they charges between 0.35%(most common currency) and 2%.

What charges on Revolut?? Never had any further when converting currencies
Reply With Quote
  #14  
Old 09.04.2019, 15:01
Banned
 
Join Date: Apr 2019
Location: vevey
Posts: 3
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
onedebitcard has no particular reputation at present
Re: Swissquote multi currency credit card

During the week, Revolut offers the mid-market rate with no fees and on weekends 0.5% fees. Transferwise charges you between 0.35%(most common currency) and 2%.
Reply With Quote
  #15  
Old 09.04.2019, 15:19
gbn's Avatar
gbn gbn is offline
Forum Legend
 
Join Date: Dec 2005
Location: Zuri Oberland
Posts: 2,708
Groaned at 108 Times in 73 Posts
Thanked 2,314 Times in 1,087 Posts
gbn has a reputation beyond reputegbn has a reputation beyond reputegbn has a reputation beyond reputegbn has a reputation beyond reputegbn has a reputation beyond repute
Re: Swissquote multi currency credit card

Revolut are in a spot of bother
https://www.google.ch/search?q=revolut+money+laundering

I use TransferWise FWIW with the green debit card

Way before they decided to launder money, Revolut's offering didn't seem as good as the TransferWise package.
Reply With Quote
  #16  
Old 09.04.2019, 16:37
Today only's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Europe
Posts: 7,190
Groaned at 781 Times in 534 Posts
Thanked 8,837 Times in 4,184 Posts
Today only has a reputation beyond reputeToday only has a reputation beyond reputeToday only has a reputation beyond reputeToday only has a reputation beyond reputeToday only has a reputation beyond reputeToday only has a reputation beyond repute
Re: Swissquote multi currency credit card

Unless you are changing at least $100k (or equivalent) at a time the exchange rate makes very little difference, swings and roundabouts...


TW 0.88704
Revolut 0.88700
SQ 0.878744


over 100k, that makes



TW 88'704.--
Revolut 88'700.--
SA 87'874.40


Between TW & Revolut there is not even a cup of coffee, or a bottle of good wine if you change a million................does it really make any difference, honestly ?
Reply With Quote
This user would like to thank Today only for this useful post:
Reply

Tags
credit card, swissquote




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Multi Currency Credit Card ["Revolut"] ChrisNeedsToKnow Finance/banking/taxation 615 08.06.2019 13:54
Which currency to use for Credit Card when away from CH? JourneyMan Finance/banking/taxation 21 21.01.2013 15:07
Paying a Credit Suisse Credit Card Online jerallie Finance/banking/taxation 8 06.10.2011 19:00
multi currency account freeworld Finance/banking/taxation 11 08.08.2011 11:53
AECS in Horgen - Credit Suisse's credit card business - somebody work there? Greg530 Finance/banking/taxation 9 15.04.2007 18:05


All times are GMT +2. The time now is 23:07.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0