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  #61  
Old 27.09.2020, 10:32
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Re: neon-free = free CHF account?

With the "thelocal" promotion giving a CHF20 when you open an account I opened an account out of interest. I also have separate Revolut and TransferWise accounts.

The account was easy to open, I just had a quick video interview with Neon (they spoke good English); showed my UK passport and Swiss residency permit and they were happy. The account took 2 days to open and then I could use the app. The card is "in the post".

My Experience so far:

The App:
It's pretty easy to use, not quite as slick as Revolut but it's functional and informative. I was surprised not to get real-time notification of transactions like I do with Revolut but then checking the Neon small print and this expected. They don't yet support real-time notifications but it is planned.

Deposits:
I sent a CHF10 test from Revolut where I hold money in CHF and transferred it to the CHF IBAN provided by Neon. I was only credited with CHF 7
Since this was a local CHF to CHF transfer I was really surprised to lose 30%. I have transferred CHF from Revolut to TransferWise and it's free, same to my PostFinance account.
I contacted Neon and they denied any responsibility saying to contact Revolut...
A transfer of CHF from TransferWise (where I hold a CHF account) also has a charge; for CHF 10 it was CHF 0.82.

Cash Deposits:
You can only do it via another bank and they will charge you. I haven't done this yet so do not know the cost.

Payment Out:
This all is really easy with the app. Scans of orange slips etc all fine.

So, it's good in that you get a Swiss IBAN, and the app is fine... but I have concerns about transferring funds into Neon. Maybe a salary paid in would be without charges, maybe they just don't play nice with Revolut as a competitor, but for me, I see no benefit over Revolut.... unless you like vivid pink
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  #62  
Old 27.09.2020, 15:08
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Re: neon-free = free CHF account?

Where is your revolut account located? Having a Swiss denominated account doesn't mean you have an account in switzerland. This will be where you're charges come from.
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  #63  
Old 27.09.2020, 21:58
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Re: neon-free = free CHF account?

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Where is your revolut account located? Having a Swiss denominated account doesn't mean you have an account in switzerland. This will be where you're charges come from.
This .
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  #64  
Old 22.10.2020, 22:59
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Re: neon-free = free CHF account?

Quote:
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With the "thelocal" promotion giving a CHF20 when you open an account I opened an account out of interest. I also have separate Revolut and TransferWise accounts.

The account was easy to open, I just had a quick video interview with Neon (they spoke good English); showed my UK passport and Swiss residency permit and they were happy. The account took 2 days to open and then I could use the app. The card is "in the post".

My Experience so far:

The App:
It's pretty easy to use, not quite as slick as Revolut but it's functional and informative. I was surprised not to get real-time notification of transactions like I do with Revolut but then checking the Neon small print and this expected. They don't yet support real-time notifications but it is planned.

Deposits:
I sent a CHF10 test from Revolut where I hold money in CHF and transferred it to the CHF IBAN provided by Neon. I was only credited with CHF 7
Since this was a local CHF to CHF transfer I was really surprised to lose 30%. I have transferred CHF from Revolut to TransferWise and it's free, same to my PostFinance account.
I contacted Neon and they denied any responsibility saying to contact Revolut...
A transfer of CHF from TransferWise (where I hold a CHF account) also has a charge; for CHF 10 it was CHF 0.82.

Cash Deposits:
You can only do it via another bank and they will charge you. I haven't done this yet so do not know the cost.

Payment Out:
This all is really easy with the app. Scans of orange slips etc all fine.

So, it's good in that you get a Swiss IBAN, and the app is fine... but I have concerns about transferring funds into Neon. Maybe a salary paid in would be without charges, maybe they just don't play nice with Revolut as a competitor, but for me, I see no benefit over Revolut.... unless you like vivid pink
The benefit is revolut is not a bank. You can't do direct debits, you can't upload money to brokers (eg DEGIRO) and it'd be more of a pain to do orange slips. All of those things you can do in neon.
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  #65  
Old 26.10.2020, 00:25
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Re: neon-free = free CHF account?

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The benefit is revolut is not a bank. You can't do direct debits, you can't upload money to brokers (eg DEGIRO) and it'd be more of a pain to do orange slips. All of those things you can do in neon.
Transfer money from Neon to USA is not possible. USA is not available in the country list when filling the beneficiary address.
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  #66  
Old 27.10.2020, 09:54
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Re: neon-free = free CHF account?

Neon allows receiving a salary or other domestic payments on a "usual" Swiss CHF account.


With Neon's Mastercard you can spend the money worldwide without (conversion or other) fees.


If you transfer from Neon to the rest of the world, use Transferwise. It's integrated in Neon, but they charge an additional "convenience fee" - so might as well just use Transferwise outside of Neon to avoid that (if CHF 4 isn't worth the actual convenience).


As long as you live in Switzerland, Neon has the clear advantage over Revolut that it provides a normal, individual Swiss CHF IBAN.
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