People going on vacation prefer doing so with cards from neo-banks. Swiss providers don't have to hide from foreign competition, a new comparison shows.
Although domestic giants UBS and Credit Suisse have responded to the popularity of cards from neobanks in recent years, paying abroad remains a key reason for consumers to transfer money to one of the new banking apps. They do so because neobanks' cards are considerably cheaper when used for purchases outside Switzerland than credit cards from traditional banks.
Revolut in Second Place
A comparison study by the online service Moneyland shows there are price differences among these providers as well. According to the study, the cheapest is the Swiss smartphone bank Neon with its Neon Free product and foreign offer Revolut Standard at 57 francs each.
They are closely followed by the foreign provider Wise and the Swiss Neobank Yapeal with a Loyalty offer of 69 francs each. The most expensive is Zak Plus (Bank Cler) at 318 francs and CSX Black Debit Mastercard (Credit Suisse) at 264 francs.
Yuh's High-Interest Rates
Swiss providers are the only ones also offering a Swiss account. Yuh from Swissquote and Postfinance is the cheapest, taking interest into account, and costs 51 francs a year, closely followed by Neon at 57 francs. Yapeal Private places third at 111 francs, with Zak Plus and CSX Black Debit Mastercard the most expensive at 281 and 264 francs, respectively.
Moneyland compared the conditions for purchases and cash withdrawals in Switzerland and abroad made in euros, dollars, and Thai baht including exchange rates at the neobanks CSX, Neon, Revolut, Wise, Yapeal, Yuh, and Zak. In the second analysis with account comparison, account services, and interest rates were also taken into account.
