Neon Bank Review 2024: The Best Swiss Digital Bank
| Updated: |(Disclosure: Some of the links below may be affiliate links)
Do you want to save money on your bank fees?
Neon is a great Swiss digital bank that offers an entirely free bank account. As Swiss banks become increasingly expensive, switching to a free bank account is excellent.
With a free bank account from Neon, you can easily save money on your banking fees. You will not find a better deal anywhere else!
Over the years, Neon has been adding new features over time and has become the best digital bank in Switzerland.
Sign up for a free bank account with Neon today!
I have been using Neon for several years. So, I want to share my experience in this Neon review.
One of the great things about Neon, compared to other digital alternatives, is that your funds are insured! If it goes bankrupt, your money is guaranteed up to 100’000 CHF! You have the same security as if you had a classical bank account.
In this article, we see what Neon is! And whether you should use it? How does it compare to other Swiss banks and neo-banks?
If you keep reading to the end, I even have a special Neon code for you!
| Monthly fee | 0 CHF |
|---|---|
| Users | 100’000 |
| Card | Mastercard Debit |
| Currencies | CHF |
| Withdrawals in Switzerland | 2 Free per month, then 2 CHF |
| Withdrawals abroad | 1.50% |
| Languages | English, French, German, and Italian |
| Custody bank | Hypothekarbank Lenzburg |
| Depositor protection | 100’000 CHF |
| Established | 2017 |
| Headquarters | Zürich, Switzerland |
Neon
All the services you need to pay, save and invest, in a neat package, with extremely good prices!
Use the poorswiss code to receive 10CHF!
- Pay abroad for free
- Invest with great fees
Neon is one of the earliest digital banks in the Swiss banking industry. It is an entirely digital bank. You will do everything with your smartphone. They do not have any office you can do business at.
Neon started in 2019. But even though the company is only three years old, Neon has reached 100’000 customers in 2022. And they are expanding features very quickly. The company founders are Simon Youssef and Michael Noorlander.
Their main point is to provide free banking to everybody in Switzerland. They can afford excellent prices since they do not have big offices, not many employees, and do not pay huge bonuses to their managers. Unfortunately, most large banks in Switzerland are not free anymore!
Neon has three account types:
- Neon Free, which is the default account.
- Neon Green, which contributes to growing trees.
- Neon Metal, which gives you extra insurance.
There are some limitations as to who can open a Neon account:
- Only Swiss residents can open an account. The identity check system supports people from 19 different countries!
- Foreigners need a B or C permit to open an account. You will need to present your residency card to open an account.
- You must be over 15, which is slightly younger than other banks.
- You need to pay taxes exclusively in Switzerland.
- You cannot be an American citizen.
These limitations are very reasonable. Neon is an account for people living in Switzerland, and most people in this category can open an account!
Unfortunately, the limitation for American citizens is in effect with many small banks that do not want to deal with the complicated regulations for these clients.
Do not pay for a bank account. Use Neon, the new Free Digital Bank
Is Neon a Bank?
Interestingly Neon is not a bank! Indeed, they do not have a banking license. However, they do not need one! An official bank, the Hypothekarbank Lenzburg, manages your accounts.
The most significant advantage is that your money is fully insured according to Swiss laws, contrary to other digital banks. So, 100’000 CHF of your account will be protected by law!
Moreover, this also means Neon can focus on its mobile application and products, and the custody bank can focus on managing money!
So, there is no disadvantage to Neon not being a licensed bank.
Neon Features
So, we first look at the features of the Neon bank account.
Neon is a digital bank account, so you must access it with a smartphone. It is available on Android, iPhone, and Huawei (without Google Play Store). And you can even access it on a rooted Android phone. Therefore, you should be good regardless of your phone.
You can see your balance and make payments and transfers from the application. In addition, you will get some basic information on how your account is doing (expenses versus earnings). And all these features work pretty well. I use Neon monthly to pay my bills, and I am pretty satisfied with their system.
With Neon, you can also send money directly to other Neon users. So, if you have people in your contacts with a Neon account, you can send them money directly.
With your Neon account, you will get a Neon Mastercard prepaid. With this card, you can pay in Switzerland and abroad and withdraw money. And as we will see later, the fees on this card are outstanding!
Neon was the first digital bank to introduce support for electronic bills (e-bills). The support is simple since they simply use the SIX portal for e-bills. But it works well.
The application also lets you freeze your card temporarily. This feature is great if your card is lost or stolen.
Since May 2022, you can have Spaces in your account. It means you can create sub-accounts dedicated to your needs. For instance, many people want to save money for holidays in a different account.
It is important to note that you get a higher interest rate on your Spaces. As of July 2023, you get a 0.9% interest rate up to 25’000 CHF.
You can also use Neon with Google Pay and Apple Pay to pay from your phone, and you can use Neon with TWINT. That way, you will not need a physical card to pay for your groceries!
Neon uses two-factor security to make your account more secure. You need to activate this feature. And you need to use a strong password to ensure nobody can access your account.
A great thing about Neon is that they are available in English and the three National Swiss languages: French, German, and Italian. These languages make Neon an excellent option for expatriates in Switzerland.
Overall, Neon has more than enough features for any bank user. I do not think anything is missing to make it an excellent bank account.
A significant issue with Neon is that they often cannot scale when many users are on the platform. Almost every month, the platform is overwhelmed on the 25th, when people receive their salary and pay their bills. This means that basic banking features are unavailable when people need them the most.
This is an important issue that Neon acknowledged several times. This issue has already led several people to leave Neon.
This has become significantly better in 2024, but I can still see slowdowns on the morning of the 25th, even though it is not as before.
Neon Fees
Fees is where Neon is shining! Almost everything is entirely free! If you follow a few rules, it will be completely free for you!
First of all, opening an account is free, and there is no management fee! All your payments in CHF will be free as well.
Your Neon MasterCard has no yearly fees either. A free payment card is essential because the essential feature of a payment card is to be free! However, you must pay 10 CHF to deliver your card (unless you get a Neon Green account).
You can also withdraw twice per month for free at any ATM. From the third withdrawal, you will have to pay 2 CHF per withdrawal.
The card is also very interesting abroad! You will not pay any fee for any transaction with the Neon card outside Switzerland or in foreign currencies online. Free transactions in foreign currencies and abroad make Neon an alternative to Revolut.
If you withdraw money abroad, you will pay a 1.5% fee. Generally, you should avoid withdrawing money abroad with any card.
Neon also has a partnership with Wise for outgoing foreign payments. So, you can profit from cheap foreign currency transfers with Neon. This partnership makes Neon the best Swiss bank account for foreign transfers.
If you only use your card in Switzerland, it will be entirely free! Neon is much better than most Swiss bank accounts!
Neon Limits
Like with most bank accounts, there are some limits to your Neon Bank account.
Most of the limits are related to the card itself. Here are the limits of the card:
- You can withdraw 2000 CHF per day at most
- You can spend 5000 CHF per day online and another 5000 CHF per day in stores
- You can only spend 10’000 CHF per month with the card
These limits are acceptable since they are similar to most payment cards. I have never been over these limits with any of my cards.
There is also a daily transaction limit of 50’000 CHF. In most cases, this will not be an issue. In my life, I only had to do a more significant transaction once (for the downpayment on our house). So, it should be fine for most people. But it is still important to know this limit.
Investing with Neon Invest
Since July 2023, you can now invest directly from your Neon account! Neon has introduced great trading features where you can trade stocks and ETFs directly in CHF without currency conversion fees.
If you want to learn more about this nice feature, you can read my Neon Invest Review.
User Reviews
If you want more points of view than my own, we can take a look at online reviews for Neon.
On the App Store, Neon got a 4.7-star average rating out of about 1.1K ratings. This is an excellent score! On the Play Store, Neon got a 4.6-star average rating out of about 1.6K ratings.
The positive reviews talk about several points:
- Low fees
- Very easy to use
- Nice looking app
The negative reviews also mentions several specific points:
- It takes a few days to activate the app since you will receive the code by mail
- People complain they cannot open an account while being out of Switzerland (but this is well explained on the website)
- The app is sometimes a little slow (with many users).
Given the excellent ratings and positive reviews, I would not worry too much about these negative ratings. Most negative reviewers do not read the conditions and complain they cannot open an account.
So, overall, users are extremely satisfied with Neon! And so am I!
Neon Green – Carbon-Neutral account
Neon Green is the second bank account from Neon. It started in May 2021. The idea of Neon is to be carbon-neutral. And to achieve that idea, Neon will plant trees for all Neon Green users.
Neon Green users can choose between a wooden card and a recycled PVC card. Both of these cards have a very low carbon impact.
For each Neon Green user, Neon will plant five trees every month! They will also plant one more tree for every 100 CHF spent with this account. So, a user spending 3000 CHF monthly on this card would result in 35 trees planted per month!
As of 2023, Neon Green already has more than 8500 users, meaning a lot of trees were already planted. In fact, more than 3 million trees were planted by Neon Green.
Finally, you also get an extended warranty of 3 years for your electric and electronic devices.
The Neon Green account has all the features of the basic Neon Free account, but it costs 5 CHF per month. And you will receive the Mastercard for free (10 CHF for Neon Free).
Neon Green is an interesting approach for people wanting to affect the climate positively. And even at 5 CHF per month, Neon is still an interesting bank account! So, if you want to plant some trees easily, you could opt for Neon Green.
Neon Metal – Extra insurance
In April 2022, Neon introduced a new account: Neon Metal. As its name indicates, the card you will get is in metal, 22g of stainless steel, to be precise.
Neon Metal has all the features of the standard account with extra advantages on top. You can withdraw cash for free in the entire world (except in Switzerland, where you only have five free withdrawals per month).
With Neon Metal, you get several insurances included:
- Three years warranty on electronic devices
- mobile-phone insurance
- ticket insurance
- best-price guarantee insurance
On top of that, you will also get extra insurance as you use your card more:
- Shopping insurance if you spend more than 500 CHF with your card
- Insurance if what you received is not what was advertised, for instance
- Cyber insurance if you spend more than 5000 CHF with your card
- Insurance if one of your online accounts gets hacked, for instance
- Travel insurance if you spend more than 15’000 CHF with your card
- Insurance for your luggage, for instance
These packages cover many more areas I did not cite here and are well covered on the Neon Metal website.
Compared to the basic account, this account is not free. You will pay 15 CHF per month.
Given the amount of insurance you can get with this price, 15 CHF per month is a fair price. If you need some of these insurance policies, Neon Metal may be a great deal.
Medical care outside of Switzerland may also be covered by complementary insurance. Household insurance may cover some issues with your phone, and it is generally possible to get travel insurance on your travels should you decide to.
So, if you are interested in this account, you should check exactly what you need coverage for and see whether 15 CHF per month is a good deal.
Extra features of Neon
Neon does not have any extra features. But you do not need any additional features! Neon already has all the features you need.
Nevertheless, Neon has several partnerships with interesting digital companies. You can access these deals directly from the application:
- Cheap car insurance with smile.direct
- Cheap Robo-Advisor with Selma (more information here)
- Cheap Third Pillar with Frankly (my review here)
- Withdraw cash in many shops with Sonect
- Sustainable investing with Inyova (my review here)
It is good that Neon is partnering with innovative companies that care about their customers. This strategy is much better than reinventing the wheel and doing everything. I like Neon’s approach there.
However, these companies are not necessarily the best for your money. For instance, Frankly is far from being the best third pillar available. So, do not choose a financial account only because you have a tiny benefit using it from your bank. Remember that you always need to do due diligence.
Alternatives
We should also compare Neon against some alternatives, both digital and traditional banks.
Neon Bank vs Yuh
|
Best Digital Bank
|
Good to start investing
|
|
5.0
|
4.0
|
|
No custody fees
|
No custody fees
|
|
|
|
|
- Swiss broker
- Very easy to use
- Excellent fees abroad
- Excellent fees for all operations
- Expensive for large operations
- No fractional trading
- Technical issues on salary day
- Swiss broker
- Very easy to use
- Fractional trading in stocks
- Good fees for most operations
- Hold multiple currencies in your account
- Misleading names for stocks
- Foreign transactions could be cheaper
- Expensive for large operations
Yuh is a digital bank created by a collaboration between PostFinance and Swissquote. It is entirely digital, and since no offices are available, everything is done on the mobile app. These two digital bank accounts have much in common.
Both accounts are free by default. You will pay no monthly fee, and all basic operations are free with these two accounts.
Interestingly, both digital banks offer investing features. You can invest in stocks and ETFs with both. They both have similar features for most investors. But Yuh packs a few extra features like fractional trading, savings plans, and themes investing.
However, there are a few places where they differ:
- Neon is significantly cheaper than Yuh when it comes to foreign currency exchange.
- Neon is also cheaper when investing in foreign stocks and ETFs.
- You can hold multiple currencies with Yuh but only CHF with Neon.
- Neon is significantly more transparent about trading than Yuh.
If you want more information, I have a full comparison article of Neon vs Yuh.
Neon Bank vs Migros Bank
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Best Digital Bank
|
Best traditional bank
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|
5.0
|
4.0
|
|
Free
|
Free
|
|
|
|
|
- Pay abroad for free
- Transfer money abroad for a good fee
- Everything from your phone
- Good mobile application
- Cannot deposit cash easily
- Mobile-only
- High limits
- Good withdrawals
- Can deposit cash easily
- Mobile and desktop applications
- Expensive purchases abroad
- Expensive transfers abroad
- Poor mobile app
Before Neon, I was using Migros Bank. Now, I am using both accounts. I think Migros Bank is the best traditional bank account available in Switzerland. We can see how they compare with Neon.
Neon is entirely digital, while Migros is still a traditional bank with offices. However, it does not matter much these days. You can do everything on both banks with your smartphone. Migros has a few more options, like broker accounts. But these are not services you should generally take with your bank anyway.
Both accounts are free.
The cards offered by Migros and Neon are very similar. Neon offers a Mastercard, while Migros offers a Visa. Both cards are free and have the same features. None of these two offers a Maestro.
You will not be entirely blocked with only a Mastercard, either. And with Neon’s Mastercard, you can pay abroad for free, while it would be costly with Migros Bank.
I keep Migros Bank as my primary bank account because it has higher daily limits, and I have my mortgage there. Without my mortgage, I would probably make Neon my main account.
Another advantage of Migros is that you have no limits on withdrawals. So if you use a lot of cash, you should use Migros over Neon.
Neon is superior to Migros Bank. The most significant advantage of Neon is that Neon’s mobile application is much better than the app from Migros. I have had many issues with the app from Migros. I do not like it. And with Neon, you only need a single card, and you can use it abroad! This is why I am using Neon for almost everything these days.
If you want to learn more, you can read my review of Migros Bank.
Neon vs Zak
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Best Swiss Bank
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|
|
|
|
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5.0
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3.5
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|
|
|
|
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2 free withdrawals per month
|
Free withdrawals at Bank Cler ATMs
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|
0
|
0
|
- Pay abroad for free
- Cheap international transfers
- Everything from your phone
- Medium limits
- Translated in English
- Difficult to deposit cash
- Expensive withdrawals abroad
- No Maestro card
- Pay abroad for free
- Can deposit cash in account
- Support for e-bills
- Not very transparent fees
- Low limits
- Expensive international transfers
- Expensive withdrawals abroad
- No Maestro card
- No physical card for abroad
- No English support
Another popular digital bank in Switzerland is Zak, from Bank Cler. We can quickly compare both banks.
Both banks are fully digital, and both banks are Swiss. That means they have the same features, more or less, and they have the same security. However, Neon is available in English, which may be important for expatriates.
Neon is much better to pay abroad thanks to its great exchange rate. Indeed, Neon has about a 0.5% surcharge on the interbank rate, while Zak has about a 2% surcharge.
And Neon has an extra advantage for fees. Indeed, by partnering with Wise, Neon can offer affordable international bank transfers.
On the other hand, it is difficult to deposit cash in a Neon account. With Zak, it is easy since you can deposit it at some Bank Cler ATMs.
For me, Neon is significantly better than Zak. If you want to learn more, read my comparison of Zak vs Neon.
Neon vs Revolut
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Best Digital Bank
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Good for travelers
|
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5.0
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3.0
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Free
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Free
|
|
|
|
|
|
yes
|
yes
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|
no
|
yes
|
- Great support in Switzerland
- Pay abroad for free
- Free withdrawals
- Money is insured
- International transfers are not free
- Cannot hold several currencies
- Great worldwide support
- Great transfer fees
- Hold many currencies
- Not transparent exchange rate
- Very limited withdrawals
- Expensive during the weekend
- Poor customer service
- Poor reputation
- Money is not insured
Another option I have talked about before is using Revolut Card. Revolut allows you to do transactions in foreign currencies with no transaction fees.
Since 2020, Neon has offered free payment abroad with the card in any currency. Free payment abroad is awesome! Furthermore, Neon is cheaper than Revolut since they do not have weekend fees, for instance.
Neon has one big advantage over Revolut. Your assets are insured for up to 100’000 CHF. Assets on Revolut are not insured by law. It is because Revolut is not a bank.
Another advantage of Neon over Revolut is that there is no limit on free withdrawals in Switzerland. With Neon, you can only withdraw twice a month, but with no limit. With Revolut, you can only withdraw 200 CHF per month for free.
On the other hand, with Revolut, you can receive money in other currencies for free and hold money in foreign currencies in your account. However, for now, you can only keep CHF on your Neon account, and receiving foreign currencies will not be free.
For now, it is still good to have a traditional bank in Switzerland for monthly payments and a small emergency fund. And in Switzerland, getting some cash occasionally is still necessary. And Neon is an excellent alternative to other traditional banks.
So you need both a Swiss bank account and a free foreign currency card to minimize your fees! With Neon, I feel you have all the advantages. I will probably close my Revolut account to simply my accounts.
To learn more, I have made an in-depth comparison of Neon and Revolut.
Neon as a Payment Card
While it is an excellent bank account, it is not the best option as a payment card. If you want to optimize your cash back, you should avoid this card for payments in Switzerland.
The reason is simple: there is no cashback using the Neon card. It is free, but it is not enough to make a good payment card.
In my credit card strategy, I am using my Certo One Mastercard with 1% cashback in three shops. This card is free and has some good cashback.
So, you may use it as your bank account. But using Neon as a payment card is not optimal!
Now, will it change your life? No! It is a small optimization. If you are not using payment cards often, you will be fine with Neon only. And if you do not want to carry several cards, Neon is perfect.
How to open a Neon account?
Opening a Neon account is very easy. You can download the app from the App Store (search Neon in any app store!). Then, you can go through the entire process step by step.
At some point, you will need to authenticate yourself via video chat. This seamless process will allow you to open an account in about 10 minutes. Neon will then send you the card by mail.
If you need more information, you can read my guide on opening and using a Neon account.
Neon FAQ
What is Neon?
Neon is a great Swiss digital bank. It is an entirely mobile bank providing modern banking features with no account management fees.
What is Neon Green?
Neon Green is an alternative to the Neon Free account. With Neon Green, Neon will plant trees each month for each user. On top of that, every time you spend money, Neon will plant more trees. This advantage makes Neon Green a carbon-neutral account.
Who can open a Neon account?
Swiss residents at least 15 years old can open an account with Neon. Foreigners from 19 countries with a B or C permit can create accounts.
Is Neon entirely free?
It is almost entirely free. You will only pay if you withdraw more than the allowed free limit or withdraw money abroad. Also, if you send foreign money abroad, you must pay some currency exchange fees.
Is Neon a Bank?
Technically, Neon is not a registered bank in Switzerland. However, your assets are held by Hypothekarbank Lenzburg, a licensed bank. So you have the same security as with any other Swiss bank!
Who is Neon good for?
Neon is great for anyone who wants a digital bank account in Switzerland and does not want to deal with cash too much.
Who is Neon not good for?
Neon is not great if you often get cash since you cannot deposit it for free in your account. Neon is also not good if you want a joint account since they only have individual accounts. Finally, Neon is not great if you want make payments in an office since they are only digital.
Neon Bank Summary
Neon is a free digital bank in Switzerland. It is entirely free, is used from your smartphone and is an extremely attractive Swiss Bank!
Product Brand: Neon
5
Neon Bank Pros
Let's summarize the main advantages of Neon Bank:
- Extremely cheap bank.
- Free purchases abroad and in foreign currencies!
- Cheap transfers in foreign currencies
- Support of ebills.
- Neon was the first digital bank supporting ebills.
- Protection of your assets up to 100'000 CHF
- Excellent reviews
- Excellent reputation
- Fast-growing company
- Carbon-neutral option with Neon Green
- You can freeze the card from the app
Neon Bank Cons
Let's summarize the main disadvantages of Neon Bank:
- The account takes a few days to be fully activated.
- You cannot deposit cash (bank notes) for free in your account.
- You need to wire funds to your account
- Neon does not offer a Maestro card.
- No offices. If you have an issue, you have to call support.
- Mastercard Prepaid is slightly worse than Mastercard Debit.
- Technical issues often on the 25th of the month.
- No joint accounts with Neon.
Conclusion
All the services you need to pay, save and invest, in a neat package, with extremely good prices!
Use the poorswiss code to receive 10CHF!
- Pay abroad for free
- Invest with great fees
Neon is an excellent bank for Swiss people. Using it correctly, it is one of the best Swiss banks. You will not have to pay any fees. Neon is currently the best Swiss digital bank. Since they offer free payment with the card abroad, it is even better!
If you are still using an expensive bank such as PostFinance, UBS, or Credit Suisse, you should consider changing to a cheaper bank such as Neon! If you do not want a digital bank, Migros Bank is the next best alternative, but you will pay more.
I opened a Neon account several years ago and am entirely pleased. It replaced my Revolut account for usage in foreign currencies. And since the mobile application is so much better than the applications at Migros, I am paying all my bills with Neon!
The only thing that keeps me from using Neon as my only account is that they do not offer joint accounts. In the future, I would like to keep Neon as my only bank account. As soon as Neon offers joint accounts, I will transfer everything from my Migros accounts to Neon.
If you want to open a Neon account, please use the code “poorswiss” during the registration process, and you will receive 10 CHF for free. And I will also receive 10 CHF.
If you want more digital bank alternatives, you can look at my comparison of Zak vs Neon.
If you want to learn more about Neon, you can also take a look at Neon’s blog. It is worth reading!
What do you think about Neon? Do you use this bank?
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Hi!
In terms of traditional banks, Migros seems to have rather complicated applications, and in terms of digital banks – which I in general prefer – none of them seems to have any offers to couples. What are the best banking option for couples in Switzerland? We would get a Cumulus Credit Card and then literally just want a joint account aside our personal ones to pay our bills from. I find it so insane that our current bank charge 20 CHF a month for this….
Hi Simon,
Unfortunately, there are no good digital couple bank accounts for now indeed. And I agree that Migros applications leave a lot to be desired, they feel like they are from another age.
I know that Neon is planing a couple account, but we do not have an ETA yet.
Hello very useful article thanks!
What happens if you lose your phone? Or for example if your IOS becomes too obsolete (And for various reasons you don’t want to update it)?
Can you still access your account via desktop?
Hi Francesca,
You can’t access your Neon bank account from the desktop. However, you can configure your account on a new phone if you lose your current one or on several phones at the same time (I have mine configured on several phones and tablets so I can lose one without issues).
But you need at least one working smartphone to access your account.
I confirm, I have been transfering money from Neon to IB already few times.
I just used the CHF IBAN account provided by IB, it’s exactly the same procedure as any other bank.
PS: Neon only have SMS notification which is, according to me, a disadvantage still
Thanks for the confirmation :)
What notification would you like? I mostly think that notifications are a disturbance.
Well, It’s indeed nice to have an history of your purchases on your phone (in case you are internet-less as well), but they could add the push-notification option, or at least the freedom to have them ON/OFF, rather than an imposed sms (unless I’m blind and haven’t seen the setting?).
Hi Daniel,
Yes, I agree that it would be better to be able to disable them. I never found them to be useful honestly.
And phone notifications would be less invasive than SMS notifications as well.
I have just tested a transfer from Neon to IB and it works! However, it’s a bit weird because you have to set United Kingdom instead of United States for IB address at the Citibank, so this goes against the information provided by IB. But it seems to work well regardless!
Hi TPS,
Thanks a lot for all these great articles and for the updates when new features appear.
Just 1 comment on my end. You’re saying that you cannot transfer money to an IB account with Neon. I never had this issue on my side. My IB account has been part of my beneficiary list for a while now. It makes Neon very handy as it’s also the account where I receive my salary.
Hi Dob,
I have not tried in a long time. It would be great if this was possible now!
Would you mind contacting me (admin@thepoorswiss.com) with a screenshot of how you do it (without personal details of course)? I will have to check that on my side and then update the article!
Thanks for sharing!
Hi Dob / PS,
Same for me… Neon –> IB works perfectly. Never had any issues.
Great post! Is it still true that you can’t send Money to IB using Neon?
To the best of my knowledge, yes, but Dob said you can in the comment below, I will have to learn more about that!
Hi Mr. The Poor Swiss!
I have a question: Why do you refer to the card from Neon as “credit card” since it does not offer you credit? It is a prepaid Mastercard. From my understanding, a credit card allows you to “borrow” money and pay the bill later. A prepaid card (similar to a debit card) allows you to spend money you already own at the moment of using the card to buy something.
I am reading through your awesome blog in search of a cheaper credit card than PostFinance and I decided to sign up for a Cumulous credit card. I want a credit card (not debit/prepaid) because I want to have the security that if I need to borrow money before the next salary arrives, I can do it, so that I don’t have to sell stocks or touch my emergency fund.
Let me know if I understood something wrongly. And thanks again for the great content you put out there, I am very grateful!
Ilias
Hi Ilias,
It’s a mistake of mine :) I always talk about credit cards when I mean payment card, I do not know why. I will fix the article.
You are right that Neon does not provide a credit card, but a debit card. In most cases, it’s the same thing since you can use it as a payment card.
And indeed a credit card can be useful. You just have to be careful to not use your credit card in foreign currencies. I do not know any good credit card with free foreign payments. But credit cards in Switzerland (and online in CHF) are better than debit card for a little cashback.
An interesting article. However, as others already pointed out, Neon is extremely difficult for expats/immigrants – opening an account with them is quite a challenge.
They require you to have a residence card sorted first (other banks don’t have that requirement, and legally a letter of registration is enough as well). Even after that, they require additional documents to be printed, signed and sent to a post address, making the whole process of getting and account with them at least 3 weeks, and a lot of hassle. Most new arrivals will at the very least have to open a different bank account first for the first month of their stay, and then go through the pain of switching their bank details, unfortunately.
For this reason, I would not recommend them too enthusiastically – they still have quite a way to go to be comparable to Monzo or Revolut.
Hi Martin,
Thanks for sharing your experience. I will add a note about that. But I do not believe this is a big deal. Foreigners that work in Switzerland are supposed to have a residency card, so it does not seem that bad of a requirement.
Hi Mr. Poor Swiss!
Really interesting article. I was trying to switch to Neon, but because of my dual citizenship (ch/usa) I can’t use it. It was also the latest question they asked when filling out the form :(… Now I saw you suggesting Zak, but I read that they also don’t allow people with dual citizenship. Do you have any suggestions for people like me? What’s the cheapest Swiss bank for dual citizens? Couldn’t find an article about this sadly.
Thanks in Advance!
Hi Henry,
I believe it’s actually not because of dual citizenship but especially because of the USA. There are some regulations for clients from the USA. As such, most small banks will not accept you because they do not want the trouble of these regulations.
You may want to try CSX since it’s from Credit Suisse. But other than that, I have no idea for a good digital bank, unfortunately.
Nice article ,this is something I was looking for before opening an account in Basel. My question is, can Neon Bank account be added to Transferwise for money transfer purposes ?
What do you mean by added to TW? You can wire money from Neon to TW, but I am not sure if this is what you mean?