The best financial services for your money!

Download this e-book and optimize your finances and save money by using the best financial services available in Switzerland!

Download The FREE e-book

Swissquote Debit Mastercard Review 2024: Pros & Cons

Baptiste Wicht | Updated: |

(Disclosure: Some of the links below may be affiliate links)

In 2023, Swissquote started a new service with their Swissquote Debit Mastercard. Although branded as a card, it is a complete banking package with many features, including a multi-currency account and crypto-payments.

So, is this new account any good? This review goes in-depth into this product’s features, advantages, and disadvantages. By the end of the review, you will know whether you should use it!

About Swissquote Debit Mastercard
Monthly fee 6.90 CHF (Bright) – 0 CHF (Light)
Users N/A
Card Mastercard Debit
Currencies CHF and 12 other currencies
Withdrawals in Switzerland 5 free (Bright), 0 free (Light), 1.90 CHF after
Withdrawals abroad 4.90 CHF
Languages English, French, German, and Italian
Custody bank Swissquote
Depositor protection 100’000 CHF
Established 2023
Headquarters Gland, Switzerland

Swissquote Debit Mastercard

Swissquote Debit Mastercard
Swissquote Debit Mastercard

In 2023, Swissquote introduced a new product, their Swissquote Debit Mastercard. Despite its name, it is a complete banking package.

This banking package comes in two flavors:

  • Light, which only comes with a virtual card.
  • Bright, which comes with a physical and a virtual card.

These two flavors have different conditions, as seen in the following sections.

If you want to know more about Swissquote itself, you can read my review of Swissquote as a broker.

Features

5/5

This new account by Swissquote has many features.

As with any bank account, you get all the essential features:

  • Send payments in Switzerland through IBAN
  • Transfer money in Europe
  • Pay your QR bills
  • Withdraw money

So, you should have all the features you need for your day-to-day banking.

An exciting feature of this account is that you get a multi-currency account with 13 different currencies. Getting these kinds of accounts in Switzerland is rare, so this feature is interesting. All these currencies are under the same IBAN.

One feature that many users require is electronic bills to pay their bills easily. Swissquote provides this feature out of the box. This is good because many new accounts offer this feature only after several years.

This account has many features for mobile payments. You can use this card with Apple Pay, Samsung Pay, and Google Pay. You can also use TWINT with a custom Swissquote TWINT app.

You can use cryptocurrencies directly from the card if you have cryptocurrencies in your Swissquote account. So, you can pay with the card using your cryptocurrencies. This is a very interesting feature for people who are enthusiastic about crypto-currencies.

Overall, the Swissquote Debit Mastercard has all the needed features and more. And the fact it is a multi-currency account is an excellent advantage.

Cashback

3.5/5
Best Swiss Broker
Swissquote
4.5
Very affordable

Everything you need to start investing in the stock market! Open an account with Swissquote and get 100 CHF in trading credits with my code MKT_THEPOORSWISS.

Pros:
  • Swiss broker
  • Easy to use
Invest with MKT_THEPOORSWISS code Read Our Review
The MKT_THEPOORSWISS code is only valid for active Swiss accounts.

Interestingly, you also get some cash back on every transaction. This is interesting because normally, only credit cards give you some cash back.

Cashback differs for card payments and regular payments for each account type.

With the Light account type, you get:

  • 0.25% cashback on card payments
  • 0.50% cashback on crypto payments

With the Bright account type, you get:

  • 0.50% with card payments
  • 1.00% with crypto payments

The cashback rate is quite good.

However, this cashback is only given as Swissquote trading credits. So, this cashback is only attractive if you use Swissquote as a broker. With this card, you could recover some of the Swissquote broker account fees.

So, this cashback feature is quite good if you use Swissquote as a broker but entirely useless otherwise.

Fees

3.5/5

We must also examine the fees to see if this account is worth it.

The Light account has no monthly fee. The Bright account costs 6.90 CHF monthly (free for the first six months).

With the Bright account, you can withdraw cash in Switzerland 5 times a month for free. If you do more, it will cost you 1.90 CHF per withdrawal. With the Light account, each withdrawal in Switzerland will cost 1.90 CHF.

Transfers and payments in Europe, in EUR, are free with the Bright account but cost 2 EUR with the Light account.

You will pay 4.90 CHF per withdrawal with both accounts if you withdraw abroad.

If you pay abroad or in foreign currencies, you will not pay any transaction fees with either account. However, you will pay a 0.95% currency exchange fee if you do not have the necessary currency. And if you use a currency not included in the card, you will pay an extra 1.50% transaction fee.

So, unless you do withdrawals or transfers in EUR, the Light account can be entirely free. In this case, the Bright account is not interesting at 6.90 CHF per month.

Here are a few examples of how to choose.

  • You would need to spend 2760 CHF with the card monthly to make the Bright account worth it.
  • If you make one withdrawal monthly, you would need to spend at least 2000 CHF per month with the card to make the Bright account worth it.
  • If you make one withdrawal and one EUR transfer per month, you would need to spend at least 1200 CHF per month with the card to make the Bright account worth it.

So, unless you spend a ton with the card or make many withdrawals or EUR transfers per month, you should stick with the Light account. If you need a physical card, you will need the Bright account.

Overall, the Bright account is slightly too expensive to make it interesting. The currency exchange fees are reasonable for Swiss banks, but some better alternatives exist.

Is Swissquote Debit Mastercard safe?

5/5

Swissquote has a banking license and is part of Esisuisse. As such, all your cash will be insured up to 100’000 CHF.

I have not heard of any technical issues with Swissquote, and it has a good reputation. It is also well-regulated and has been established since 1996. Swissquote is a stable financial institution.

So, having your money with Swissquote Debit Mastercard is as safe as any other Swiss bank.

Alternatives

We should also look at some alternatives to see how these features and fees compare.

Neon vs Swissquote Debit Mastercard

Best App to Pay, Save and Invest
Neon
5.0

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!

Pros:
  • Pay abroad for free
  • Invest with great fees
Use the poorswiss code Read my review

Neon is my favorite digital bank account. It makes sense to compare Neon vs Swissquote Debit Mastercard.

On the features side, these two banks are very similar. One slight advantage of Neon is that you can instantly transfer money to other members of Neon.

An advantage of Swissquote Debit Mastercard is that you get a multi-currency account. With Neeon, you can only hold CHF in your account. But Swissquote lets you hold 13 currencies in your currency. This can be very practical if you receive money in different currencies.

If you have a Swissquote account, the cashback from the Swissquote Debit Mastercard is an advantage since Neon has no cashback. However, you can get similar cashback with a good credit card.

On the fee side, Neon is significantly better. Neon is free, while only the Light account (with only a virtual card) is free at Swissquote. The Bright account would be 6.90 CHF per month.

Also, using your card abroad or in foreign currencies is cheaper at Neon (around 0.40% fee) than with Swissquote Debit Mastercard (0.95%). If you already have the currency in your account, it could become cheaper to use Swissquote.

Overall, I think the Neon card is a better deal for its price. However, if you already have a Swissquote brokerage account, the Swissquote Debit Mastercard becomes interesting.

Swissquote Debit Mastercard FAQ

Which currencies can you hold in Swissquote Debit Mastercard account?

You could hold these 13 currencies at this time: CHF, USD, EUR, GBP, JPY, AUD, CAD, SEK, HKD, NOK, DKK, AED and SGD.

How much cashback do you get with Swissquote Debit Mastercard?

With card payments, you will get 0.50% cash back with the Bright account and 0.25% with the Light account. For any crypto payment, you will get 1.0% cash back with the Bright account and 0.5% with the Light account.

Who is Swissquote Debit Mastercard good for?

Swissquote Debit Mastercard is good if you are already using Swissquote since the cashback is only for Swissquote trading credits.

Who is Swissquote Debit Mastercard not good for?

Swissquote Debit Mastercard is not good if you are not using Swissquote as a broker.

Swissquote Debit Mastercard Summary

3.5/5
Swissquote Debit Mastercard

Swissquote Debit Mastercard is a new fully-featured banking package by Swissquote: Should you use it? This article reviews the service in depth.

Product Brand: Swissquote

Editor's Rating:
3.5

Swissquote Debit Mastercard Pros

Let's summarize the main advantages of Swissquote Debit Mastercard:

  • Multi-currency account
  • Reasonable fees
  • e-bills
  • Mobile payments
  • Can choose between a virtual and physical card
  • Cashback on a Debit card
  • Can use your crypto for card payments

Swissquote Debit Mastercard Cons

Let's summarize the main disadvantages of Swissquote Debit Mastercard:

  • Only interesting for Swissquote users
  • The Bright account is not so interesting
  • Not the cheapest bank account
  • Currency exchange fees are not cheap

Conclusion

Overall, the Swissquote Debit Mastercard is attractive for heavy users of Swissquote (my review). Indeed, the price can be reasonable (especially for the Light account), and you can reduce your trading fees by using it.

This account provides many mobile payment features and a multi-currency account, which is still rare in Switzerland.

However, it is far from perfect. First, it is only interesting if you use the Swissquote broker. If you do not, the cashback is not interesting at all. Second, while a 0.95% fee for using abroad and in foreign currencies is good, it is far from the cheapest available in Switzerland. This can be avoided if you already have some foreign currencies (dividends from stocks, for instance).

Overall, I do not think this offer has a real edge. This is another case where avoiding having all your services with the same company is probably better. There is nothing special enough about this offer that would make it interesting for non-Swissquote users. It is a good companion for Swissquote users, but nothing more.

If you are interested in bank accounts, you should read about the best bank accounts in Switzerland.

What about you? What do you think about this account?

The best financial services for your money!

Download this e-book and optimize your finances and save money by using the best financial services available in Switzerland!

Download The FREE e-book
Photo of Baptiste Wicht

Baptiste Wicht started thepoorswiss.com in 2017. He realized that he was falling into the trap of lifestyle inflation. He decided to cut his expenses and increase his income. This blog is relating his story and findings. In 2019, he is saving more than 50% of his income. He made it a goal to reach Financial Independence. You can send Mr. The Poor Swiss a message here.

Recommended reading

4 thoughts on “Swissquote Debit Mastercard Review 2024: Pros & Cons”

  1. Hi Baptist, For someone who has a SQ trading account and wants to use the different currencies on his/her account (with no exchange fee charged) and have both a physical and digital card, Yuh come with no cost. Just need to transfer the currency you want to use from SQ to Yuh. With kind regards. Gilles

    1. Hi Gilles,

      That’s a good point. You could indeed use Yuh instead of the Swissquote Debit Mastercard.
      Can you transfer USD for free between both accounts? CHF and EUR will be fine but I don’t know what is the support of USD in both cases.

  2. Hi Baptiste
    Thank you for the review and your informative blog.
    Have i read it correct:
    I could transfer CHF to my IBKR account (or Wyse or whathever), exchange it there to € or US $ nearly for free and transfer it back to the Swissquote account and i do not have to pay the 0.95 percentage penalty?

    Does SEPA transfers work? Costs?

    Thanks
    Greetings
    Aare

    1. Hi Aare

      Yes, you could in theory but it would not be for free. IB will charge you 2 USD per conversion and Wise about 0.4%-0.5%. But if you are ready to use IB to convert currencies, you might as well use IB in the first place, no?
      That being said, this would likely work well for EUR, but not sure about USD because I don’t know how IB works for transferring USD out of the broker (may not be free to a EU IBAN).
      Also, IB is not very fond of people using it only for currency conversions. Some people have received warnings when doing that.

Leave a Reply

Your comment may not appear instantly since it has to go through moderation. Your email address will not be published. Required fields are marked *