Leading Swiss online banking and brokerage firm Swissquote Group Holding SA (SWX:SQN) has announced that it has launched the Swissquote Multi Currency Credit Card for making payments in a variety of currencies. It allows owners of a Swissquote trading account to benefit from a simple, flexible, and secure method of payment for transactions across the globe.
As opposed to traditional credit cards, the Swissquote Multi Currency credit card allows for payments directly in one of twelve available foreign currencies, without prior conversion into Swiss Francs and the addition of exchange or foreign currency fees.
For instance, when a customer uses the card to make a purchase in Great Britain or Japan, the transaction amount will be charged to the customer’s trading account directly in British Pound or Yen (on the first business day of the following month), provided there is a sufficient balance in the account. In cases when the customer at that point in time does not own sufficient Pounds or Yen, then Swissquote automatically carries out the transaction in the currency with the highest balance.
This conversion is done at the Swissquote exchange rate that tends to be more advantageous than rates offered by other Swiss banks or foreign institutions.
The Swissquote Multi Currency Credit Card supports twelve currencies: Swiss Francs; Euros; British Pounds; Yen; Danish, Swedish, and Norwegian Crowns; United Arab Emirates Dirham (AED); US Dollars; as well as Canadian, Australian and Hong Kong Dollars. Owners of a Swissquote trading account can conduct their purchases in any of these currencies without previously opening an account in the respective currencies or purchasing foreign currencies.
Lino Finini, Head Back Office & Banking Applications and a member of the Swissquote executive team stated:
With the launch of our Multi Currency Credit Card, we want to allow credit card customers to benefit from our unique expertise and transaction terms in foreign exchange trading. Customers who maintain a trading account with us are already used to trading in a variety of currencies. We can now provide them with a credit card that addresses their complex payment requirements.
In offering the Multi Currency Credit Card, Swissquote is working with SIX Payment Services as the provider of the card issuing licenses and technical infrastructure for card transactions.
The Swissquote Multi Currency Credit Card is available in a Silver and Gold version and offered without card fees during the first year. Starting with the second year, annual fees are charged at 100.00 Swiss Francs (CHF) for the Silver card and 200.00 Swiss Francs (CHF) forthe Gold version.
Payments conducted in any of the twelve supported currencies are free of processing fees.
Transactions in other currencies are subject to a 1.5% processing fee. Cash withdrawals are processed at a 3.5% fee (minimum of 5 Swiss Francs (CHF) or equal amount in the other eleven supported currencies).
Swissquote Bank Ltd holds a banking license issued by its supervisory authority the Swiss Federal Financial Market Supervisory Authority (FINMA) and is a member of the Swiss Bankers Association. Its parent company, Swissquote Group Holding Ltd, is listed on the SIX Swiss Exchange (symbol: SQN).