Swissquote, an online trading firm, announced this Thursday that it is launching a multi-currency credit card. Users of the credit card will be able to pay in twelve different currencies, including the US dollar, British pound and Swiss franc.
The card will only be accessible to users of Swissquote’s trading services. A customer from Japan, for example, can make a payment in London using pounds. Swissquote will then make the payment in pounds and charge the amount to the customer’s trading account.
If this hypothetical customer does not have a high enough balance in pounds in their account to make the payment, Swissquote will automatically carry out the transaction using the currency with the highest balance. Even doing this, Swissquote claims, would be superior to using another bank as the company generally offers a “superior” exchange rate to its competitors.
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Swissquote is launching the new card in conjunction with SIX Payment Services, a payment solutions provider based in Switzerland. SIX will be providing the card issuing licenses and using its infrastructure to facilitate transactions made using the card.
Annual fees for the new cards depend on which offer you take up, gold or silver. Both are free for the first year but after that silver card users will have to pay CHF 100 per annum and gold users will have to pay CHF 200 per annum. The company did not reveal what distinguishes the gold and silver cards.
Payments made using one of the twelve currencies supported by the card will not be charged a fee but, those that are not will incur a 1.5 percent processing fee. Cash withdrawals are also subject to a 3.5 percent fee or a minimum of CHF 5 ($5).