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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term rate to its competitors.

Swiss-SIX

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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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).