Swissquote Group Holding SA (SWX: SQN), specializing in online financial and trading services has announced the launch of its Multi-Currency Credit Card for making payments in various currencies. The credit card offers payments in twelve-different currencies including US Dollar, British Pound and Swiss Franc.
The new Multi-Currency Credit Card will be accessible only to users of Swissquote’s Trading Services. As opposed to traditional Credit Cards offering, Swissquote’s multi-currency credit card allows direct payment in one of twelve available foreign currencies without prior conversion into Swiss Francs and the addition of exchange fees. For instance, a customer from Japan can make payments in Pounds and then charge the amount in customer’s trading account. In cases, when customers don’t have sufficient balances of any particular foreign currency, Swissquote automatically carries out the transaction in the currency with the highest balance.
The conversion is done of Swissquote exchange that is more competitive and offers great rates compared to other Swiss counterparts in the exchange business. The twelve currencies that are on offer are Swiss Francs, Euros, British Pounds, Yen, Danish, Swedish, Norwegian Crowns, Dirham (AED); USD, CAD, AUD and Hong Kong Dollars.
The Credit Card is offered in Silver and Gold version and is being offered without card fees during the first year. In the second year, annual fees are charged at 100 Swiss Francs (CHF) for Silver version and 200 Swiss Francs (CHF) for the Gold version. The payments conducted in any of the twelve currencies are free of processing fees. Transaction in other currencies is subject to 1.5 per cent of processing fees and cash withdrawal at 3.5 per cent.
The services are launched in partnership with SIX Payment Services; a payment solution provider based in Switzerland, and will be providing card issuing licenses and will facilitate transactions made using the card.
Lino Finini, Head Back Office & Banking Applications and a member of the Swissquote executive team commented:
“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.”