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The Industry Spread > Industry News > Swissquote Launches New Multi-Currency Credit Card for its Trading Account Users

Karthik Subramanian

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Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

Industry NewsJune 18, 2018

Swissquote Launches New Multi-Currency Credit Card for its Trading Account Users

Lino Finini, Head Back Office & Banking Applications and a member of the Swissquote executive team
Lino Finini, Head Back Office & Banking Applications and a member of the Swissquote executive team

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. 

SIX Payment ServicesThe 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.”

TAGS: card feesexchange feesforeign currenciesforeign exchange tradingMulti-Currency Credit CardPayment Servicespayment solution providerSIX Payment ServicesSQNSwissquoteSwissquote exchangeSwissquote’s Trading ServicesTrading Accounttrading services

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