Swissquote Diversifies into Digital Banking Market

On Thursday, Swissquote, renowned for its trading services, announced its transition into digital banking with its ‘Bright’ and ‘Light’ daily banking packages.

Each package includes a broad range of daily banking services a crypto-friendly Mastercard debit card capable of handling several currencies. The Swiss firm emphasized the versatility of payment options in its banking packages and a cashback feature. 

Jan De Schepper, the Chief Sales and Marketing Officer at Swissquote, mentioned in the past that these new banking and debit card packages fulfill their customers’ requests for a fully digital, crypto-friendly solution capable of handling multiple currencies. He added that these packages integrate popular payment features with their novel Trading Credit cashback program, ensuring payments are secure and can be made without a physical wallet.

Dual-tier Offer Unveiled

Swissquote described ‘Bright’ as their “most comprehensive banking package,” with a digital and physical debit card. However, after the initial six months of free services, users will incur a monthly fee of CHF 6.9 to continue enjoying these benefits. 

Conversely, ‘Light’ is a free package option providing only a virtual debit card, but customers still have unrestricted access to all digital banking services. ‘Bright’ also includes free transactions with 13 currencies and five free ATM withdrawals monthly. Moreover, the Mastercard debit card supports Bitcoin, Ethereum, and Ripple payments, with plans for additional cryptocurrencies. 

Digital banking users at Swissquote will accrue Trading Credits upon expenditure, redeemable later for trading purposes at a reduced cost. The amount of Trading Credits received varies depending on the account category: ‘Bright’ users receive 0.5% with standard card payments and 1%  for crypto payments; ‘Light’ users get 0.25% with standard card payments and 0.5%  for crypto transactions.

In related news, Swissquote recently announced Nestor Verrier, its General Manager, will succeed Lino Finini in the role of Chief Operating Officer starting January 1, 2024, following Finini’s decision to retire.