Wise Switzerland Review (2024)

In November 2024, Wise Switzerland continues to stand out as a leading solution for multi-currency accounts, ideal for those needing to manage money in various currencies. Our review of Wise Switzerland highlights the benefits of its Borderless account, which allows you to hold over 50 currencies, make free SEPA payments, and access a MasterCard debit card. By using the real interbank exchange rate and transparent fees, Wise becomes a competitive option compared to Alpian or Yuh. Account opening is simple and free, with no hidden fees if the balance is zero.

Wise Switzerland Borderless Multi-Currency Account Review: 6/10

Wise Switzerland offers a free multi-currency account, the Borderless account, which provides simple and flexible management for those with international financial needs. This account is particularly suited for individuals who need to manage transactions in multiple currencies while keeping costs low. Here’s an overview of the benefits of the Wise Borderless account:

• Multi-currency account: You can hold and manage over 50 different currencies simultaneously. This allows you to receive local payments in multiple countries, whether in EUR, USD, GBP, or other currencies, avoiding costly conversions for each transaction. It’s ideal for expats, travelers, or professionals dealing with foreign currencies.
• Flexible management: Accessible via both the mobile app and desktop, the Borderless account allows you to manage your finances wherever you are. You can check your balance, make transfers, or convert currencies with just a few clicks, all in real-time.
• Nearly free SEPA payments: Wise allows you to make SEPA payments in euros with very low fees, much lower than those charged by traditional banks. This is a significant advantage for those who regularly transfer money within the eurozone, benefiting from the real interbank exchange rate with no hidden fees.
• MasterCard debit card: The MasterCard linked to your Borderless account allows you to spend directly from the currencies you hold, whether for online purchases or in-store, without high conversion fees. The card automatically selects the local currency, allowing you to travel without worrying about extra conversion costs.
• Real interbank exchange rate: Wise uses the real interbank exchange rate, ensuring you get the best possible rate. Unlike other services that add a margin to the exchange rate, Wise is fully transparent with its fees, clearly shown before each transaction.

The Wise Borderless account is a complete solution for those looking to simplify their international currency management while keeping costs down. Whether you’re traveling, working abroad, or need to transfer money regularly in different currencies, Wise offers a flexible, cost-effective, and transparent way to manage your international finances.

However, Wise lacks some key features offered by Swiss neobanks like Alpian, Neon, and Yuh. Unlike these local neobanks, Wise does not offer integration with TWINT, which is widely popular in Switzerland for quick and contactless payments. Furthermore, it does not support eBill for managing and paying bills electronically directly from the app, nor does it allow QR code payments to streamline transactions in Switzerland.

Wise Mastercard Borderless Debit Card Review: 8/10

Unlike CurrencyFair or b-sharpe, Wise Switzerland offers a Debit MasterCard attached to your multi-currency account.

This Debit Mastercard is free and you can use to spend any currency available on your Wise account: USD, EUR, GBP or other currencies, the card will automatically select the currency depending on the country where you are making a purchase.

Wise Switzerland Mastercard

Wise Switzerland Fees: 9/10

It’s free to create a Wise account and there is no maintenance fee or minimum balance.

Wise Switzerland provides you with bank accounts under your name in several countries. So you can receive money locally, without any surcharge.

You can add money to your Wise account in 19 currencies: AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HRK, HUF, JPY, NOK, NZD, PLN, RON, SEK, SGD, TRY and USD

You can also keep 50 currencies on your multi-currency Borderless account, and convert them at any time.

Wise Switzerland use interbank currency rate and apply their fees in full transparency.

Wise Banking License and Security: 7/10

Wise operates with regulatory authorizations in multiple countries, including the Financial Conduct Authority (FCA) in the UK and the Financial Crimes Enforcement Network (FinCEN) in the US, ensuring compliance with international financial standards. **However, Wise does not hold a banking license in Switzerland,** so deposited funds are not covered by the standard 100,000 CHF deposit protection that applies to Swiss bank accounts.

With these licenses, Wise is able to offer secure money transfers and multi-currency accounts worldwide. Client funds are held separately from Wise’s operating funds, adding an extra layer of protection for users.

Additionally, Wise implements advanced security features such as two-factor authentication (2FA) to protect access to your account and ensure the security of your data and transactions.

In summary, while Wise offers solid protection for client funds through its international regulatory licenses and security measures, the absence of a Swiss banking license means that funds are not covered by the 100,000 CHF deposit guarantee.

Our Final Take on Wise Switzerland

Wise Switzerland is a practical solution for those who need to manage multiple currencies across different countries. With its Borderless multi-currency account, you can hold over 50 currencies, make free SEPA payments, and use a MasterCard debit card to simplify your international transactions. By using the real interbank exchange rate with no hidden fees, Wise offers a highly competitive option, especially compared to neobanks like Alpian and Yuh.

With a simple and free account opening process and no fees if your balance is zero, Wise provides a flexible and advantageous solution for managing your finances internationally. If you’re looking for an efficient way to handle multiple currencies with transparent fees, Wise Switzerland is worth considering.

Why use Wise Switzerland rather than Zak or Neon?

Wise Switzerland use the real-time interbank exchange rate: the one displayed in Google when your search “EUR CHF exchange rate” for example. Wise add a small fee that is displayed in full transparency on their website:

Wise EUR to CHF exchange rate

Zak and Neon use an exchange rate that is only updated once a day and on average slightly higher than the actual exchange rate (in order to cover exchange rate differences between 2 days):

• Zak use an exchange rate set by Viseca (non available on the web)
• Neon use the Mastercard exchange rate

Wise Switzerland is usually cheaper than Neon and Zak. You can also compare Wise fees with other banks (UBS, BCV, PostFinance,…) on the Monito website.

Frequently Asked Questions (FAQ) about Wise Switzerland