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Neon vs Revolut – Which Is Best For You In October 2024?

Philippe

October 14, 2024

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If you compare Neon with Revolut, you are probably looking for a bank account for travel and for your transactions abroad.

It is indeed very interesting to consider these neobanks compared to traditional banks such as UBS or Credit Suisse because they generally offer better exchange rates with very little transaction fees.

Neon vs Revolut Switzerland – Which bank account is the best?

If you’re looking to optimize your financial management in Switzerland, Revolut and Neon are two neobanks worth considering, each offering distinct advantages.

Revolut, a popular UK-based neobank, offers five account types, allowing you to manage multiple currencies, make international payments, and invest in stocks. It also lets you consolidate all your bank accounts in one place and organize your finances with sub-accounts in CHF and 29 other currencies. However, Revolut accounts are in EUR, which is ideal if you need an account in EUR.

On the other hand, Neon provides a Swiss IBAN account in CHF only, with the ability to make international transfers through their partnership with Wise. Neon offers easy bill payments, transfers in over 40 currencies, and access to practical insurance options. What sets Neon apart is its clear pricing, low fees, and the option to invest cost-effectively in ETFs. You can also create “Spaces” to better organize your savings.

These two neobanks offer distinct solutions depending on whether you seek flexible international management or a simple, local approach.

Don’t have time to read the entire article? Here’s which neobank to choose based on your usage:

To find out how each criterion is judged, read on: we review important options for Switzerland (IBAN CH, transfers in CHF, TWINT) and abroad (withdrawals with the card, SEPA transfer fees, transfers in designs).

Neon vs Revolut Switzerland – Coupon Code

By opening an account with Neon you receive a welcome cash gift on your account, which is always appreciated.

On the other hand at Revolut, you get zero, zip, nada, zilch!

1 point for Neon

Neon vs Revolut Switzerland – Account plans & fees

With both Neon and Revolut, you get a free bank account and a free debit card.

Here is the list of accounts offered by Neon and Revolut:

Now let’s compare the features available in Neon and Revolut:

Neon therefore has a better offer in a Swiss context : IBAN CH, payments by QR and BVR, eBill and TWINT.

Revolut offers more currencies and – as we will see – also offers better prices for transactions abroad: Revolut is often cheaper than Neon by 0.50% to 1% on currency exchange.

1 point for Neon

Neon vs Revolut Switzerland – IBAN CH

As a neo-Swiss bank, Neon allows you to obtain a free bank account with personal IBAN CH.

On the other hand Revolut is a neobank based in the United Kingdom and with a banking license in Lithuania (LT).

At Revolut, as a Swiss resident you can get a free account with 2 IBANs: an IBAN LT and an IBAN CH, but the problem is that the IBAN CH is not a Personal IBAN: it is not in your personal name but in that of Revolut, which does not allow you to use it in all situations.

1 point for Neon

Neon vs Revolut Switzerland – Debit card & fees

When choosing the ideal card for your payments in Switzerland and abroad, it is essential to understand the offers and fees of each option.

Neon offers a free Mastercard debit card linked to your CHF account. If you use it in a different currency, a 1.5% fee applies. You can withdraw money for free twice a month in Switzerland, after which each withdrawal costs 2 CHF. Abroad, the fee is also 1.5%, with no additional currency exchange surcharge.

Revolut, on the other hand, provides a multi-currency card that automatically selects the appropriate currency based on your balance. However, be aware of weekend exchange rate surcharges, which can increase the cost of withdrawals and payments.

Both providers integrate with Apple Pay and Google Pay, and Neon also supports mobile payments with Swatch, Garmin, and Samsung, ensuring convenient and secure payments wherever you are.

The card usage fees differ between Neon and Revolut.

For withdrawals in Switzerland the Neon card is therefore much more advantageous than the Revolut card because the limit is much higher: up to 1’000 CHF/day and 10’000 CHF/month.

For withdrawals abroad you must use the Revolut card up to 200 CHF/EUR then ut compare because the exchange commissions and fees are different: Neon applies 1.50% exchange commission and Revolut applies a surcharge of 0.50% during the week.

Let’s take the example of a 1,000 EUR withdrawal in 5 installments, during the week:

Another example with 1 single withdrawal:

For one-time withdrawals, Neon becomes cheaper than Revolutfrom 300 EUR..

1 dot everywhere

Neon vs Revolut Switzerland – Payments and transfer fees

Neon and Revolut offer the ability to transfer money at low costs, both within Switzerland and internationally. Compared to traditional Swiss banks, these two neobanks stand out with their attractive fees. International transfers via Neon are particularly advantageous due to their partnership with Wise.

Revolut also allows you to make SEPA transfers in EUR free of charge. On the other hand, Neon applies 1.50% on the EUR. However, be aware that Revolut applies a surcharge of approximately 0.50% outside of trading hours.

You can check the ‘Revolut exchange rate’ on their currency converter page.

For international transfers, Revolut publishes in this document the fees for international transfers. The fees are different if the beneficiary’s currency is that of his country or not.

For comparison, here are the fees for international transfers:

For EUR in the SEPA zone, you must use Revolut which does not apply fees.

For USD and GBP, Neon will be cheaper than Revolut by up to around CHF 400, due to fixed Revolut fee of CHF 4

For all other currencies, Neon will be cheaper than Revolut by up to around CHF 600, due to Revolut’s flat fee of CHF 6

But to find out which is the cheapest between Neon and Revolut, you have to compare all the costs:

Example 1: Transfer of 5,000 EUR in Switzerland, from your CHF account

As Switzerland is part of the SEPA system, Revolut does not charge any transfer fees on payments in EUR in Switzerland . These fees will be the same for a payment in EUR in France or in a SEPA country in euros.

Example 2: Transfer of 10,000 USD in Switzerland, from your CHF account

Example 3: Transfer of 5,000 USD to the United States, from your CHF account

(*) Tests carried out during the week

If the issue of changing CHF to EUR is important to you, see our article How to Change Swiss Francs in Euros at the Best Rate.

1 point for Revolut

Neon vs Revolut Switzerland – TWINT

Neon allows you to use the TWINT app from UBS or TWINT Prepaid

Revolut does not offer and will probably never offer TWINT because it is a product only available in Switzerland.

1 point for Neon

Revolut Switzerland – Trading

Both Revolut and Neon allow you to trade.

Neon remains cheaper than Revolut on Stock Trading. Revolut allows cryptocurrency trading, which Neon does not.

It should also be taken into account that Neon can easily edit a tax statement for your tax return, which will not be the case with Revolut.

If you are looking for a neobank to do Trading, see our Alpian review which offers lower rates than Neon and Revolut.

1 point for Neon

Which account is better for Swiss people: Neon or Revolut?

The choice between Neon and Revolut depends on your specific needs. Revolut offers a wide range of features, such as cryptocurrency purchases and multi-currency management, but does not include a CH IBAN.

Neon, on the other hand, provides a CH IBAN, eBill, QR invoices, and soon TWINT, with lower fees, particularly for international transfers via Wise.

In summary, Revolut is ideal for those seeking diverse investment opportunities, while Neon is better suited for local banking in CHF. Both platforms complement each other, so opening a free account with each neobank is recommended to maximize benefits and have a backup option.

Compare Neon and Revolut with other Swiss neobanks

If you are still hesitant, you can read our other comparisons:

• Neon vs N26
• Neon vs Yuh
• Neon vs Zak
• Revolut vs Yuh