Experience with ZAK (Rant)

Banks, Insurances & Third Pillar
12

Sure. If you want to subscribe to either, just DM for a referral code :smiley:

Here goes:
Yuh is a full Swiss bank account and can be used for receiving wages and paying all kinds of bills. If you need a real bank account, it will do that.
You get to buy crypto, some shares and ETFs, directly within the app. Fractional shares are available now. The offer is decent, fees are around 1 % for foreign currencies and I think 1 % on top for crypto.

Fees for payments in foreign currencies with or without card are about 1 %, which is less than most banks.

You get a Swiss debit Mastercard, which currently does not work with Google, Apple and Samsung Pay, but Google and Apple are planned.
There’s a cashback program, in which you around 0.02 CHF per payment back in their own coin which is supposed to grow in value.

Main drawback:
Not a real credit card. Because it’s a debit card, you cannot always assume that you can pay for deposits in hotels and for rental cars. It may or may not work.

Revolut is not a full bank account.

  • It has its strength in foreign currency transactions.
  • It hardly charges any conversion fees. This is a big plus for me and the main reason why I use it.
  • You can buy many kinds of crypto from within the app.
  • You can receive money in other currencies than CHF.
  • If you use up to 1000 CHF per month in foreign currencies, you can save around 30 CHF per month by using Revolut compared to other banks with the free card.

Drawbacks:

  • You cannot pay bills with a Swiss reference number or QR code. You can do IBAN payments, though.
  • Some payments cannot be made because the recipient gets a “paid through Revolut on Behalf of Your Name”. This can be a bother, e.g. with DeGiro and other foreign services which do not accept Revolut originated payments.
  • Customer support is not that good. Just don’t do anything funny like getting huge amounts transferred to your account suddenly, your account may be blocked. I haven’t had any bad experiences, but there a some horror stories going around.
  • Not a real credit card. Revolut cards are not accepted in some places and cannot always be used for rental or hotel deposits.
  • No ebills

It also has a freemium model that make sense if you use foreign currencies a lot.

Hope this answers your question.

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Comparison between Yuh and Revolut