Neon-bank fee free worldwide

Banks, Insurances & Third Pillar
1

Hi everyone,

Good news, I just noticed that neon-free.ch has updated is prices this month.

It’s means that exchange rate is now at 0% like N26 and Revolut.

I just subscribed and i’m going to try the solution.

I’ll let you know :slight_smile:

6 Likes
2

They do charge for cash withdrawal abroad though (1.5% and use Mastercard conversion rate)

2 Likes
3

I checked some times the rates and are more or less the same as Revolut. In Revolut is more “real” since the change is done when you want for the quantity you want. Mastercard is more or less the average of the day…

2 Likes
4

is it possible to have 2 accounts (euro and chf) in Neon ? If yes, is it possible to transfer without exchange fee between the 2 accounts like for Revolut (till 5000 £ for the free version )?

6

Hi, I don’t think it’s possible right now. I’m still waiting for my account, so I’m not able to test.

But you can ask them directly :
https://www.neon-free.ch/en/contact/

They seems to respond quickly :slight_smile:

1 Like
7

9 min to get my answer from their support :wink: Only CHF is available.

2 Likes
8

The account does support EUR SEPA transfers at 1.5% surcharge, in line with more traditional banks (I usually use other means to convert and transfer).

9

which other means ? transferwise ?

10
  • IBKR (monthly withdrawal to EU SEPA account)
  • Transferwise
  • Revolut (sometimes)

exchangemarket seems somewhat popular as a Transferwise alternative, but no own experience.

2 Likes
11

I get the feeling Revolut is more “trendy” than Transferwise these days. Is there any advantage?

12

Cheaper.
Flashier (Metal cards etc.).

13

So the exchange rates are even better on revolut compared to tranferwise?

14

I suppose not.

Transferwise charges for currency conversion though, whereas Revolut is supposedly free during the week. While Transferwise‘s pricing seems somewhat be sustainable in the long term, I don‘t think Revolut‘s is - they’re probably rather still in their phase of financing growth with venture capital.

1 Like
15

Wow, now we are talking!

Do I see that right:

  • Neon is the Swiss version of Revolut (thanks to the disruptive effect of all those neo-banks, we have to admit that).
  • No FX fees, same as Revolut (or more precisely: mastercard FX vs. interbank FX, which is nearly the same. Furthermore: no additional FX fees during weekends with Neon).
  • Need foreign money from ATM? Nearly the same fees like Revolut (1.5% vs. 2% after the first CHF 200/400/600)
  • CH based → CH depositor protection (Einlegerschutz)
  • There is a solid CH bank behind Neon (Hypothekarbank Lenzburg)

I will open an account, test Neon for some time and if everything goes well, I would even consider, letting my salary transferred to the Neon account. What do you need more than Neon and a free back up account at Migros Bank?

In that case, I would close Revolut and keep Transferwise as Plan B for FX transactions. I don’t like the negative development from Revolut at the moment. A lot of bad press regarding frozen accounts and stuff…

16

To me there is one important difference: with Revolut you can hold other currencies and you even get your own IBAN for certain currencies which in my case is useful for EUR and GBP.

2 Likes
17

Yep - though the first 200 EUR/GBP are free (abroad) with Revolut. And I usually don’t need more cash each month.

I’ve been doing this for a couple of months now. No problem so far. I haven’t had a need to use my backup account at UBS since then.

But…

You might want to activate a backup device (a second phone, or, in my case, a tablet) for Neon. Device activations are done with a letter sent by postal mail - so if you lock yourself out of your main device (by loss, theft, or damage), you have to wait for that new activation letter.

3 Likes
18

Otherwise you can use an emulator on your computer, like “bluestacks” for android.

19

Got a reply regarding sub-accounts (like ZAK) today:

2 Likes
20

Based on personal experience, I wouldn’t recommend neon:

  • their support is… not the best. They forget to do things they promise they’d do, you get conflicting answers, and the opening hours are far from convenient.

  • The daily cash withdrawal limit is 1000.- per day. Found out the hard way that they absolutely cannot change this on the day I needed to pay my deposit to get my apartment keys.

  • The transactions take 2-5 days to post to the online banking.

  • The “credit” card is actually a prepaid: no hotel booking, car rentals, or sometimes even plane tickets.

  • No “native” TWINT

2 Likes
21

Sure about hotels and plane tickets?