Neon-bank fee free worldwide

No I don’t support that. But a bank is a bank and not a law enforcement agency. The banks also did not sign up to become a law enforcement agency. Just because the police is not able to catch the thief doesn’t mean that responsibility goes over to others.

It is indeed an interesting thought. But that would mean there is no monetary policy anymore that could be regulated depending on economic cycle etc., right? Guess that would cause lots of issues, no?

Also, correct me if I’m wrong but as far as I understand, a bank transaction is still way faster and cheaper than a crypto transaction.

Also, there is a risk of big tech companies or rogue governments taking over control of crypto currencies as soon as it gains enough power to them in doing so, e.g. by building huge farms of crypto nodes.

we can debate that one if it’s “playing the system” or downright cheating on the taxpayers. However, let me read the article for you:

"They include a human trafficker in the Philippines, a Hong Kong stock exchange boss jailed for bribery, a billionaire who ordered the murder of his Lebanese pop star girlfriend and executives who looted Venezuela’s state oil company, as well as corrupt politicians from Egypt to Ukraine.

This is not “oh my country would tax me to hell, please safekeep this money for me”.
These are such large red flags that they don’t even fit CS’s own compliance textbooks that every employee needs to read and study.

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Yes these are terrible things but as I mentioned I don’t see it as a mandate for banks to prevent and/or prosecute crime. Law enforcement should prevent those things from happening.

We also don’t force knife manufacturers in the world to have expensive compliance departments that do extensive background and PEP checks etc. on buyers to make sure nobody uses their products for something else than cooking :slight_smile:

Anyways, lots of off-topic I guess we should leave it or start another thread if there is a need to discuss it in detail :wink:

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The best thing that could happen to CS would be to be bought by UBS.

But we’re getting away from the original topic gentlemen :wink::grin:.

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Totally offtopic cmon guys

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Guys, please stick to the topic. See the New Moderation Policy if you are not aware of it (though many of you were already involved when I had to create them).

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just trying to get back to topic. Who do you see Neon compared to Revolut. It’s true that I would not really feel comfortable to have my main account at Revolut but the app for me is really the top tier from my perspective. Where Neon is great that is backed by swiss laws etc. but from a software standpoint their App is really basic and I do not like the link to other platforms like Selma etc. As mentioned in another thread I’m not convinced at their prices either. So as a conclusion Neon will not be my main account in the near future.

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Personnnally I use Neon to temporary park cash if needed and for payments abroad during vacations. I closed revolut.

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Both rates of of Revolut and Neon are so close to each other and not in favor of either candidate imho.

Revolut however is nice for the cash withdrawal abroad without additional fees.

Regarding Revolut vs Neon, I know people that uses Revolut like Twint: One person pays the bill at the restaurant and the other pays him their part. You could probably do the same with Neon, but you need to ask your friend for a bank account number instead of using a phone number.

You can use Twint with neon.

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You can’t twint EUR. Sorry I forgot to mention that.

What do you think about the actual app? I really think from a pure user experience the Revolut app is really the best app that I have seen so far. I liked that they informed me and froze the card when I was traveling to the US and I needed to quickly de-freeze it to confirm that I’m actually in the US, I like to use of the virtual cards which gets destroyed after every online shopping.

Neon app instead just feels like previous generation without any AI behind. Swisscard app is even worse.

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Yes, Revolut is absolutely nice for withdrawal if you are just focusing this part. How often do you withdraw cash abroad? One time, five times, twenty times? How high is each withdrawal?

With Revolut you can withdraw five times for free and it is also capped at CHF 200 in total. Above that, you have 2%, whereas CHF 1 is the minimum per withdrawal. Revolut had increased their costs in the last periods.

Neon charges 1.5% - irrelevant how high the amount is. Neon did not increase the costs, yet, and this seems also to be their credo; a company which increases costs permanently (looks to PostFinance) is untrustworthy in the eyes of the clients.

Even if withdraw in total CHF 10’000 in the next years (with Revolut always CHF 200 per month) I have no problem to pay this commission to neon and I won’t go bankrupt because:

  • it is a Swiss insitution with a very solid Swiss bank in the background (no billions in C-level salaries or bonuses)
  • I have an own CH IBAN
  • I contribute to the Swiss economy and pay indirectly the salaries, which I have no problem with. Solid systems should be rewarded. Imagine someone is asking you to work for free…
  • finally a Swiss company which disrupts the massively expensive and intransparent market
  • Swiss law applies.

Take Wise as an example: they are not free and show you transparent the costs of their (very inexpensive) model. Such revenue is sustainable and they are generating cash. Despite Revolut is young, their cash burn rate is incredible (what I red couple of months ago).

As @CHRad says: the costs/rates are so close, even if you have a very high turnover, it nearly makes no difference. And from what I read in this forum, no one is living at the existential minimum :slight_smile:

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Neon is a swiss fintech so I like to support swiss companies with jobs in the country.

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The costs while paying with the card are not worth talking about - they swing for either side - it’s basically irrelevant.

The cost of withdrawing cash however is a real thing. Ever tried paying by CC in Kosovo, Croatia or rural side Japan? - Good luck! And It would be kind of nice to have this extra option just in case… In the end you still save some money for small withdrawals (<200€/$/¥…)

Really happy to hear that I am not alone with that. And I can confirm both things, they are annoyingly woke and have a good customer service. The first ad I saw for them was when they ran a sign-up bonus. Don’t recall the precise sums, but it was something like 10 CHF for men and 30 CHF for women. Obviously sexist. When I complained to them, I got a personal reply, not some generic email template.

Only reason why I stick with them: It’s the only Swiss offer with cheap foreign transaction costs / low spreads. But I do consider switching to Wise. They are a bit more expensive, no deposit insurance, but they offer EUR accounts and I use them anyway for cross-border transfers. I would not consider Revolut, I have heard too many scare stories about unjustifiably frozen accounts and horrendously bad customer service.

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One more thing that bugs me with Neon is their categorization engine being super simple.

Where do I put my childcare expenses (e.g. Kita)? → Household
Where do I put my Food expenses (Coop/ALDI)? → Household
Where do I put my cleaner’s fees (quitt)? → Household

Basically as it stands today, 75% of our spend is the category “Household”, which kinda defeats the purpose.

At least you can download the data in CSV, that’s good.

There is a grocery category :slight_smile:

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Not for me. Unless I’m blind.