Zak new conditions for virtual visa and payment outside CH

https://www.cler.ch/de/info/zak/mobile-payment

It basically kills my revolut use case. Nice job in doing the survey (i took part) and reacting this fast to customer requests.
It’s a new way of business for Switzerland, really appreciate it

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What’s the spread of corner bank exchange rate?

Interesting, thank you.

NZZ recently ran an article that the big banks are now also reacting and lowering their fees:

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Paywall :-/ so what do the big names do “raffiniert”? After all they are masters in novel new fees :smile:

They don’t automatically offer the cards to all their customers. They are either part of packages or must be specifically requested by the customers.

Some quick questions: Why they show a woman shopping if the card is just virtual? (Answer: probably she paid with apple pay :slight_smile:
Is it a prepaid from Corner. Is it like the other Corner prepaid where you have to pay 5chf to load it?
Is Corner also having a different spread during the weekend?

They also don’t have accounts, so you can’t change money earlier.

Edit : Answers regarding loading: free

Yes, the ability to change during the week with Revolut and use the money on the weekend is still an advantage over Zak card.

Anyone knows if this can replace the m-budget mastercard?
I.e., is it a free deal?

I remember that this credit cardwas directly connected to the zak account, meaning they would draw directly from it to pay the credit card, which was bad because

  1. You got no control over the bills on your credit card (I like to check it before I pay)
  2. If your Zak account is 0, you can’t pay the credit card, and then you incur in the late payment fees.

So for this reason it was a no-go for me.

They they changed this?

There are actually 3 different “cards” with Zak. This only applies to one of them

  1. Maestro Card: Directly linked to Zak Balance, debit card
  2. Physical Master Card: Credit card, monthly bill that will be payed from the Zak Balance, does NOT have the free fx fees
  3. Virtual Visa Prepaid Card : Needs to be topped up and then you can use only what you topped up. This is the one without fx fees

so the free fx is only for 3. It looks like they will get rid of 2

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I would say that this cannot replace your MBudget since there is no cashback.

Are the exchange rates from Cornér similar to the Revolut exchange rates?
That would make this offer a real option for travelling abroad!

@_MP checked with them, doesn’t look like it https://www.mustachianpost.com/2020/07/12/best-credit-card-in-switzerland-for-2020/
The don’t have a fee on it, but looks like the FX rate has just around 2.5% margin on it. So that way it doesn’t make sense to use this.

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