Swissquote Card

Swissquote Debit Mastercard Review: Multi-Currency Banking Solution for Fiat and Crypto Assets

Basic Information

The Swissquote Debit Mastercard offers a comprehensive banking solution that bridges traditional banking with cryptocurrency functionality. Built on Swiss banking infrastructure, these cards enable users to make payments using their cryptocurrency holdings without liquidating their entire investment positions, as Swissquote converts only the necessary amount of crypto to cover each transaction. Crypto payment functionality is available across all three card tiers (Light, Bright, and Elite), allowing users at any level to spend from their digital asset holdings.

Rewards and Benefits

Trading Credit Structure

The Swissquote Debit Mastercard offers trading credits instead of traditional cashback, which varies by tier and transaction type:

Trading credits are uncapped and apply to all eligible card transactions.

Elite Tier Benefits

The Swissquote Debit Mastercard Elite tier offers additional exclusive benefits for Swiss residents with at least CHF 100,000 in total assets:

• 0.5% Cashback in Gold (XAU) for all card payments, capped at CHF 25 worth of gold per month (equivalent to CHF 5,000 in card spend)
• 0% currency exchange fee on the 13 main currencies up to CHF 5,000/month (0.25% beyond that threshold); note that a flat 1% FX fee applies to these currencies during weekends and public holidays, even within the CHF 5,000 allowance
• Five free ATM withdrawals per month in Switzerland and five free ATM withdrawals per month internationally
• Priority Pass airport lounge access with three free lounge visits per year
• Travel insurance and medical assistance (enhanced coverage beyond base tiers)
• 24/7 concierge service
• 20% discount at the Swissquote Insider Bar in Zurich
• Free Swissquote Magazine subscription
• Free e-tax statement (for Swiss residents)

Travel Benefits Across All Tiers

All Swissquote Debit Mastercard tiers (Light, Bright, and Elite) include baseline travel-related protections:

• Travel insurance
• Luggage cover
• Medical assistance
• Concierge service

The Elite tier provides enhanced versions of these benefits along with additional perks like Priority Pass lounge access.

Fees and Limits

The Swissquote Debit Mastercard fees are structured around three distinct tiers, each offering different pricing models and transaction limits to accommodate varying user needs.

Card Fees

Transaction Fees

Note on Crypto Payments: When paying with cryptocurrency, Swissquote charges its standard crypto trading fee (typically 1% of the crypto-to-fiat conversion, reduced to 0.5% for large-volume traders) in addition to any applicable currency conversion fees. Crypto spending also realizes taxable disposals where relevant.

Spending and Withdrawal Limits

Card Tiers and Options

All tiers support crypto payments with automated conversion and can be integrated with major mobile wallets including Apple Pay, Google Pay, Samsung Pay, and TWINT. The current Swissquote Debit Mastercard product family consists exclusively of these three tiers (Light, Bright, and Elite). Legacy prepaid card products are handled separately with distinct support channels and do not offer the crypto-enabled features of the debit card lineup.

Top-Up Methods

Swissquote Debit Mastercard does not require traditional pre-loading or manual top-up of the card balance. Instead, when a payment is made, the platform automatically converts only the required amount of any of the 52 supported cryptocurrencies into one of 13 fiat currencies to fund the purchase. Users must hold crypto or fiat within their Swissquote account, and funds are drawn directly—meaning there is no need to transfer assets from a self-custody wallet to the card provider or to maintain a separate pre-loaded balance. A 0.95% currency conversion fee applies to crypto-to-fiat transactions (0% up to CHF 5,000/month for Elite tier, then 0.25%), and funds are available instantly at the point of sale, with monthly spending limits varying by tier (e.g., CHF/EUR/USD 10,000 for Light). All top-up and conversion operations are managed via the Swissquote mobile or web app, and custody of assets remains with Swissquote until the transaction occurs.

Self-Custody Custodial

Swissquote Debit Mastercard uses a custodial model where users' cryptocurrencies and fiat assets are managed by Swissquote within their platform accounts. To spend crypto, users must deposit their assets into a Swissquote account, and the necessary amount is converted to fiat at the time of transaction. Users interact with their funds through Swissquote’s app and services, enjoying features like multi-currency accounts and trading credits, but do not control the private keys of their deposited cryptocurrencies. This setup provides convenience and integration with traditional banking, but users lose independent access to their assets and are reliant on Swissquote’s continued operations. If the provider ceased operations, users’ ability to access their crypto and fiat balances would be determined by the platform's policies and local regulations. The model offers seamless banking and security under Swiss regulation, but at the cost of true self-custody and direct control over crypto assets.

Supported Currencies and Conversion

Cryptocurrencies

The Swissquote Debit Mastercard supports 52 cryptocurrencies, including:

Bitcoin (BTC), Ethereum (ETH), Tezos (XTZ), Polkadot (DOT), Ripple (XRP), Cardano (ADA), Bitcoin Cash (BCH), Stellar (XLM), Litecoin (LTC), Polygon (POL), Solana (SOL), Avalanche (AVAX), Bonk (BONK), dogwifhat (WIF), OFFICIAL TRUMP (TRUMP), Official Melania Meme (MELANIA), Dogecoin (DOGE), Internet Computer (ICP), Near Protocol (NEAR), Compound (COMP), Chainlink (LINK), Uniswap (UNI), USD Coin (USDC), Apecoin (APE), Aave (AAVE), The Sandbox (SAND), Decentraland (MANA), Chiliz (CHZ), USD Tether (USDT), Axie Infinity (AXS), Enjin (ENJ), Gala V2 (GALA), The Graph (GRT), Immutable X (IMX), Lido DAO (LDO), Maker (MKR), Audius (AUDIO), Bancor (BNT), 0x (ZRX), Euro Coin (EURC), Ethereum Name Service (ENS), Ondo (ONDO), Shiba Inu (SHIB), Pepe (PEPE), and FLOKI (FLOKI).

Fiat Currencies

The Swissquote Debit Mastercard is linked to a multi-currency IBAN supporting approximately 29 currencies. The card has 13 "main" currencies that receive special FX treatment (particularly on the Elite tier):

13 Main Card Currencies: Swiss Franc (CHF), US Dollar (USD), Euro (EUR), British Pound (GBP), Japanese Yen (JPY), Australian Dollar (AUD), Canadian Dollar (CAD), Swedish Krona (SEK), Hong Kong Dollar (HKD), Norwegian Krone (NOK), Danish Krone (DKK), United Arab Emirates Dirham (AED), and Singapore Dollar (SGD).

On the Elite tier, these 13 main currencies benefit from 0% FX fees up to CHF 5,000 per month (0.25% beyond that threshold), though a 1% FX fee applies during weekends and public holidays even within the monthly allowance.

Conversion Process

For cryptocurrency payments, Swissquote converts only the necessary amount of the user's crypto assets to their preferred currency for purchases, preserving the remaining crypto investment. This allows users to spend from their crypto holdings without fully liquidating positions. The conversion incurs Swissquote's standard crypto trading fee (typically 1%, reduced to 0.5% for high-volume traders).

Geographic Availability

The Swissquote Debit Mastercard is available to residents of select countries, with physical card availability more limited than account opening eligibility. The card is not available to US or Canadian residents, and the Elite tier is currently reserved for Swiss residents only.

Physical Card Availability

Residents of the following countries can obtain physical Bright and Elite cards: Switzerland, Liechtenstein, Italy, Austria, France, Germany, United Kingdom, Cyprus, Spain, Malta, Monaco, United Arab Emirates, South Africa, Greece, and Belgium.

Account Opening and Virtual Card Eligibility

Europe: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom

Asia: Singapore, Hong Kong

Middle East: United Arab Emirates

Africa: South Africa

Restricted Regions for Card Usage

Swissquote maintains an official list of countries where card payments and ATM withdrawals may be considerably restricted or completely unavailable due to sanctions and compliance requirements. These include:

Afghanistan, Bangladesh, Belarus, Cuba, Iran, Iraq, North Korea, Russia, Syria, Ukraine, Venezuela, and numerous other restricted territories as defined by Swiss and international sanctions frameworks.

Note: The United States and Canada are excluded from the Swissquote Debit Mastercard program entirely, as Swissquote does not generally accept US or Canadian residents for account opening.

Compliance and Security

Swissquote is regulated by the Swiss Financial Market Supervisory Authority (FINMA) and operates under a Swiss banking license, providing a strong regulatory framework for the card's operations.

Security Features

• Level 3 two-factor authentication login
• Unique Mobile Level 3 code delivered to the user's smartphone for each login
• Standard Mastercard security protections

Some users have reported instances of card compromise leading to unauthorized transactions, though these appear to be isolated incidents rather than systematic security flaws.

Technical Details

The Swissquote Debit Mastercard operates on the Mastercard network and is fully integrated with several digital wallet solutions:

• Apple Pay
• Google Pay
• Samsung Pay
• TWINT (Swiss payment app)

The card also supports eBill integration for simplified bill payments and management.

User Experience

The Swissquote mobile app is available for both iOS and Android devices, with an interface organized into four main sections:

• HOME: Overview of financial portfolio
• TRADE: Market insights and analysis tools
• BANK: Day-to-day finances, payments, card management
• PLAN: Long-term wealth strategies

Customer Support

Swissquote provides dedicated support through their Customer Care Center:

• Light and Bright tiers: +41 44 825 88 84
• Elite tier: +41 44 825 88 81
• Available Monday to Friday, 8:00 am to 10:00 pm (CET)

User feedback has been mixed, with some praising the flexibility for maintaining Swiss banking services without residency requirements, while others have reported disappointing experiences compared to other banking services.

Best Suited For

The Swissquote Debit Mastercard is best suited for:

• European crypto investors who want to spend from their crypto holdings without fully liquidating positions
• Multi-currency travelers who need access to approximately 29 different currencies under a single IBAN
• Swiss-resident high-net-worth individuals with at least CHF 100,000 in total Swissquote assets who can benefit from Elite tier's 0% FX waiver (on 13 main currencies), Priority Pass airport lounge access, gold cashback, and enhanced travel benefits
• International professionals in eligible European, Asian, and Middle Eastern countries seeking a Swiss-regulated banking solution with both crypto and traditional banking capabilities
• Digital-first users who prefer the Light tier's virtual-only, no-fee approach for basic crypto and multi-currency functionality

Pros and Cons

Pros

• Seamless integration of traditional banking and cryptocurrency functionality across all tiers
• Swiss banking infrastructure with FINMA regulation provides strong security foundation
• Multi-currency support with approximately 29 currencies under a single IBAN
• Higher rewards for crypto payments (up to 1% trading credit)
• Free transactions in all currencies across all card tiers
• Travel benefits (insurance, medical assistance, concierge) included on all tiers
• Elite tier offers exceptional benefits including gold cashback, Priority Pass lounge access, and 0% FX on 13 main currencies (up to CHF 5,000/month)

Cons

• Not available to US or Canadian residents
• Elite tier restricted to Swiss residents only
• Monthly fees for Bright (CHF 6.90) and Elite (CHF 39) tiers
• Elite tier requires minimum CHF 100,000 in total assets
• Crypto payments incur additional trading fees (~1%)
• Weekend and holiday FX fees (1%) apply even on Elite tier for the 13 main currencies
• Limited physical card availability compared to account opening eligibility
• Some user reports of security issues with cards being compromised

Conclusion

The Swissquote Debit Mastercard offers a compelling solution for users seeking to bridge traditional finance and cryptocurrency in a Swiss-regulated environment. Its tiered approach accommodates different user needs, from the free virtual Light card to the premium metal Elite card with enhanced benefits.

What sets this card apart is its unique combination of multi-currency support (both fiat and crypto) with Swiss banking infrastructure. The ability to spend from crypto holdings without fully liquidating positions addresses a key pain point for cryptocurrency investors who want to use their assets for everyday spending. With crypto payment functionality available across all three tiers and baseline travel benefits included even on the free Light card, Swissquote has created an accessible entry point for crypto-curious users while reserving premium perks for high-net-worth Swiss residents.

However, the card's geographic limitations—particularly the exclusion of US and Canadian residents and the Swiss-residency requirement for Elite tier—significantly restrict its addressable market. The additional crypto trading fees (~1%) and weekend FX surcharges (even on Elite) also add costs that may not be immediately apparent to prospective users.

The ideal customer is one who values Swiss banking security, requires multi-currency functionality, actively uses cryptocurrencies, resides in an eligible European, Asian, or Middle Eastern jurisdiction, and (for Elite tier) maintains Swiss residency with substantial assets on the Swissquote platform.

For those eligible users, the Swissquote Debit Mastercard represents one of the more comprehensive banking solutions available for managing both traditional and crypto assets through a single platform.