neon receives «SEF.High-Potential SMU» label
Source: Swiss Economic Forum
You incur fees when withdrawing money. And even higher fees when doing so with a credit card abroad. What’s more, not every bank has an extensive range of online services, while their apps are often slow and complex. This ties customers to bank opening times, which are not always compatible with their working day. neon identified these problems and revolutionised the banking world. The start-up charges none of the base fees levied by traditional banks and provides a secure and user-friendly app. It operates independently and is committed to 100% mobile transactions.
Nowadays, we all need several cards and apps to conduct banking transactions. Although the younger generation are making increasing use of cardless transactions with apps like Twint, even Twint works in collaboration with a bank that charges account and credit card fees. Withdrawing money from ATMs abroad is even more expensive. This is where neon really delivers. Switzerland’s first neobank enables you to sign up quickly and free of charge. After a video call and entering your personal details, you can set up the app in under ten minutes. Customers also receive a single card for withdrawing money from ATMs in case a mobile phone transfer doesn’t work.
LOW COSTS AND HIGH FLEXIBILITY
FinTech start-up neon has been committed to making everyday money transfers cheap and simple since 2018. All you need to carry out transactions via your private account are a card and your mobile phone. As the company operates exclusively online, it doesn’t have any branches. Customers can ask questions flexibly via the app or website and receive answers very quickly. The issue of data protection is a major concern when it comes to digital products such as neon. The company lets users select their own security login and complies fully with Swiss banking requirements. The first two ATM withdrawals in any given month are free of charge, as are all withdrawals with partner Sonect. A charge of CHF 2 applies for all additional withdrawals. However, virtually all payments can be made cashless today, so you rarely incur any withdrawal fees. neon is also a trailblazer in Switzerland when it comes to transactions abroad – it has been levying zero fees for card payments in foreign currencies since January. The Mastercard reference rate is used for conversion. This means that when travelling, you save an average 3% in the fees that conventional banks add as a surcharge to the interbank rate.
A SMALL BANK WITH BIG GROWTH POTENTIAL
neon works in collaboration with Hypothekarbank Lenzburg, meaning that it complies with the requirements of the Swiss banking system. Since its foundation, the company has made a name for itself in the Swiss banking world. It took part in entrepreneurial TV series “Die Höhle der Löwen Schweiz” [The Lions’ Den Switzerland] in June 2019. Four of the five “lions”, including Roland Brack, founder of brack.ch, and Bettina Hein, founder of software company Pixability, joined forces with neon. In February 2020, consumer TV programme Kassensturz compared transaction costs abroad charged by conventional banks with those charged by online banks such as neon. neon provided the best deal, incurring the lowest fees in all points compared.
The “lions” recognised neon’s potential and are impressed by the company’s growth. Our expert team are just as impressed, which is why they have awarded neon the “SEF.High-Potential SME” quality label.