The average Swiss credit card charges 1.75% on every non-CHF purchase. Spend EUR 5,000 abroad per year, and you're silently handing over CHF 87 in fees. Some cards claim to eliminate that fee entirely. Here's what they actually deliver, and where the hidden costs still lurk.
What Are Foreign Transaction Fees on Swiss Credit Cards?
Every time you swipe your card outside Switzerland, or even buy something online priced in euros or dollars, your card issuer charges a foreign transaction fee. In Switzerland, this fee typically ranges from 1.2% to 2.5% of the purchase amount. It's charged on top of the exchange rate your card network (Visa or Mastercard) uses to convert the currency.
The fee has two layers most people miss. First, the card network applies its own exchange rate, which includes a small markup over the interbank rate (usually 0.3% to 0.5%). Second, your card issuer adds a processing fee on top, typically 1.2% to 1.75%. Together, these two components can eat 2% or more of every international purchase.
Cards marketed as "no foreign transaction fee" eliminate the issuer's processing fee. But the network's exchange rate markup still applies. So "free" doesn't mean zero cost. It means roughly 0.3% to 0.5% total, versus 2% or more on a standard card. That difference adds up fast if you travel regularly or shop online from EU retailers.
For a Swiss household spending EUR 5,000 abroad annually, switching from a 1.75% card to a 0% processing fee card saves roughly CHF 75 per year. That's real money for doing nothing more than choosing a different card.
Which Swiss Credit Cards Have No Foreign Fees?
Truly zero foreign currency processing fees are rare among traditional Swiss credit cards. Most of the best options come from neobanks or specific products designed for travelers. Here's what's actually available in Switzerland right now.
Neobank debit cards with zero or near-zero FX fees:
- Neon (0.35% on the free plan, 0% with Neon Plus at CHF 20/year). A full Swiss bank account with a Mastercard debit card. Neon Plus eliminates the markup entirely, giving you the Mastercard reference rate.
- Radicant (0% markup, no limit). A newer Swiss digital bank offering the interbank exchange rate with no markup at all. Cash withdrawals cost CHF 2 each, but card payments are genuinely fee-free.
- Revolut (free up to CHF 1,250/month, then 1%). Popular across Europe, with accounts in 70+ currencies. The catch: it's not a Swiss bank, so no Swiss deposit protection.
- Wise (approximately 0.5% per transaction). Transparent pricing with rates close to the interbank rate. Good for international transfers too.
Traditional credit cards with low or no FX processing fee:
- Migros Cumulus Visa (0% processing fee, but uses Viseca's own exchange rate). The "no fee" claim is technically correct, but Viseca's exchange rate is typically 1% to 3% above the Mastercard/Visa reference rate. So you're still paying, just through a worse exchange rate instead of an explicit fee.
- Bonuscard Simply Card Smart Visa (0.5% FX fee). One of the lowest among traditional Swiss credit cards. No annual fee either.
The honest truth: for pure foreign currency spending, neobank debit cards beat every traditional Swiss credit card. The question is whether you also need the features only a real credit card provides.
Best Credit Card With No Currency Conversion Fee: What Actually Matters
Comparing cards based solely on the stated "FX fee" is a mistake. The total cost of a foreign purchase depends on three things, and most comparison sites only show you one of them.
This is the percentage your card issuer charges on top of the exchange rate. It's the number most people compare. Ranges from 0% (Migros Cumulus, Neon Plus) to 2.5% (some traditional bank cards). This is the fee that "no foreign fee" cards eliminate.
Even with a 0% processing fee, the exchange rate itself contains a markup. Visa and Mastercard each set their own daily rates, typically 0.3% to 0.5% above the interbank mid-market rate. Some issuers like Viseca (Migros) use their own rates, which can be 1% to 3% worse. This is where "no fee" cards hide their costs.
Withdrawing cash from an ATM abroad with a credit card typically costs 4% with a CHF 10 minimum. Even "no FX fee" cards often charge separately for ATM withdrawals. Neobanks are better here: Radicant charges CHF 2, Revolut offers 200 CHF/month free, Wise also 200 CHF/month free.
The cheapest total cost for foreign payments currently comes from Radicant (0% markup on interbank rate, no monthly limit). Neon Plus at CHF 20/year is the next best option and comes with a full Swiss bank account. For a real credit card, the Migros Cumulus Visa is the cheapest, but expect to pay 1% to 3% through the exchange rate spread.
Credit Cards vs. Neobanks: Which Wins Abroad?
This is the most important decision for anyone who travels or shops internationally. The answer depends on what you need the card for.
Neobank Debit Cards
Neon, Radicant, Revolut, and Wise offer exchange rates close to the real interbank rate with minimal or zero markups. For everyday purchases abroad (restaurants, shopping, transport, online orders), these cards are significantly cheaper than any traditional Swiss credit card.
The downside: these are debit cards. Some hotels and car rental companies won't accept them for deposits. You also miss out on travel insurance, purchase protection, and rewards programs. If a hotel needs to block CHF 500 as a deposit, the money comes directly from your bank account, and it can take weeks to get it back.
Traditional Credit Cards
A real credit card provides a credit line, which matters when a hotel or car rental company needs to hold a deposit. The deposit blocks your credit limit, not your actual cash. Premium credit cards also include travel insurance that can be worth CHF 150 or more per year.
The downside: FX fees of 1.2% to 2.5% on international purchases. Even the cheapest traditional cards cost more than neobank alternatives for day-to-day spending abroad.
Two-Card Strategy
The smartest approach is carrying both. Use a neobank card (Neon, Radicant, or Revolut) for everyday purchases abroad. Use a traditional credit card only when you genuinely need one: hotel check-ins, car rentals, or large purchases where you want insurance coverage.
This way, 80% of your foreign spending happens at near-interbank rates, and you only pay the higher FX fee on the 20% that requires a real credit card. On EUR 5,000 of annual foreign spending, this strategy saves you CHF 60 to CHF 100 compared to using a traditional credit card for everything.
Neon, Radicant, Revolut, and Wise offer exchange rates close to the real interbank rate with minimal or zero markups. For everyday purchases abroad (restaurants, shopping, transport, online orders), these cards are significantly cheaper than any traditional Swiss credit card.
The downside: these are debit cards. Some hotels and car rental companies won't accept them for deposits. You also miss out on travel insurance, purchase protection, and rewards programs. If a hotel needs to block CHF 500 as a deposit, the money comes directly from your bank account, and it can take weeks to get it back.
A real credit card provides a credit line, which matters when a hotel or car rental company needs to hold a deposit. The deposit blocks your credit limit, not your actual cash. Premium credit cards also include travel insurance that can be worth CHF 150 or more per year.
The downside: FX fees of 1.2% to 2.5% on international purchases. Even the cheapest traditional cards cost more than neobank alternatives for day-to-day spending abroad.
The smartest approach is carrying both. Use a neobank card (Neon, Radicant, or Revolut) for everyday purchases abroad. Use a traditional credit card only when you genuinely need one: hotel check-ins, car rentals, or large purchases where you want insurance coverage.
This way, 80% of your foreign spending happens at near-interbank rates, and you only pay the higher FX fee on the 20% that requires a real credit card. On EUR 5,000 of annual foreign spending, this strategy saves you CHF 60 to CHF 100 compared to using a traditional credit card for everything.
The Dynamic Currency Conversion Trap
Even with the best no-foreign-fee card in your wallet, you can still lose 3% to 5% on a single purchase if you fall for this trick.
When you pay at a terminal abroad, you might get asked: "Pay in CHF or local currency?" This is called Dynamic Currency Conversion (DCC). The terminal operator is offering to convert the amount to Swiss francs for you, using their own exchange rate, which includes a 3% to 5% markup.
This applies to ATM withdrawals too. If an ATM offers to show you the amount in CHF, decline it. Let your card issuer handle the conversion at the network rate.
Here's the ironic part: DCC completely negates the benefit of having a no-foreign-fee card. You've carefully chosen a card with 0% FX fee, then the terminal operator charges you 4%. Always choose "charge in local currency" and let your card do its job.
Common Mistakes With Foreign Transaction Fees
Cards with 0% foreign currency processing fee still use exchange rates that include a markup. The Migros Cumulus Visa, for example, charges no explicit fee but uses Viseca's exchange rate, which is typically 1% to 3% above the interbank rate. Always check the total cost, not just the stated fee.
Most Swiss bank credit cards charge 1.75% or more on every foreign purchase. If you're spending EUR 300 on a weekend trip, that's CHF 5.25 in fees you didn't notice. Check your card's fee schedule before every trip.
ATM cash withdrawals with Swiss credit cards typically cost 4% with a minimum of CHF 10. That's CHF 10 for withdrawing just EUR 50. Use a neobank debit card for cash withdrawals abroad, or withdraw Swiss francs before you travel.
Choosing to pay in CHF at a foreign terminal costs you 3% to 5% in hidden exchange rate markups. Always select the local currency when prompted.
If your single card gets blocked, stolen, or declined, you're stuck. Carry at least two cards on different networks (one Visa, one Mastercard) stored separately. A neobank card makes an excellent backup that costs you nothing to have.
My Recommendation for No Foreign Fee Cards
After testing dozens of Swiss payment cards for foreign spending, here's my honest advice: get a Neon Plus account (CHF 20/year) or Radicant (free) for your everyday foreign purchases, and keep a Migros Cumulus Visa as your credit card backup. The Migros card is free and works wherever you need an actual credit card. For everything else abroad, a neobank debit card will save you real money. If you're spending EUR 3,000 or more abroad per year, this two-card setup pays for itself immediately. For a broader view of travel-optimized cards, check our best travel credit cards comparison.
For a detailed look at how exchange rates vary across card networks and issuers, our credit card exchange rates guide breaks it all down. And if you're comparing cards for use abroad more broadly (including premium options with travel insurance), see our best credit card for abroad guide.
Frequently Asked Questions
Which Swiss credit cards have no foreign transaction fee?
Very few traditional Swiss credit cards have truly zero foreign currency fees. The Migros Cumulus Visa charges no explicit processing fee but uses an exchange rate that's 1% to 3% above the interbank rate. The Bonuscard Simply Card Smart charges just 0.5%. For truly minimal foreign spending costs, neobank debit cards like Neon Plus (0%), Radicant (0%), and Revolut (free up to CHF 1,250/month) are cheaper than any traditional credit card.
Is there a credit card with no currency conversion fee in Switzerland?
No Swiss credit card offers truly zero-cost currency conversion. Even cards with 0% processing fees use exchange rates that include a small markup. The closest option is using a neobank debit card like Radicant, which applies 0% markup on the interbank rate with no monthly limit. Among real credit cards, the Migros Cumulus Visa has the lowest explicit fee (0%), though its exchange rate spread adds 1% to 3%.
How much can I save with a no foreign fee card?
On EUR 5,000 of annual foreign spending, switching from a standard Swiss card (1.75% fee) to a card with 0% processing fee saves roughly CHF 75 to CHF 87 per year. Using a neobank debit card like Neon Plus or Radicant saves even more, since you also avoid the exchange rate markup. Over five years, the savings add up to CHF 375 to CHF 500.
Should I use a debit card or credit card abroad?
For daily spending (restaurants, shopping, transport), a neobank debit card is cheaper. For hotel deposits, car rentals, and situations requiring a credit guarantee, you need a real credit card. The recommended strategy is carrying both: a neobank card for 80% of purchases and a credit card for the 20% that requires one.
What is the difference between FX fee and exchange rate markup?
The FX fee (or foreign currency processing fee) is an explicit percentage your card issuer charges on foreign transactions, typically 1.2% to 2.5%. The exchange rate markup is the hidden difference between the interbank mid-market rate and the rate your card network or issuer actually applies. Cards can have 0% FX fee but still cost you 1% to 3% through a worse exchange rate. Always check both.
