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REVIEW SUMMARY

Swissquote

Swissquote Group is known as Switzerland’s leading provider of online trading and is listed on the Swiss stock exchange.

Swissquote MEA Ltd. is a subsidiary of Swissquote Bank SA based in Dubai, United Arab Emirates.

Headquartered at Dubai International Financial Center (DIFC), the prestigious Swiss bank holds a category 3A license from the Dubai Financial Services Authority (DFSA).

Swissquote MEA Ltd. acts as a local relationship and marketing office for Swissquote Bank Ltd., who provides an array of banking, wealth and private banking services across the Middle East and Asia.

Via Swissquote MEA Ltd., the Swissquote Group is paving the way for the future of online banking in the Middle East, offering multi-asset trading platforms, dedicated offshore banking and trading accounts for international professionals and company/institutional services – please note that all client deposits and assets are held securely offshore in Switzerland, with Swissquote MEA acting as the local service office for their GCC-based clients.

Our Verdict
A Closer Look
FAQs
Customer Reviews

Swissquote’s clients are retail and professional individuals as well as asset managers and other financial institutions. 

Swissquote says that the expat account is an offshore account designed by long-term international professionals, for international professionals.

From basic offshore banking such as payments, to trading multi-asset classes globally, their expat account provides online access to the management of client assets.

Swissquote Bank Ltd. offers a fixed fee structure for international professionals with good saving rates and leading foreign currency exchange rates.

The key benefits of offshore banking with Swissquote include:

  • You do not need a minimum balance and no account fees are charged
  • Offshore saving – multiple currency accounts are available
  • Good exchange rates

You can access a wide range of conventional and shariah-compliant investment options from leading providers with a focus on the local and regional markets.

Additionally, Swissquote allows you to choose between single equities, bonds and sukuk’s, mutual funds and ETFs with a geographical focus on The Middle East.

The key features of the expat account include:

  1. Multicurrency Swiss bank account: USD, EUR, CHF, GBP, ZAR, AUD, RUB
  2. Access to over 3 million instruments
  3. No minimum balance requirement
  4. Good interest rates (depicted below)
  5. No on-going account maintenance fee
  6. Mastercard multi-currency credit cards gold and silver
  7. Profit from different currencies: USD, EUR, CHF

Swissquote's expat account interest rates can be summarised below:

Currency Credit Interest Rate p.a
Tier 1
Interest Rate
EUR 50,000 0.00%
USD 50,000 0.00%
CHF 50,000 0.00%
GBP 50,000 0.00%
SEK 300,000 0.00%
NOK 300,000 0.00%
DKK 300,000 0.00%
AUD 50,000 0.00%
CAD 50,000 0.15%
RUB 1,500,000 0.00%
ZAR 500,000 0.00%
AED 200,000 0.25%
SAR 200,000 0.00%

 

Currency Credit Interest Rate p.a
Tier 2
Interest Rate
EUR 100,000 0.00%
USD 100,000 0.00%
CHF 100,000 0.00%
GBP 100,000 0.00%
SEK 600,000 0.00%
NOK 600,000 0.00%
DKK 600,000 0.00%
AUD 100,000 0.00%
CAD 100,000 0.10%
RUB 3,000,000 0.00%
ZAR 1,000,000 0.00%
AED 400,000 0.10%
SAR 400,000 0.00%

 

Currency Credit Interest Rate p.a
Tier 3
Interest Rate
EUR >100,000 0.00%
USD >100,000 0.00%
CHF >100,000 0.00%
GBP >100,000 0.00%
SEK >600,000 0.00%
NOK >600,000 0.00%
DKK >600,000 0.00%
AUD >100,000 0.00%
CAD >100,000 0.05%
RUB >3,000,000 0.00%
ZAR >1,000,000 0.00%
AED >400,000 0.00%
SAR >400,000 0.00%
  • Swissquote says that interest on current accounts is credited once per year.
  • If the income credit is <CHF200 equivalent in any currency you hold, no Swiss withholding tax is applied.
  • If you receive >CHF200 in credit interest on any individual currency account, Swiss withholding tax will be applied at 35% on interest received.

NOTE: These interest rates are taken from Swissquote's website and can change from time to time and we would recommend checking Swissquote's website for the latest rates.

Swissquote's expat account offers online services that give you access to quick and easy local and international payments, along with superior foreign exchange services.

Swissquote's global trading platform provides an exhaustive choice of financial products.

The key features of Swissquote's global trading platform are:

1. Access to more than 60 global markets:

  • US Markets: NYSE, NASDAQ, AMEX, NYSE ARCA
  • European Markets: SIX Swiss Exchange, XETRA, Euronext, London, Milan, Vienna
  • Scandinavian Markets: Denmark, Norway, Sweden
  • More than 2,5 million financial products

2. More than 8,000 mutual funds:

  • Trade funds and ETFs from their prime partners and leaders, including Franklin Templeton, Fidelity, Schroders, Black Rock, etc. simply and directly via Swissquote's online platform
  • A range of the leading Middle East – GCC focused mutual funds from leading managers*

*The transaction fees for mutual funds can be found in the FAQs section of this review.

3. Leading derivate markets:

  • Eurex the world’s leading derivatives market for options and futures
  • CME the most important futures market in the US
  • ISE the most important equity options market in the US
  • Scoach Europe’s largest exchange for structured products

NOTE:

  • Swissquote currently charges negative interest rates on deposits exceeding the applicable limits as stated by them below.
    - Euros in custody over EUR 500’000 are subject to a negative interest rate of -0.5% p.a.
    - Swiss Francs in custody over CHF 500’000 are subject to a negative interest rate of -0.75% p.a.
    The accrued negative interest will be charged quarterly (in March, June, September, December), with the due date being the last business day of each quarter.
  • Interest paid by Swissquote is credited once a year to your account. This interest is subject to withholding tax (Swiss withholding tax of 35%) if the amount exceeds CHF 200.
  • Securities that cannot be traded online and off-exchange operations are subject to special fees.
  • We would highly recommend reading the 'expert verdict' section of this review to make an informed decision.

Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:

  • Academic evidence only shared with a select few firms across the world
  • A real-life example of why you should never try to outguess the market
  • Why a fund's past performance is not enough to predict future returns
  • Why you need to focus on what you can control and why this leads to a better investment experience
  • Why you should accept the markets for what they are
  • What can impact behaviour and make people seek instant gratification

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The Pros

> Low-cost
> No inactivity fee
> Excellent technology
> No account maintenance fee
> Wide range of investment options
> Mastercard multi-currency available
> Deposits and assets are held securely in Switzerland
> Multicurrency Swiss bank account: USD, EUR, CHF, GBP, ZAR, AUD, RUB

The Cons

> Some research tools are not free
> Confusing trading platform selection
> Can be risky for inexperienced investors
How can I open my expat account with Swissquote?

Swissquote's expat account can be opened online with a few simple steps:

  • You need to complete your online application 
  • Swissquote will then start the process from their end and send you the necessary documents to be signed.
What is the expat account fees?

There is no account fees applicable for Swissquote's expat account.

What are the expat account transaction fees for mutual funds?

They can be summarised below:

Segment Subscription/
Redemption

Buy/Sell
Minimum
per Transaction
Funds in own custody 0.2% 25.-
Prime Partners 0.2% 25.-
Vanilla Funds 0.5% 50.-
Hedge Funds & Complex products 0.5% 300.-

 

*Funds may be subject to applicable Front - & Backload Fees regulated by the fund companies.

We would recommend checking Swissquote's website for the latest information.

 

What is Swissquote's currency calculator about?

Swissquote’s mission is to provide their clients with the best rates in foreign exchange, saving them money every time they need to make a transfer.

Their realtime currency calculator can help clients accurately compare currencies. 

You can learn more in the link above.

What does Swissquote's new robo-advisory service do?

Just as the name suggests, Swissquote's robo-advisor is an automated investment manager that creates an investment portfolio for clients and monitors it around the clock. Robo-adviser is said to continually optimise the portfolio in order to maintain the desired risk level.

You just need to specify your risk appetite, select your favourite securities or sectors (optional) and Swissquote's robo-advisor will do the rest.

Swissquote says that it has advanced algorithms that analyse thousands of securities and generate suggestions for an ideal portfolio.

 

 

Where can I find Swissquote's online account opening portal?

You can open an expat account with Swissquote by completing the information here.

What else does Swissquote's global trading service provide?

Swissquote's says that their global trading service provides investment ideas and opportunities based on thematic market trends.

Additionally, they provide financial tools such as:

  • Analysis and research tools for finding the right product.
  • Access to all the information you need to buy and sell.
  • An option to create your personal watchlist to optimize your investments.
What does Swissquote's B2B services include in Dubai?

Swissquote Dubai, as stated by them, provides you with expertly-engineered financial tools, professional analysis and relevant real-time information to optimize your investment strategy and stay in control of your portfolio.

This includes:

  • Asset management and
  • White label solutions.

A fairly good option

A good reliable banking service that is not constantly trying to sell you new products.

Fees are transparent and fair.

Expert assessment of Swissquote

For experienced investors, Swissquote provides an excellent international trading platform with some services akin to an online bank account.

However, for inexperienced investors, access to a full online trading platform can be risky.

Although this is advertised as a ‘Swiss’ expat bank account, it isn’t. It doesn’t have the breadth of facility, advice or service associated with traditional Swiss banks.

If you have, or are on your way to achieving £250,000 of investable assets, we recommend contacting us for a Second Opinion.

GET A SECOND OPINION

Swissquote - Accessible Markets

Swissquote - Dormant Accounts Leaflet

Swissquote - Distribution Fees and Other Retrocessions

Swissquote - Hong Kong Stock Exchange Pricing

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