When German online bank N26 starts operating in Switzerland, the service offering will be limited to begin with.
Valentin Stalf, the head of neo-bank N26 in March had announced that the firm would start offering its services in Switzerland later this year. At an industry meeting on Tuesday, Georg Hauer, head of the business in Germany, Switzerland and Austria, said the bank would begin with offering a euro-denominated current account and a Mastercard, according to a report by «AWP» news agency.
When the bank is ready to start offering its services, it will not only challenge the established Swiss banking industry, but also vie with similar rivals in the shape of Neon and Zak. Swiss customers can also open an account at U.K.’s Revolut.
N26 won’t sell mortgages and it doesn’t charge fees for the services it will sell in Switzerland. It earns money through kickbacks from transaction fees charged for debit card payments.
