Yapeal is a Swiss app-based bank which combines a private account with a Visa Debit card.

Yapeal is one of the first companies to have been granted a Swiss fintech license by the financial supervisory authority FINMA.

What services does Yapeal provide

Yapeal offers a Swiss bank account and a Visa Debit card.

Yapeal users can make online payments and pay bills. They can also receive incoming bank transfers and deposits to their accounts.

Is money on Yapeal secure

Yapeal has a Swiss fintech license. That means the balances of Yapeal accounts are not covered by Swiss depositor protection.

Yapeal states that it does not hold assets. All account balances are held at the Swiss National Bank. The Swiss National Bank is considered secure.

Is Yapeal a Swiss bank

Yapeal has a Swiss fintech license, but not a full bank license. The majority of requirements applicable to Swiss banks also apply to Yapeal.

Unlike Swiss banks, Yapeal does not manage customer assets and cannot pay interest on account balances. It is also not licensed to lend money.

What does Yapeal cost

Yapeal has three different offers with different pricing:

Loyalty

The Loyalty offer has no basic account fee. It includes a Visa Debit card which can be used with Apple Pay, Google Pay and Samsung Pay. The private account has an account number, but you cannot make bank transfers.

Private

The Private offer costs 4.90 Swiss francs per month. If you pay annually, the fee is 49 francs per year. You can use all available services, but you pay additional fees (particularly for cash withdrawals).

Private +. The Private + offer costs 8.90 francs per month (or 89 francs per year). This package includes all available services. Cash withdrawals both in Switzerland and abroad are covered by the flat fee.

Can you make international transfers

The Private and Private+ accounts from Yapeal let you transfer money to foreign accounts in more than 80 different countries. Yapeal uses Wise (formerly TransferWise) for international transactions. You pay the Wise fees, plus a Yapeal convenience fee. International transfers from Yapeal have some advantages over conventional banks:

Currencies are exchanged at favorable interbank rates, without markups.

In many cases, transfers are much quicker. Money often gets to the recipient’s account faster than it would with a regular bank transfer. For example, transfers to Asia may be completed in a matter of minutes. If you only use the Loyalty account from Yapeal, you cannot make international transfers at all.

How much does the Yapeal debit card cost

Depending on the Yapeal model you use, you may pay a fee for the Visa Debit card. Loyalty users pay 7 francs for the card. Loyalty and Private users pay 20 francs for replacement cards. Private + users do not pay fees for either the original card or replacement cards.

Currently, not all foreign banks can transfer money from abroad to Yapeal accounts. The reason for this is that not all banks support the IBAN version used by Yapeal. This can also be a problem for payments to and from companies like employers, health insurance providers and tax offices whose software does not support the new IBANs.

Can you overdraw a Yapeal account

No. Yapeal accounts do not have an overdraft option and it is not possible to overdraw your account.

What are the advantages of Yapeal

Yapeal offers a cheap Swiss private account and Visa Debit card. The Visa Debit card can be used to make online purchases which is an advantage over the Maestro debit cards still used by many banks.

Another advantage is that Yapeal has favourable currency exchange rates for card payments. The customizable IBAN function is an interesting feature.

An advantage for Swiss living abroad and cross-border workers: If you live in a country which borders Switzerland, you can use a Yapeal account without any extra non-resident fees.

What are the disadvantages of Yapeal

Unlike some other neobanks, Yapeal charges basic account fees at least for accounts which can be used to make bank transfers. Yapeal does not have any brick-and-mortar branches where you can get help when needed. This is not a big problem if you are used to doing things online. The biggest disadvantage is that the services offered are still very limited. For example, you cannot make international bank transfers or set up direct debit orders.

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