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Hi. I have been wondering whether Swiss bank secrecy laws apply to credit cards and debit cards as well. If the payments are processed by foreign networks like Visa and MasterCard, does that mean information about my Swiss accounts is being shared with those foreign companies? Is there any credit card or debit card which is processed by Swiss banks only?
Greetings,
Payment processing networks like Visa and Mastercard do operate major data mining operations. However, detailed information about your transactions is primarily collected by your card issuer.
In Switzerland card issuers which are classified as banks are required to protect information about your transactions under bank customer secrecy laws. However, a number of credit card issuers are not classified as banks. That means they are not are not required to adhere to bank secrecy laws.
Because most credit card, debit card and mobile wallet transactions are processed - in part - by non-bank financial service providers and service providers based outside of Switzerland, it is fair to say that Swiss bank secrecy laws do not fully extend to credit cards and debit cards. Many credit card applications at Swiss banks include a specific clause exempting the bank from bank customer secrecy in relation to the credit card account.
If privacy with regards to how you spend your money is important to you, then collecting money at the till rather than using cards to make withdrawals or payments may suit you better.
Best regards from Moneyguru
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