Swiss bank secrecy for credit cards and debit cards?

Here you will find the right answers

About Moneyland Forum

The forum lets you exchange knowledge on numerous topics related to money and get answers to your questions at any time. Join forum users and experts in discussions relating to banking, investment, insurance, retirement, telecom and everyday money topics.

Show categories

Please login in or sign up to participate in the forum.
  • BenutzernameMoneyland User Questions
  • Status Member
  • Registriert seit1/27/17
  • Beiträge2142

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?

  • BenutzernameMoneyguru von
  • OrtSchweiz
  • Status Expert
  • Registriert seit8/4/15
  • Beiträge4017


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

More on this topic:
Swiss bank customer secrecy explained
Interactive credit card comparison