Key points
When Vueni opens, your Vueni account can hold US dollars, Swiss francs or both, held through Whop, our banking partner.
When you convert, Vueni shows Whop’s quoted rate and the amount you will get, before you confirm.
The Vueni Card spends US dollars, so a purchase draws on your dollar balance, not on your francs.
The exchange rate moves both ways, and a conversion can carry a fee or a spread, shown before you confirm.
Your francs are not protected by the FDIC or by esisuisse. Vueni is not a bank, and it is not a Swiss bank.
Dollars, francs or both
When Vueni opens, your Vueni account can hold US dollars, Swiss francs or both. We call this a Swiss franc account, meaning a balance held in Swiss francs through Whop, our banking partner, inside your Vueni account.
Vueni is not a bank. Banking services and the virtual card are provided through Whop’s financial infrastructure and its partners. Vueni is a US app. It is not a Swiss bank and is not regulated in Switzerland.
Why francs
The reason is the franc’s record. Swiss prices have usually risen more slowly than US prices, and the Swiss National Bank aims for inflation below 2% a year. A franc balance gives you exposure to Swiss inflation and to the franc, rather than to US inflation and the dollar.
That is exposure, not protection. The franc can fall against the dollar, and past stability is no guarantee.
How converting works
You choose what to hold. Keep dollars, francs or both, and decide how much to move between them.
You see the rate first. When you convert, Vueni shows Whop’s quoted rate and the amount you will get, before you confirm.
It works both ways. Convert dollars to francs, or francs back to dollars.
How the card works
The Vueni Card spends US dollars. A purchase draws on your dollar balance, not on your francs.
So keep enough dollars for your card. To spend money you hold in francs, convert it back to dollars first, at the rate you see before you confirm.
Bills, rent and most direct deposits in the US are in dollars too. Money comes in as dollars, and you choose how much to convert.
The risks
Please read these before you hold francs:
The exchange rate moves both ways. Your bills and card are in dollars. If the franc falls against the dollar, your francs buy fewer dollars. If it rises, they buy more.
Converting can cost something. A conversion can carry a fee or a spread. You see it, with the rate, before you confirm.
No deposit insurance on francs. Your francs are not protected by the FDIC, and they are not protected by esisuisse, the Swiss deposit protection scheme, which covers deposits at banks in Switzerland.
Vueni is not a bank. It is not a Swiss bank either, and a franc balance in Vueni is not a Swiss bank account.
Questions
Is this a Swiss bank account?
No. It is a balance held in Swiss francs through Whop, our banking partner, inside a US app. Vueni is not a bank, and it is not a Swiss bank.
Will my francs keep their value?
No one can promise that. The franc has a long record of low inflation, but it can fall against the dollar.
Can I keep my balance in dollars?
Yes. You choose: dollars, francs or both. Your card always spends dollars.