ComparisonLast checked 8 November 2026

Incard vs Migros Bank: which suits your business?

Incard is an e-money account that pays uncapped cashback on eligible card spend on a £0 plan, with team cards and GBP, EUR and USD IBANs. A business current account from a Swiss bank for companies based in Switzerland, in CHF or a foreign currency, with a free Visa Debit card and an optional Business Card credit card.

By the editorial team. How we make money.

Incard suits you if

You spend thousands a month on cards, especially on advertising, software or travel
You want a £0 plan, which Migros Bank doesn't list
You want card cashback, which Migros Bank doesn't list
You're comfortable with safeguarding instead of FSCS cover

Migros Bank suits you if

You want a Swiss bank account with esisuisse cover
You need accounts in CHF and other currencies such as EUR, USD or GBP
You send SEPA payments and want them free
You want a debit card with no annual fee

Why we pick Incard over Migros Bank for card spend

Card cashback: Incard: Free: 1% on ads, software and travel, 0.5% on other eligible spend. Higher on Grow and Plus. Uncapped. Migros Bank: Business Card has a turnover bonus programme; rate not listed.
Currencies you can hold: Incard: GBP, EUR and USD, with IBANs. Migros Bank: CHF, EUR, USD, GBP and JPY; others on request.
Card payments in other currencies: Incard: 1.8% on Free, 1.5% on Grow and Plus. Migros Bank: Visa Debit CHF 1.50 per purchase abroad; Business Card 1.5%.

cashback a year on Incard's £0 Free plan from £5,000 a month of eligible ads, software and travel spend. Simple arithmetic, not a forecast.

£600

Apply for Incard on incard.co

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At a glance

**Table notes:** correct as of 8 November 2026, from each provider's own pages listed under Sources. “Not listed” means the provider's pages we checked don't say.
	Incard	Migros Bank
Type and protection	E-money · safeguarded, no FSCS	Bank · esisuisse cover
Who can open one	UK sole traders, UK limited companies, LLPs, Swiss GmbHs and AGs and Swiss sole traders	Swiss GmbHs and AGs and Swiss sole traders
Cheapest plan	Free: £0 a month	CHF 3 a month
Plans (monthly)	Free £0, Grow £49, Plus from £199	One current account at CHF 3 a month
Card cashback	Free: 1% on ads, software and travel, 0.5% on other eligible spend. Higher on Grow and Plus. Uncapped	Business Card has a turnover bonus programme; rate not listed
Card payments in other currencies	1.8% on Free, 1.5% on Grow and Plus	Visa Debit CHF 1.50 per purchase abroad; Business Card 1.5%
Domestic transfers	100 included on Free, 250 on Grow, then £0.30 each	Free by e-banking
International transfers	3 included on Grow; otherwise from £5 (SHA) or £20 (OUR)	SEPA free for companies by e-banking; other payments CHF 5
ATM withdrawals	2% in the UK, 2.5% abroad	Free at Migros Bank ATMs; CHF 2 at other Swiss ATMs; CHF 5 abroad
Cash deposits	Not listed	Cash deposits at Migros Bank ATMs; fee not listed
Currencies you can hold	GBP, EUR and USD, with IBANs	CHF, EUR, USD, GBP and JPY; others on request
Accepting card payments	Not listed	TWINT for merchants; card terminals not listed

Where they differ

Based on what each provider lists on its own pages. If a feature isn't listed, check with the provider before you rule it out.

Only Incard lists card cashback, accounts for UK sole traders, accounts for UK limited companies and accounts for LLPs.
Only Migros Bank lists cash deposits.

What each one is, and who can open one

Incard

Incard Ltd is authorised by the FCA as an electronic money institution (firm reference number 1027309). It is not a bank. Safeguarded: Incard keeps customer funds separate from its own money, in accounts with authorised credit institutions, and doesn't lend or invest them. Funds are not protected by the FSCS.

Who can open one: UK limited companies and LLPs, UK sole traders and freelancers registered with their local authority, and Swiss GmbH, AG and sole-trader businesses. EEA onboarding is paused until an expected restart in 2027. Public sector bodies, cooperatives, charities, foundations and trusts aren't accepted, and a long list of industries is restricted. Full Incard profile.

Migros Bank

Migros Bank AG, a Swiss universal bank based in Zurich and supervised by the Swiss Financial Market Supervisory Authority (FINMA). Commercial register UID CHE-105.841.533. Deposits are protected up to CHF 100,000 per customer and bank by Swiss depositor protection, run by esisuisse. Corporate customers are covered.

Who can open one: Companies with their registered seat in Switzerland. The bank publishes opening checklists for GmbH and AG and for sole proprietorships (Einzelunternehmen). Businesses in some sectors, such as gambling, car dealing, crypto, precious metals, commodities or weapons, are asked to phone the bank instead of applying by form. Full Migros Bank profile.

Our e-money vs bank account guide explains what safeguarding and FSCS cover mean if a provider fails.

When Incard isn't the answer

Incard isn't the right account if

Your business is registered outside the UK and Switzerland. EEA onboarding is paused until an expected restart in 2027
You're a charity, cooperative, foundation, trust or public body, or work in one of Incard's restricted industries

Our pick for card spend

Open an Incard account

Check the eligibility rules first.

E-money · safeguarded, no FSCS

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