Best way to top up in CHF ?


#41

CS allows to convert on the fly i.e. you can send EUR from your CS CHF account. But by doing so CS is applying unfavourable exchange rate. Better is to send CHF from CS to Revolut CHF account and then exchange into EUR at Revolut. I’m sending CHF to Revolut from CS Bonviva Platinum account with absolutely zero charges and then exchange at Revolut to my currencies needed.


#42

Tried sending CHF from CS to CHF at revolut, but they applied High charges. How did you do the transfer?


#43

I was/am using CS online banking (DirectNet/CS Direct) entering following details:

  • Reference (number from Revolut)
  • Beneficiary (Revolut LTD)
  • IBAN
  • BIC (LOYDGB2LXXX)
  • Beneficiary Address
  • Amount (in CHF)
    No charges from Revolut. Exactly the amount I sent showed up in my Revolut account. CS states there is a 5 CHF foreign payment transaction charge but as I have a Bonviva package this fee is waived. Important is not to chose any options like “express” or “charges to be borne by recipient”. All the options just need to be left as they are.

#44

I’m not sure if the personal IBAN account feature is accessible to all Swiss customers, however I was just able to transfer €50 from my CHF Postfinance Account (transfer was done in €) to my Revolut IBAN account. Transfer was initiated on Sunday evening, was debited to my Revolut account on Monday 10 a.m. Nice!
I have to check with Postfinance if there were any fees (in addition to the shitty conversion rate). As of last year (2017), € SEPA transfers have always been free from Postfinance.
In any case, it’s cheaper to send € through SEPA and convert it to CHF in Revolut than to send a CHF SEPA or even a SWIFT transfer, the fees involved are usually higher than the conversion rate.

Looking forward for a way to top up CHF with no fees, however I’m not convinced Revolut are ever going to open a corporate bank account in Switzerland.


#45

But what is the point of sending EUR from a Swiss CHF account to Revolut? You loose out big time on the exchange rate. At that point you might just as well use your CHF credit/debit card directly.


#46

I disagree with your statement. The cheapest method always depends on the amount, the fees and exchange rates.


#47

Are you saying that PostFinance gave you a better exchange rate than you would have had via Revolut?


#48

Not at all. But it may be cheaper using the bank’s conversion rate compared to the (almost?) 2% credit card fee.


#49

That we can certainly agree on :slight_smile:


#50

:slight_smile:
But of course it’s easier using a debit/credit card, as you indicated since the fees are made transparent before transacting.


#51

Thanks Mercury. That should work now. How long did it take to arrive at your revolut account?


#52

It took two days in my case - payment entered and executed on Monday in CS online banking arrived on Wednesday at Revolut account.


#53

With PostFinance the most efficient way is a SEPA transfer in CHF to Revolut and then change at Revolut to any currency you want. Fee from post for the foreign transfer is 2 CHF flat - regardless of the amount. Fee from Revolut for receiving CHF is zero. Let’s say you send 500 CHF then fee would be 0.4% - not bad at all!


#54

A CHF transfer to Revolut is via SWIFT, not SEPA.


#55

@Mercury
SEPA is always EUR, also Postfinance doesn’t charge for SEPA-payments. (UBS and other banks do, though)…

If you transfer CHF, it will be - as @AlexA said - a Swift-Transfer…


#56

Hey Thomas A,
I have a similar issue. In Switzerland I have an account at Postfinance (one in CHF and one in EUR).
My Revolut Account is connected to an Account in the EU in EURO. Now I should top up my Revolut Account with EURO from the Postfinance EURO account. How can I do that?
The Michael E


#57

hello,
I will try the following:
Set up an account in EURO at Postfinance. Then I should get an EURO-IBAN … !?
From there I will do a SEPA-Transfer to REVOLUT Euro.

I hope there will be any fees this way.
The crux is:
Postfinance requires an asset value of 7500 CHF for feeless account-keeping…

Michael


#58

Until end of December, from January they will start charging you anyway, no matter of your assets.

Of course you can transfer EUR from your PostFinance EUR account to your Revolut account.
The problem is how you got your EUR on your account. If you converted it from CHF using PostFinance you have already lost on the exchange rate. It is cheaper (free) to convert CHF to EUR directly with Revolut.

On how to put your CHF from PostFinance (or any other bank) to your CHF account with Revolut, this is another story, discussed extensively here:

Long story short:

  • Use the TW method described in the first post of that thread
  • Then convert your CHF to EUR (if you need) directly with Revolut.

#59

hi karol

thanks for your advice.

I will follow this.

Just to let you know what PF says about exchange rates:

„In a transfer from November 28 2018, from the Pf-CHF account to the Pf- EUR account of EUR 100.00, the price was calculated first with a rate of 1.1437. When viewing in e-finance, I saw that the EUR 100.00 is shown at CHF 112.90. Currency rates usually change once or twice a day, so we use a mid-rate. The price of 1.1290 is a mid-rate and is only used to calculate the assets. "

#60

hi Karol,

just one comment on your reply:

I hold a life insurance at PF. As PF says, there will be no additional charges in that case.

Still, PF is one of the most economic retail banks in CH.

Another question I have is:
I still don’t have a Revolut Card.
As I unterstand there are 2 Options: Physical Card + Virtual Card.
Is the physical card equivalent to a “normal” credit card I hold with PF for instance…
Does it make sense to keep a Credit Card with PF and another with Revolut?
What is the Virtual Card? How does it work?