bump! that feature would be most helpful!
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indeed - both âfurther newsâ and/or a CHF-IBAN would be very welcomed⌠
ATM, the transferwise-account with the no longer beta-card is far better, eventough the exchange-rates are SLIGHTLY worse than with revolutâŚ
Donât forget the relatively high fees for sending money with TW, when you want to pay out money to one of your other accounts with another bank, for example. The products look similar and have a lot in common, but for personal uses cases, the tiny differences can matter.
@Frank
well - in case of a simple âmulticurrency mastercardâ, this point isnât so important, bc thereâs an account in CH, so we can top up with a simple FREE transfer (and exchange within the borderless account).
Also, when it boils down to int. payments, there are a) alternatives (eg. PP) b) comparing the fees from your housebank and the ext. services is always a good thing to do before paying c) with revolut, it is only possible to use when you allow the revolut-app the access of ALL your contacts stored on the cellphone (and I donât want that to happen), otherwhise the option just isnât available anywayâŚ
For many, revolut became a replacement for a normal bank as they can fully replace a normal bank with revolut - which is great. But from this swissâ point of view - revolut has to go a long way until it is even comparable to a bank; atm, it is a multicurrency mastercard with a nice control-app with many options (and thatâs very cool!) and additional services (many of them useless for swiss, eg. healthinsurance), and for the card-issue, TW is catching up with big pacesâŚ
Also consider this:
TW has a collective-account with reference-system for toping up in non-EUR-countries within said non-EUR-country. PayPal also has one. âŚquiet every payment-service offer one. And they make use of it for paying within that country, and for receiving money from there. So it is possible, and the competitors arenât sleepingâŚ
Hence - at least some further information would be good, the whole âtopping up-issueâ cost revolut a lot of trust from (not only swiss) customers, they took quiet all options of âcheap top upsâ, at least they could tell us how theyâll continueâŚ
I think you exaggerate the situation of Swiss customers.
There are many reasons why Reovlut in itâs current state canât replace a regular current account. The yearly top up limit, for example. Or direct debit isnât even available in their home market UK. GB issued cards make it expensive for Spanish customers to withdraw money at home because local banks charge fees for âinternationalâ cards. Danish customers, as a country within the SEPA and the EU but with a different currency than the EUR, have higher fees for SEPA transfers than if they would use their national system ⌠Also, not only Swiss customers lack the option for cheap top ups, all markets are affected that are not part of the EUR zone and where card top ups arenât available yet. Some of them are EU countries. They are waiting also for improvement here. At least, you got confirmation that they are going to introduce CHF IBANs in the near future. Thatâs something customerâs waiting for HRK do not have.
TW is also a great product, and itâs good that customers have a choice and that there is competition. But they are coming from a completely different direction. TW was founded in 2011. They had years to build their international network of partner banks and subsidiaries. They just recently introduced the card and account product. They are years ahead in some aspects. And behind in others.
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I just asked for the swiss IBAN in the âEuropeans new Unicornâ thread https://blog.revolut.com/revolut-europes-new-tech-unicorn/ .
Here is the answer of the chief blogging officer of Revolut:
Cheers Chris
@Frank
(sry for the late answer)
Iâm not SO exaggerating the situation:
- SEPA payments from CH to EUR isnât that expensive at all (depending on the bank and account-settings, of course, eg. Postfinance: no sepa-transfer-fees, only bad ER for CHF -> EUR)
- payments: swiss banking isnât so bad, there are many occasions where one, as customer of a swiss bank, ratherâd use said one instead another service (itâs cheaper, more secure aso)
- top-up-issue: fair point. Especially when considering french customers with french credit- and debit-cards are having issues, too (sure you donât want to explain france doesnât belong to the EUR-zone, right
âŚthere are a lot of issues. - CHF IBAN: yes, these would be a great thing (actually, a GIANT plus for revolut). Issue: we donât need them, a simple option for topping up via a swiss collective-account would also do the trick (same goes for the non-EUR-EU-currencys: just offer a good solution for topping up.
As for the âahed and behindâ-aspect:
very fair point. You could also argue âtheyâve learned their lessonsâ. Eg. what good does the cryptocurrency do in Revolut? You can place bets on the exchange-rates, thatâs it. You canât transfer crypto to or from revolut, you canât pay with it aso. Just bet on the exchange rate. âŚIMHO, waisted time; instead implementing some semi-usable functions with crypto (especially during a time others are taking the loss and abandon similar functions), revolut should have focused on solving the top-up-issues. Due to the simple fact, that even BEFORE PSD2, there were enough of 'em unsolvedâŚ
(revolut is young - they canât afford bad mouth-to-mouth advertisement or lost customer satisfaction/-trust⌠But by âtakingâ all the good options to top up, revolut just does that)
Then again âitâs around the cornerâ, right; âcomes in marchâ, right. But theyâre working on it.
(simple saying in business: donât repeat the mistakes from the others, do it right right away)
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US and Asia seem to be more important for Revolut than an Swiss IBAN account.
I waited long enough and learned my lesson, so will move now to Transferwise, they offer the borderless account including a debit card.
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Besides: There are no fees appearing in the Revolut receipt.
If you transferred CHF 6000, you will get a receipt over a top up of CHF 5975. The fees are kindly silenced, no word of them. I think, thatâs not the fine way to do business.
Itâs high time for Revolut to open an account in Switzerland, if they will get and hold swiss customers.
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its around the cornerâŚ
I would also love to see a Swiss IBAN. It would make the solution truly a substitute for my business bank account.
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did you do the advanced onboarding of your business account with revolut?.
Successful onboarding will result in unique IBANs in 25 currencies which can receive and send SWIFT payments under your own business details: GBP, EUR, USD, AED, AUD, CAD, CHF, HRK, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NZD, NOK, PLN, RON, RUB (Outbound payments in RUB are not supported just yet), SAR, SEK, TRY, SGD and ZAR
What is âadvanced onboardingâ? I donât think weâve done that yetâŚ
on the dashboard of business.revolut.com you can ask for unique IBANs. CHF is on the list. see my edited reply above.
be aware, as everything here, itâs not a fast process. but itâs totally worth it for global businesses.
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My understanding is, this is still the usual pooled SWIFT account. The uniqueness refers to the currency in this case not the user account.
Judging from Revolut lands in the USA! - #120 by BendikHa Iâd except that to be the earliest a christmassy corner.
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Could you please explain more about this? Iâm working in Switzerland but Iâm living in Italy so my Revolut local account is for EUR currency and Iâve a CHF Revolut account but not local/personalâŚI would receive my monthly salary paid in CHF on my CHF revolut account, do you know how much could fees be? For example if my employer send me a bank transfer of 3000 CHF from his swiss business bank account to my revolut CHF account to ârevolut LDTâ giving my references number, how much fees could be applied and how many CHF should I receive on my revolut CHF account? Thanks in advance for your cooperation, FR
Re: [Revolut Community ] [Feedback] CH IBAN Swiss CHF Switzerland
I have the same question. I have both a CHF and EUR account. They both have the same IBAN starting with âGBâŚâ. Under âAccount detailsâ for the CHF account, it says âFor cross-border transfers onlyâ. How do I get a âCHâŚâ IBAN for this account in order to to send CHF to this account from another Swiss bank?
You can only use the Swiss polling account if youâre a Swiss resident. If youâre not, you have to use the GB IBAN to transfer CHF to your account, which most likely results in SWIFT fees.
Individual CH IBAN numbers do not exist for Revolut users, itâs still a dream to come true.
Hi everyone.
On Monday, I did a transfert from my Swiss Based account in CHF to my Swiss account in Revolut. It has been 3 days and I havenât received the money on Revolut yet. I chose the CH IBAN from Revolut did I make a mistake ? Should have I chosen the swift number ? I have been debited from my Swiss based account âŚ
Thank you