CHF transfers (SWIFT?)

Hi guys :slight_smile:

I just want to ask if you know how CHF transfers from Revolut to CH banks are still sent as SWIFT and can occur fees or if they changed to local transfers

Best regards

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@AndreasK Any answer?

From my knowledge only resident can use a swiss IBAN to transfer to the Revolut account, the IBAN would appear in the related currency details. I used to have it until they switch me to the GB IBAN which sucks as now we have to pay fee for this transfer (I am not resident, living in border country).

It’s not clear if Revolut will be allowed to give this option again for non resident, which is absurd as I can do swiss transfer to other bank or person (like B-Sharpe)

Hi.
I made a transfer to a CHF Swiss account 2 weeks ago.
The message clearly stated it would use Swift.
From my CHF Revolut account I sent CHF1078.54 and the recipient got only CHF1064.
Also paid CHF 6 for the express transfer.
The bank was BCV

image

My card was issued with a U.K. address. Not sure it would be the same with a card issued with a Swiss address.

Next time I will try to send in Euros, and compare.
They don’t charge because Switzerland is part of the “Single Euro Payments Area” (SEPA) even if the recipient account is in CHF.
Only the bank own change rate applies EUR->CHF. And we don’t know in advance how much it is.

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But you will get a bad exchange rate from your bank if you transfer EUR to your CHF account…
Is your address still in the UK or have you changed it meanwhile into a CH address?

There is just one thing Revolut can/should do:

  • Open CHF account in CH
  • Send payment from CHF account as local payments
  • Done

They are already working with CS for incoming transfers to them, why not using them as partner instead of using shi**y CurrencyCloud?

Or just use TW (you will pay a fee OFC, but it’s a just 0.35 % + 1 CHF) and you know that the receiver will get the full amount.

Sorry @AndreasK to make publicity for your competitor on your community page but this is something you have to improve :wink:

I forgot about my old TW account. I was so happy with Revolut before that I haven’t used TW for more than a year. Thanks for the detailed clear cost. That’s important to know the recipient will receive the amount I decided.

This was clearly a bad experience. I will remember for next time if it’s still using swift.

On the plus side, the Revolut transfer took less than 2 hours. I must check that with TW.
I paid 6Fr for this express transfer, it would have taken 3 days otherwise.

My recipient could order a Revolut card with her Swiss address, would she be able to do a local transfer via IBAN if she does? I mean, when she transfer from her Revolut account to her legacy bank, would it be without fees?

All transfer from Revolut to a bank in CHF are executed as SWIFT. There is no way around it.

Are you sure that this still true?

I have executed a CHF transfer (69 CHF) to my Raiffeisen bank account at 13:58. The money arrived 14:58. Full amount got credited :thinking:

Furthermore the message inside the revolut app which says that CHF transfers are executed as SWIFT didn’t appear :thinking:

maybe they fixed it? we should ask @AndreasK

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Any news about how Revolut => CHF Account is handled with respect to fees/SWIFT?

As it is sent via SWIFT with SHA it depends on the receiving bank, nothing changed.

The support has told me approx. one week ago that CHF transfers to CH IBANs are sent as local. (Screenshot)

Ahm, sorry Gabriel1231. In your text your write that CHF transfers to CH IBANs are sent as SWIFT and in the screenshot with the agent it says that it would be „local“. So what is it now.

I work in a bank and I did a test some month ago (:r: to Swiss Account). The money came from Credit Suisse as a SIC transfer (local - Swiss Interbank Clearing) . No fees. But as agile as Revolut is this can be changed anytime :wink:

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Yes, sadly it is extremely intransparent as they did not even inform about this change.

Hello Stefan :slight_smile:

I’m very sorry, I have just corrected it. Of course I wanted to write local

Best regards

But, it seems that the local transfer might not apply to Business accounts. Pretty hard to get some reliable information…

I now got the following when trying to transfer about 10.000 CHF.

“Sorry, the transfer is above the limit of £5,000 (currency equivalent) for Switzerland. Please have a look at our FAQs for more information.”

So, now we can transfer to CH IBAN as local (no fees) but have a limit, which means I just need to split it up into two payments… I will never understand why it’s so complicated to transfer money around the globe these days…