Reading online and on the community, it seems that Revolut offers to Swiss residents free CHF transfers using a shared IBAN of Credit Suisse.
I would be eligible to have the “Swiss Revolut”, but Revolut support told me that I would need to close my current account and open a new one as a Swiss resident since there cannot be multiple Revolut accounts opened at the same time. For obvious reasons I do not want to close my current account.
Currently for non-swiss accounts, a wire transfer in CHF is done using SWIFT and it is not possible to know all the fees in advance.
Wouldn’t it be possible to let all Revolut users, or at least those that would be eligible, use the shared CH IBAN to send money.
Free CHF transfers would be a plus. Another option could be letting people use the shared CH IBAN for a small fee. This would make me consider using Revolut over Transferwise since in this case I know that the recipient would receive the exact amount of money that I sent.
The two limitations are: current legal arrangements with the Swiss partner bank providing the pooled CHF account limit access to Swiss residents. And secondly, after Brexit, Swiss customers are serviced by Revolut’s UK entity. That’s the reason why you can’t just migrate without closing and reopening accounts. My guess is Revolut would offer the service you’re asking to when they could. Seems regulatory restrictions prevent this.
Thanks for the reply.
I think Revolut is missing out on this. For now I’ll keep using Wise since I read on other posts that the hidden fees can be very high.
If someone at @RevolutTeam knows something or if this idea is on the roadmap, it would be much appreciated.
Hi! To find out what I can do, say @revolutteam display help.