I don’t believe it’s going to happen before they have their banking license.
I just don’t understand what stops them from having one, shared bank account in each country, to allow local (free) transfers “in”. TW has them without a banking license (also in Switzerland).
TW uses other banks and if nobody wants to partner with Revolut they are out of luck
Can’t imagine that’s the case. I think Revolut doesn’t even try.
Eg. Neon. A direct concurrence to other banks in Switzerland. They found a partner.
…and Revolut is no direct concurrence to banks (not in CH!). So it should be easy to do - IF they want to do it.
Found it on the twitter link above:
So to sum up he says end of the year…
That was 3 weeks before the blog post so do not get your hopes up
I’m not super excited anymore, but I still hope it will come some day.
Let’s continue what we do the best, to wait (and see)…
How come this takes so long? I am actively searching for alternatives as I am tired to always do ‘tricks’ , pay fees and wait so long to get funds on Revolut.
Dear Revolut (@AndreasK),
Could you please provide some update on this?
Since this week, it is not even possible anymore to send money from Revolut to our local Swiss Bank account for free (3 CHF fee) even with Metal subscription.
With this we pay for sending and receiving money. For me personally this is unacceptable. Will look for other solutions as it is meanwhile far fo expensive…
If you won‘t loose all your Swiss customers, you really should speed up with the Swiss IBANs
What bank are you using? I have an account at UBS and they never charge me for receiving money from Revolut.
I am with UBS as well. So far they never charged me as well, but as of this week they do. Have you transferred money from Revolut to UBS in the last 7 days?
I send some money this week to a friend on a switzerland account and there was no fees at all
Don’t get me wrong, Revolut has not charged me a fee.
But I transferred 10 CHF, which have been deducted from Revolut but I just received 7 CHF at UBS. So somewhere in between some intermediary bank have deducted 3 CHF…
I was send to an UBS account and no fees from UBS were observed
The last time I sent a payment to Revolut was last Friday and they have not charged me. But probably you’re right, as I haven’t sent any payments at all since then. Do you know if just UBS does this?
I have made a transfer to Raiffeisen today. I will inform you next week if I have been charged. If yes, there is a fee for all Swiss bank. If no, there is maybe only a fee with a UBS account.
I’ve talked to support just now, after looking at the UBS price and conditions. Apparently Revolut sends SWIFT payments through the SHA cost. UBS charges for receiving SWIFT transfers through SHA and BEN, but not for OUR. It seems that Revolut has switched from OUR to SHA. That is why we are being charged 3 CHF.
OUR SWIFT payments
SWITZERLAND - Top-up --> working method = TW, and direct to shared Rev account
Well if that is the case, then the “free” SWIFT transfers are really a fraud now… More than they were before…
On November 8, 2018 (1 month ago) all the transfers from Revolut were sent with OUR.
I have asked and was told that by the support.
Actually I am surprised that it was sent with OUR before and not SHA like other currencies.
Even more that the currency cloud (assuming it is done with their service as well) doesn’t have a swiss bank account to send CHF locally.