IBAN for Switzerland

I don’t understand why you are still topping up the account with a transfer, since from end of last year topup is completely free with most of the swiss credit cards if you are resident in Switzerland.

With UBS credit cards the topup is completely free (for the moment)

It‘s not necessarily :r: delaying it, maybe it‘s CS not showing the credit information earlier. Or the correct assignment of the ref number happens over night. Have you tried a transfer in the evening and checked if it‘s credited at 1am as well?

I am talking about the opposite case.
I top up with my credit card (Swisscard). All good, no issues at all.

Then when necessary, I am transfrering FROM revolut CHF account TO UBS CHF account.

Then the charges are crazy. Last time for 160CHF I was charged 12chf commission.

yes we are discussing this in several different threads. This is due to the intermediate provider Revolut uses for sending a SWIFT transfer, this provider now sends the SWIFT order with BEN code and not anymore SHA.

https://www.sepaforcorporates.com/swift-for-corporates/payment-fees-the-difference-between-ben-our-and-sha/ for explanaitions

@anon33247966 could you please comment?

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don’t you mean SHA (now) instead of OUR (in the past)?

Hmm… This is super strange. I’ve been transferring money to my CHF UBS bank account for the past month or so (small and large amounts) without any fees. During the week, before noon, the transfers arrive within 10-15 minutes!
I have a free account, maybe it’s different with Turbo Transfers?

I cannot understand why Revolut is unable to write a statement about this since several days… @anon33247966

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same for me. 12chf deduction for transfers to bank cler. how do you now transfer chf (or eur) to your chf bank accounts?

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same here. 12 chf wasted. thanks revolut for not saying it when I was sending the transfer

https://m.20min.ch/finance/news/story/-gratis-transaktionen--kosten-trotzdem-geld-16680307

(Article in German)

For none German Speakers:

Somebody is complaining that he received 88 CHF on his bank account instead of 100 CHF which he had sent from his Revolut account. Revolut says that they aren’t any fees deducted except you have your CHF bank account outside Switzerland or you re not living in Switzerland. But the guy who went to the newspaper is a Swiss guy with a Swiss bank account as he is saying. He asked Revolut for compensation but he just got offered 2 months of free premium membership and he didn’t get the money back

Now you have your negative publicity… @anon33247966

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I’ve seen that article but honestly, that’s not what people I know use Revolut for in Switzerland.

The main use case for Swiss residents is to transfer money to Revolut by using the CS IBAN of the shared account to top up their Revolut account and then use the money to spend it by card, be it in Switzerland but very often in other countries and for online shopping.

Transferring it back to a Swiss bank account is known to cause fees by intermediate banks because the transfer is likely to be sent through the swift network as international payment.

I’ve recommended Revolut to many Swiss residents and they all use it that way. I only had one college trying to use it as it’s main account but he stopped doing this very fast because of this and the lack to pay invoices with the Swiss reference number system.

In essence, this article just complains about something for which it’s not built for for Swiss users.

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Hi Oliver

I don’t have the same opinion as you:

  1. Revolut is promising “Free transfers”. In my opinion they cannot advertise with this slogan if I don’t get the full amount

  2. You might use your account just to convert CHF into EUR (f,e for card usage, SEPA transfer etc) but there are also people who wants to benefit from Revolut great rates in the opposite way: F.e as a person getting your rent from another country in another currency than CHF (lets say EUR in this case). You can never be sure if you get the full amount after you have exchanged the currency to CHF because there is no transparency at all from Revolut’s side about it. If they charge you a fixed fee as TW does, it would be okay because I know what I will get at the end on my CHF bank account and it’s not a gamble. I still cannot understand why it’s so difficult for Revolut to send the CHF transfers locally. It’s less fees for Revolut and less fees for users. Talking about foreigner CHF transfers it’s okay when they are sent as SWIFT but not for transfers sent in CHF to CH IBANs. So it’s better ATM to use TW for such kind of transfers even if you pay a 0,3 % markup + 1 CHF fee. (i would lose around 1,3 CHF instead of 12 CHF (compared to the news paper article).

I conclude:

  1. Revolut should make their fees structure for CHF clearer.
  2. Revolut should send CHF transfers to local CH IBAN not by SWIFT but instead “locally” from a CH IBAN
  3. That such a news paper article is published on the front page of the biggest news paper in Switzerland is a shame for the communication management of Revolut. In the article an offical speaker of Revolut promises that only people with foreign IBANs or people not living in Switzerland may get deducted fees, but if you had taken a look in this forum, you would have seen that since months users are complaining about this issue and it was not being regarded or solved.

I would really appreciate it, if you are able to resolve this issue ASAP.

@anon33247966

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@gabriel1231
I agree that your use case is currently not covered by Revolut and last time I checked there was the information present that intermediate banks might/do charge you for the transfer to CH accounts in CHF.
I assume it will stay like this until they introduce CH IBAN for individual accounts and you’re better off to use a different provider for this purpose.

Revolut wants to be a modern bank replacement. Being able to wire to other bank accounts is a totally normal use case. Up until March there were no fees because they just sent the money from one of their Swiss accounts.

They changed that silently, without ever informing their users or even acknowledging the issue. Suddenly, some Swiss users had CHF 12 deducted from the transferred amount (Swift BEN), yet Revolut just said it’s not them who take it. It is completely their fault though, and not doing anything about it, and not even talking about it is unacceptable IMO.

It also has nothing to do with personal IBANs. The receiving account already has an IBAN. All that’s needed is that they send from their Swiss account again instead of a UK one.

edit: Also, the official information/explanation they give in the 20min article linked above is wrong. I hope it’s incompetence and not deliberate misinformation.

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Another quirky thing about the Swiss IBAN and the attempt to get CHF to my EUR based Revolut account:

I opened an EUR account with the current offer from the austrian cell phone provider 3, which gives away free Revolut cards for their customers.

After adding some EUR through Apple Pay with my local austrian VISA, i tried to use Revolut as advertised:

On July 25th I transferred 500CHF from my swiss banking account (in my name) to the Revolut IBAN with Reference No.

On July 26 (about 1am) the money show on my Revolut account, but as pending.

I contacted the Customer support via chat and gave 2 screenshots from my swiss online banking to verify the source of the money (I’m receiving my salary in CHF but live in Austria).

I was told to wait with no explamation why the money is on hold.

Several further meaning to communicate via chat (then Twitter) gave always the same answer: Wait, and no further explanation of the pending transfer).

On August 2th the payment was showing as declined in the Revolut App, therefore going back to my swiss banking account at which the money arrived on day later.

I’m really confused here as I did not get an offical response why the transfer was declined, although i supplied the sufficent documents …

M.

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Hi,
The IBAN for Switzerland disappeared today. On my CHF account, it now shows a GB IBAN.
Do you know why ?
Thanks.

Did the “Local” tab disappear?
There always is a GB IBAN for SWIFT transfers.

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I still have the CS IBAN for the shared account as usual under the local tab on my CHF account.

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