IBAN for Switzerland

Here’s the thing. You can only do local transfers in your resident country. Your resident country is the country you used when you registered (i.e. the address). You can change this to a different country (assuming you can provide the required documentation), but then you get the local transfers there, and can then only do cross-border transfers from your “old” country. But in the EU there is SEPA, which shouldn’t involve any surchages, even across borders. In fact, the transfer information for my EU based bank looks EXACTLY the same under the LOCAL and SWIFT tabs in the app.

Alas, despite SEPA, your EU bank may or may not charge you for transfers, either in or out.

I too, “lost” my ability to do a local CHF transfer to my revolut account, which worked just fine last week (my account is based in the EU).

Its almost certainly some kind of regulartory issue, but as Revolut has already vetted me, and my bank(s) have similarly vetted me, even if they are in different countries, its strange that we’re disallowed to to local transfers.

were you replying to me?

If so, the huge advantage of TW is that they provide local account regardless of your country of residence.
Instead of doing the transfer to Revolut’s local account you send it to TW’s local account. The only extra step is topping up Revolut with the TW card.

Yes. A Swiss citizen resident in Switzerland.

Rita-chatbot did mention that they hope to get it back for all before the year end.
That was dismissed during a lenghtly discussion that I’ve had with live support about the issue.
Let’ see what’s gonna happen, I wouldn’t hold my breath though.

So we are back to TW method for top-ups, this time for non-Swiss users
A detailed “How to” in the first post in this thread:

You can get free dedicated Swiss IBANs at ibani.com and use them to top up your account.

and how would that help here?
It’s just an IBAN that forwards the money with fees.

It helps as it is simpler and better than the TW > CC > RV method.

You can do ibani > RV directly, with your own Swiss IBAN (not a pooled one, so no need to use reference numbers), no transfer fees and a currency exchange rate that is on par (better actually) than CurrencyFair.

Thanks for the alternatives!

I think this is not the case (any more?). At least when I tried earlier last year, I only got 995 CHF credited for the 1000 CHF I was transferring.
With the sender pays option, I got credited the full amount on Revolut but got later charged 5 CHF in fees by UBS.

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this is outdated for quite a while but the post could only be edited so and so many times and then not anymore

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ibani causes fees i gathered?
in this moment, you could as easily use SEPA and swallow the loss by Euro-conversion of the CHF you want to transmit (cheaper)…

anybody who used the former way with the pooled :r: account can just use the pooled account of Transferwise instead and top up via TW card without any fees :man_shrugging:

And how to I get the reference number to be able to transfer CHF? I live in germany and On the App I can only transfer to my Revolut Account which is held in EUR

Which bank and what are the annual charges for being a non-swiss-resident?

How does it work? Does TW CHF collection account have a proper Swiss IBAN (CH…)?

No fees, only a tiny margin on the exchange rate: https://www.ibani.com/rates.html

It depends of course on your average transfer amounts. For smaller amounts Revolut is better, for larger amounts ibani can be cheaper depending on the setting.

Beyond the cost, ibani is the only place where you can get dedicated Swiss IBANs without opening a bank account, so that’s the main interest.

Just created last night and opened accounts in EUR and CHF and see their IBAN both in GB !
Thanks Rovolut this was not expected at all.
Now I am going to close my account and go to the competition.
Swiss account with a GB Iban will occur transfert fees like others banks…:-1:

Yes, you need to have the borderless account.
More in depth instructions on the Transferwise way: SWITZERLAND - Top-up --> working method = TW, and direct to shared Rev account

Great, thank you, all clear now.

Basically, we can send CHF to Transferwise pooling account without any Swiss bank charges, but with TW own fee, which varies depending on the amount. (SEPA system)

Alternatively, we can still wire CHF into Revolut’s GB account in our name via our Swiss bank’s SWIFT transfer system (e.g. UBS will charge us CHF 5 per transaction, regardless of the amount transferred).

If we compare the current TW and Revolut exchange rates, transferring more than CHF 1500 in one go is better with Revolut, less than CHF 1500 - better with TW.

There are no fees if you use the TW card to top up Revolut (with CHF you sent to TW before)

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