I transferred money (more than 1000 CHF) to a friend’s account via the bank transfer top-up function.
Unfortunately, Revolut accounts for swiss citizens only come with a UK IBAN (GB…). That means if a transfer from a swss bank is made to Revolut in CHF (ergo no SEPA) the reference number is lost. This of course wouldn’t be much of a problem. What causes the problem is that Revolut refuses to handle this issue for two reasons:
Although the (target) IBAN and a screenshot with the reference number has been sent to support, they say they are unable to identify the payment
As the beneficiary was my friend and not me, I can’t do anything about the lost money anyway (according to Revolut)
Since the idea of free banking and low rates doesnt seem so appealing after losing money worth more than GBP 1000.00, I believe I won’t be using Revolut anymore.
Luckily, both Switzerland and the UK have signed the Lugano Convention, which makes it easier for “finance victims” to find justice.
Summary: stay away from Revolut, if you can’t afford to lose some serious cash.