SWITZERLAND - Most cost-efficient top-up methods -- The ONLY free method --> first post


#147

Yes, but if you send CHF to Revolut it’s a SWIFT transfer and many banks in Switzerland charge fees for a SWIFT transfer and Lloyds bank (Bank of Revolut) does it too…


#148

You can get a EUR Swiss IBAN but often it costs or your other bank accounts have to be with this bank…


#149

Well, what he was referring to is that the user in question should have transferred the money to his euro account instead of to his sterling account. Euro accounts in Switzerland are not uncommon and the user actually sent it from such an account - considering it is SEPA it is even for free.


#150

I was referring to this part :sweat_smile:


#151

I’m sorry, I may have misunderstood you! :sweat_smile:


#152

Thank you very much. I will go this route.
Ludwig


#153

I don’t think we will see individual CH IBAN accounts on revolut soon.

Even the message in the RevoltApp that those account will arrive soon is gone.


#154

AFAIK individual accounts were never planned for the time being.


#155

but collection local accounts under Revolut’s name should be quite simple to implement


#156

Cant say how simple that would be either. But that is what Revolut is aiming for AFAIK.

It would be just nice if they could at least provide an ETA.


#157

In principle, yes, but Revolut would need a partner bank for this. From the perspective of, let’s say a Swiss bank, Revolut is not the most attractive business customer. I can see this being hard to negotiate. Maybe they are not able to finalize a deal that would allow them to offer free transfers?

When TW started a couple of years ago, their service was more like an edge case, something a relatively small number of expats would use. I can see how it was way easier for them back then to build these banking partner relationships than it is nowadays when traditional banks finally feel threatened by fintechs.

I remember an article where Revolut said that negotiating for partnerships with banks was one of the hardest things to get Revolut started. And they did switch from Barclays to Lloyds at some point for pooled accounts. In believe we are underestimating the problems and roadblocks to set this up.


#158

HI
I’m waiting untill IBAN CHF is available, then i will switch…


#159

Hi there!

I do not get how to use Transferwise to send CHF to CHF…

Can somebody help me?
Thanks


#160

You transfer CHF to TW. Then use the TW card to top up :r:.


#161

You have to set up the TW borderless account first to get the TW card. Then you transfer CHF from your local CHF bank account to TW. After that you add your TW card to revolut and top it up.


#162

I think more it’s about local laws and FINMA.

My guess is that they want to provide personal CH accounts and therefore compared to TW they have to comply with more regulations than just having a business account with a partner’s bank.

Will we see a Revolut-swiss located company one day ? :slight_smile:


#163

But if I do that, I Revolut will have the same transfer fees as with a regular credit card, won’t it?


#164

There is no fee for topping up with a card, as long as the card is EEA issued. TW issues Spanish cards. Also, TW cards are debit cards, not credit.


#165

I have read about the difficulties of Crypto- and Fintech companies for getting access to the banking and IBAN system in Switzerland. I dunno if this is why Lykke uses (or used) a bank in LIECHTENSTEIN for CHF-topups.

The big advantage:
transfers from switzerland to liechtenstein go through as domestic

Hope this helps you getting closer to the corner


#166

But when you want to withdraw CHF in FL than you have to pay fees because my bank says it’s foreign :joy: