Switzerland - No EEA-Country - Rules have changed


#1

Until the end of January 2018 I could pop up free of fees from my SwissBankers Prepaid Card. Now the rules have changed:
“Please note that if you top up with a card that has not been issued within the EEA (e.g. a US based card) or you top up with a commercial card then we may charge a small fee just to cover our costs.”

These are not good news: The “small fee” Revolut charged for my last pop up (February 8th) was CHF 66.71 for popping up with 4000 CHF.

And who knows when there will be a next unexpected announcement of Revolut, disadvantageous to his clients…


#2

Wanna hear another “good” news?
Mid january, Revolut (andreas k) said they’re going to make a CH-IBAN so we can topup without high fees.
A few days ago, same andreas k said they will do the CH-IBAN after they went life in the USA…

While I understand that switzerland is not as big a market as the USA is, I don’t understand why the are expanding right now, while in their core-market is such a mess going on; PSD2 (new rules) affecting not only swiss customers ** but those within EEA, too (many french and non-Euro-cards are affected, too), banking-license, brexit which will cause further problems - either with revolut having their office in the UK or suddenly many UK-customers having issues with the lithunian bank called revolut…

Not so sure they should be thinking about the jurisdical suicide that is “going to US market” (sry, but that’s what has been showed in 2008 in europe: every european bank active in the states got at least two black eyes! hence all the regulations including PSD2…)

Well, there’s one thing to do as swiss customer: reduce the amount of money on your revolut-account. Who knows when they remember “CH isn’t in the EEA, so it is not possible to give them an account” (as it already happened a few months ago)

** at least now everyone can see, that switzerland does NOT have full access to EEA, as the EU, “EU-turbos” (those who want CH to joyn EU) and citizens in the EU claim all the time, bc with a full access, PSD2 shouldn’t be an issue…


#3

You misunderstood my words! It would be better if you quote me so we can avoid miscommunication.

Let me clarify that this is not about the size of a market. Revolut as a financial institution has to comply with regulations, which can be time consuming.


#4

Hi Andreas

Yeah i missunderstoot the quote. Yet, I still believe it’s suicide to go on the US-market, especially when there are so many “open issues” in your “home market” (BIC-problem (well that seems to be solved now), PSD2 (eg. french cards getting fees), Non-EEA-IBANs (EU=27+1 countrys, Europe: 48+3 non-recognised countries), banking license… )

…even “big CH ones” who had a stable business in EU/CH and went to the states struggled (eg “why there’s a UBS, and “Schweizerische Bankgesellschaft” and “Schweizerischer Bankverein” are no longer existing”…)

Well - time will tell, right, i hope revolut doesn’t run against a wall after hitting the US-market… :slight_smile: