Revolut recently introduced CHF and PLN as a new currency which is great for me as a Swiss (I thought at first…). However, the big problem are still the Swiss banks. I explain you why…
Firstly, they charge a lot for using their credit cards abroad. I usually pay a mark-up of about 4% on normal foreign currencies (1.75% officially and the rest over made up exchange rates).
=> Revolut solves this problem!
Secondly, they charge you a lot when transferring money to the EU or outside. Even when doing bank transfers in EUR (SEPA), they charge. When topping up Revolut in CHF (just because it’s to an IBAN in GB), they charge even more (since it is SWIFT and not SEPA).
=> Revolut should target this problem fast before introducing all other currencies. Why not opening bank accounts in the respective countries (CHF account in Switzerland, PLN account in Poland etc.)? Or what about teaming up with Transferwise (like N26 already does)?
Let’s see if this idea is well received by the community and the staff here I really like Revolut a lot and I see great potential launching CHF when the SWIFT/SEPA problem is solved!