Top up Revolut on local bank accounts to avoid SWIFT


#35

I also support that you need to provide local bank accounts for top-up in CHF and other currencies in order to really avoid all the fees.


#36

It’s not perfect, but as far as I know, most if not all Polish banks have free (if used) debit MasterCard or Visa, so in this case, the problem is solved. Top-up with a debit card a few times, until you are allowed by Revolut to setup the auto top-up.

Bonus point for banks in which the card is free only if a few transaction per month is done - charge a few times 50 PLN at the beginning of the month, and you’ve got yourself a free debit card.


#37

absolutely need a solution in Switzerland… otherwise this is pointless! Top up with a Maestro card in CHF or local IBAN


#38

Hi
I transferred CHF 500 from Postfinance to revolut and I received only CHF 494 in the revolut account while Postfinance charged CHF 2 for the international transfer.

They (PF) also confirmed that a SEPA transfer would imply a conversion (by PF) to EUR, so this is definitely no option ( as you lose like ~1.5%)

I found the official siwft fees by LOYDS Bank which are GBP 7 for amounts > GBP 100, but I got charged less. So I do not know which intermittent bank actually did charge me the swift fee of CHF 6…
Anyone any ideas?

PS: I am in favor of an CH IBAN to top-up!


#39

Hi again
reply to my own post…
But I got an update on Postfinance and top-up via swift in CHF.

  • dont use a SEPA as the exchange rate on Postfinance (via UBS) is 1.25%
  • don’t use “our cost” as this incurs always a fee of CHF20 extra

Amount:____ Fee
0 to 149.95:__ 0
150 -9’999: __6
from 10K: ___10

Plus CHF 2 for the international transfer
According to the lovely lady there is a direct transfer connection to Revolut/LOYDS, so there is no intermittent bank, BUT PF does charge the amount in the table above nonetheless!

So those in this thread that did transfer less than CHF150, it was “free” (next to the CHF2 for the Auslangszahlung).

If they use UBS as correspondent bank it is 0.- (up to 150) 8.- (up to 10K) and 12.- above. Maybe the one that got charged 8.-, it was wired through UBS. Or maybe it was the 6.- plus 2.-

Cheers
cmb
PS: Best is someone transfers a large amount and then the one trnasfers parts to other collegues/revoluteers… which would need a bit of trust :smiley:


#40

Hey Andreas, please are there any updates about local bank in Czech Republic for CZK top up? Or at least card top up in CZK. Cheers!


#41

Is there no Maestro/MC/Visa debit card in Switzerland? I see with card you can top up in CHF. This opportiumity exists in 8 currencies. Actually is it also so difficult like local IBANs for Revolut? At the monent Revolut is for GBP and EUR users… not really for other currencies like CHF, SEK, HUF, CZK etc…


#42

Send 10000 CZK to Revolut cost at least 100 CZK + fees to correspondent banks :frowning_face:. Send the same amount to Paysera cost 0.20 CZK. Because Paysera have local Czech account.


#43

Same here. Uploaded 300 but only got 294 on my account. SEPA should be for free. But then you have the currency exchange (even 2 times)


#44

SEPA payments include only EUR currency among SEPA countries, all payments in other currencies are processed as SWIFT payments.


#45

I read, can’t find it anymore, that there are one-time-use cards that you can fill from your swiss account and then use to top up revolut.
Does it make sense to anyone in switzerland ?


#46

there is a third possibility, so called ‘local transfer’ (beyond sepa)
edited:
Sorry, was not aware, that direction was ‘top up’ not ‘sending’, so there is no so called ‘local transfer’ beyond SEPA at the moment … so expatier is right …


#47

Sure, but not with Revolut.


#49

Strongly agree that local bank account numbers would be extremely useful and significantly increase the utility of Revolut.

I cannot get my salary paid into a non-Irish IBAN

My credit card company do not accept transfers in from a non-Irish IBAN nor will they set-up a Direct Debit to a non-Irish IBAN (for fraud reasons, even though I believe this is against the SEPA scheme rules)

I strongly doubt my stock broker would allow a transfer to a GB IBAN either

Without these basic things in place, Revolut will remain an auxiliary account to my traditional bank account (despite my traditional bank’s agonising inability to maintain an accurate available balance and their inability to display pending card payments until they post 2-5 days after they take place).


#50

Local IBANs for SEPA are not needed, that’s why there is an S for SINGLE in SEPA :wink:
You need to report all of those entities who do not comply to the appropriate authority:

That’s about it, it will be fixed in due time then.


#51

Thanks so much Sascha. Your post prompted me to look into this further. It is called “IBAN discrimination” and is explicitly prohibited by this EU law:
Article 9 of Regulation No 260/2012

Article 9
Payment accessibility
1 A payer making a credit transfer to a payee holding a payment account located within the Union shall not specify the Member State in which that payment account is to be located, provided that the payment account is reachable in accordance with Article 3.

2 A payee accepting a credit transfer or using a direct debit to collect funds from a payer holding a payment account located within the Union shall not specify the Member State in which that payment account is to be located, provided that the payment account is reachable in accordance with Article 3.

I’ll take this up with my employer and the bank hosting my Credit Card. I’m sure my employer will oblige. I imagine my bank will be forced to apologise to the regulator, will put it on a to-do list and not sort out whatever in their systems prevents them supporting this for at least a few years.


#52

:slight_smile: That’s the only way to make it work.

Given my past experience and what I read, everyone will comply.
But it’s up to them how to implement it.

Meaning, for some entities it’s still not possible to enter a non-local IBAN easily, like on a webform or something - but you can get the IBAN changed manually to whatever you want manually, by phone or mail. That’s basically also compliance with the regulation, so it’s quite possible that, for example your bank, might not be happy about it and let you jump through hoops to accept it.

Anyways, great that you try! Nice to hear!


#53

Dear community
As a Swiss I was looking for a long time to get cheaper payment possibilities in Euro, to avoid credit card extra costs and bad exchange course using the Swiss credit card. Therefore as a newcomer a made some tests with revolut:

  1. I transfered CHF 10 with my Corner CHF credit card to revolut. I was charged with CHF 15 (!!) extra just for the transfer to my CHF revolut account.
    Phone call to Corner Bank: why this costs? Answer: It would be handled as cash delivery on the cash machine, but she would check and give me more information.
    To see if allowed, I will check the AGBs (general business rules). I will see.
  2. I used my postfinance account in Euro(!) to transfer EURO 10 to revolut with SEPA and using the IBAN number of my Euro account given by revolut. It worked fine. No extra costs!
  3. I used the virtual credit card to pay Amazon Germany. The Euro-transfer from my Euro revolut account to Amazon Germany worked fine, no extra costs.

Question: what is your experience using a CHF credit card to transfer money to the revolut account?


#54

I think the costs for money transfer from a Swiss account to Revolut depends also from the Swiss bank and also if the Swiss account is in Euro or CHF.


#55

Depends on the card you use, but on top of that Revolut is adding a fee to use a card that is issued outside of EEA (so also for cards issued in Switzerland).

You might find this interesting:

Feel free to contact me if you have any questions.