TransferWise vs. Revolut: A Swiss perspective

So what’s the problem that swiss people have?

None. You are replying to a topic that was created before the local :r: collection account was available.
However, the current issue is for people not living in Switzerland but receiving money from there (e.g. Employees). Credit Suisse changed their policy and Revolut is not able to offer the collection account to non-Swiss residents anymore.

Check the date of these threads, @Water-Fire

Some of the issues you or @oxmynx mentioned were solved in the meantime. Well somewhat. Working workarounds mostly.

As someone who’s attitude to revolut isn’t that positive anymore, i can tell you: it’s the attitude towards swiss customers. Revolut is big in pormissing services that are never available to swiss customers; fixes/workarounds/solutions that will come “later” or “soon”. Or possible services that were available for free (topping up) and then suddendly did cost a fee (and the statements explaining why were, TBH, nothing else then pure excuses)

Well, there’s finally a fix for transfering money AGAIN (I like revoluts app more than the transferwise one, but i needed TW to topup my R-account until there was the solution with the pooled account), but the “attitude” always goes both ways…

Eg. if revolut had made “toping up with alternative card” “unfree” AND at the same time offer the credit-suisse solution, no one would have complained. And so on.

(also, there’s the issue that we cannot make CHF to CHF transfers without SWIFT-fees; for swiss customers, a formerly “good alternative” became a “glorified prepaid-card”, everything that made revolut a valid option in CH is almost gone, and changes happen every day (without notifications); and now, people who work in CH but live in the EU, therefore get their salary paid in CHF and having NOT a residency in CH,
now face the problem that they - like swiss customers - need a swiss bank account next to revolut, just to do everything that was formerly doable with revolut… (it WAS possible, but not anymore) these people will start seeing “the swiss problems” very soon, eg. if they live in germany, where every additional bank-account causes a worse Schufa-record (their creditworthiness) making it harder getting services (phone-contracts, flat-rents, and MORE). they’ll have to decide what to do with their :r: account, too…

YES, I have many resentments against revolut.
Yet, revolut still offers some valuable options no swiss competitor has.
…but with all the changes we swiss customers have seen, I often catch me thinking “how long will these options remain available”…

Lost trust from customes is a big issue for EVERY company. Those writing here in the community - all of them - hope that mentioning the issues will change something to the better. Sadly, people are not seeing this important point (complaining customers == they want to remain customers, but want to change things for the better.)

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Like? You mean the whole “we can’t offer insurance to the Swiss because our provider doesn’t support it”

Seems pretty valid to me - can’t offer what they’re not willing to sign the dotted line on.

As for the intermediary bank charging for accepting SWIFT transfers for CHF before when it was free for a short while, that is also not a place in which Revolut gets to decide the pricing for.

Excuses and explanations aren’t the same thing. They’re not saying we’re really sorry about this and we promise to fix it in 3 seconds but this may take 300 years, they’re saying “we can’t help this if we can do anything else we will”

No, they won’t.

As I’ve said before Switzerland negotiates treaties for everything as it doesn’t want to commit to being an EEA member.

If Switzerland joined the EEA (you already have a similar level of attachment to the EEA already as well as speaking their languages by large) then you’d get access to all of what the EEA does. Including equal Revolut services.

People within the EEA get this as standard.

My apologies but I look at it from a very simple view of numbers.

8.5m residents in Switzerland, for a lot of extra regulatory compliance and partnerships. Even less than 8.5m adults.

Revolut has 6m customers and much larger markets to cater to, or much easier ones.

Switzerland isn’t valuable enough (imo) to focus on improving when I can improve all of my other markets besides Australia at once.

If you owned a business you would surely believe the same? You are signing a contract when you open a Revolut account - if you don’t like the terms, don’t sign it.

If the terms have suddenly changed, terminate your account.

If the terms have been misrepresented, complain. Escalate to the Ombudsman if necessary.

Don’t expect special treatment from a company who has to spend money on you though - it isn’t happening if you’re not worth the profit just because your country wants to be with two arms in and two legs out of the bloc.

Nope, like free top-ups that suddendly was unfree anymore. The insurance-thing; well that’s a similar story, but different: because for the longest time (meanwhile that’s solved too!) revolut offered it, took the money - and then suddendly said “well you’re swiss, you are not covered” (AFTER taking the money of users, what caused all the fuzz; NOT the “not covered” but “taking the money then said not covered”).

And that’s as far I’ll answer you.

Please - read and understand before answering, or don’t even bother it. Sorry Recchan, your ability to overread or deliberatly missunderstand/ignore what other users write and explain to you all the time is very annoying. Especially since it’s clear that you HAVE the ability and knowledge to understand and/or offer advice.

Just for this point: they already ARE. Dude, it was possible for them using Revolut to get their swiss salary paid to, as international treatys enforced by the EU (do 2008, Peer Steinbrück - ring a bell?) block siwss employers to transfer the money directly to a bank within the EU.

Also ask the people in norway or lichtenstein about “the standards” you’ve mentioned. Or poland, hungary aso. ALL members of the EEA.

Can you differ between EU, EEA and Euro? Or even more important: you do know the difference between Europe, EU, EEA, Euro, and EFTA? :wink:

Pls. see 2nd paragraph to why this is my last response to you.

Not sure if Switzerland is under the same regulation when it comes to capping of interchange fees, but Revolut do advertise that it’s free top-ups for EEA issued cards.

Assume it was a glitch and consider yourself lucky you got to use it at all

I agree - this is awful.

Revolut should offer all Swiss users a refund. If they didn’t offer me one I would complain and then take that to the UK Financial Ombudsman, arguing they didn’t accurately inform me when I was looking at a product.

Don’t lie to me :smiley:

Please come back when you understand the difference between the EU, the EEA and EFTA.

Swiss employers are forbidden from directly transferring a salary to a European bank?

Wasn’t aware of this but it is quite intriguing.

What standards?

Norwegians can get Norwegian details, the polish can get… polish details. I don’t believe Hungary does, but to my knowledge you can top-up in HUF (you can, just checked).

There is no fee for this. (debit is free, unsure about credit)

People from Liechtenstein unfortunately are held back by Credit Suisse as Revolut have mentioned. They can’t help their contractual obligations unfortunately.

So would you be able to elaborate exactly on what you’re saying and perhaps put some research into understanding everything you talk about?

The European Union is a structure which is heading towards a United States kind of deal.

It has courts and the power to enforce rules. It has member states within it.

It has a Parliament and legislates using Directives. These must be merged into member state law within a certain amount of time that they are passed in the European Parliament.

If 35% of the population and a minimum of X (7 I believe) nations national governments (via the European Union Council) oppose a directive, it is torn up (although I believe this happens after voting in Parliament happens)

The European Economic Area is a level of European Union integration in which the members are given access to the internal market. This is accompanied with EFTA (European Free Trade Association) membership in all cases.

The Euro (currency symbol: €, ‘ticker’: EUR) is a currency that was initially thought up by the European Union. It seeks for closer monetary union and to join it you must meet strict convergence criteria. The United Kingdom withdrew from this after negotiations with the European Union as it was causing some market turbulence due to the money we were spending maintaining this.

Europe is a continent

I’ve explained already in regards to the EU, EEA and Euro.

EFTA is the European Free Trade Association of which to my knowledge the only member without EEA membership also, is Switzerland.

EFTA members partake in freedom of movement and the single market, but are not privy to the customs union.

Come back when you understand how Europe works

Lets put Revolut aside for a moment, see what N26 metal offers in Switzerland, nothing. It isn’t even available.
All I’m saying is that there are regulator and companies can’t really do what they want. Pretty much all of them have ready products to offer.

Well, keep in mind that maybe doesn’t worth to spent time, resources and money for stamps just to unlock a country. They can do the same for US or Australia for example as they did, with much more customers and profits, after all its a company and you can’t blame their tactics.

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I still don’t get why there is so much aggression here both against Revolut and other users. This community should help make a great product better. Raising issues and making suggestions is a great way to do that.

And concerning the numerous ‘Swiss are treated so badly’ threads: Revolut is still a great offer in Switzerland, with no competition coming even close. Yes, I also would like to have the insurances, but I understand that that’s not trivial with Switzerland being outside the normal European political and economical environment. I hope there will find a way, but still enjoy the rest of the benefits as Revolut Metal customer.

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In principle I fully agree, and yes, in general the service Revolut offers is great. However, I understand that taking away a feature that they had in for months (the local bank transfers for CHF top-up), and then explaining things are “not yet available in your region”, feels … counter-intuitive to what Revolut tries to be: a global account without borders.

I understand that there may be difficulties with regulations or - in case of the local transfers - with their partner bank (Credit Suisse), but then I would at least expect proper, transparent communication, like

Sorry, due to a recent change of Credit Suisse policies we are not able to provide the local bank transfer details to non-Swiss residents for the moment anymore.

instead of claiming a technical problem in the App for showing these in the first place.
Hey, you offered a great service in the past by providing those, and it is not your fault that you have to take it away. Don’t blame yourself for something you did not do. Such excuses just feed aggression, uncertainty and doubt. Be transparent.

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This is something we won’t see often

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