15K transfer to Revolut process

[Doffy]

Hello,

I need to transfer 15KCHF from BCV to Revolut and then convert it in EUR. I never sent this kind of amount neither used this method, normally I top up with Mastercard, but they have a 2K /day limit.

I just wanted to confirm the process:

1. Go to BCV and choose “bancaire suisse CHF” there I can input the swiss Iban, reference, etc
2. In Revolut, top-up with the local option (not the swift). This is a swiss IBAN instead of the GB Iban in the swift option.
3. Convert directly in Revolut the currency.

From the info I have, there won’t be any fees for the top-up. How long does it usually take ? 2-3 days ?

Thank you in advance.

[_name]

Hi @Doffy,

The process you describe sounds good. In my experience (PostFinance), the bank transfer should leave your bank the next day, and be credited in Revolut one day later. So about two days total.

There should be no fee for the transfer, but the conversion goes over the free limit so that will have a cost (small percentage, I don’t remember exactly). Make sure not to do the conversion during a weekend because that would be even more expensive.

[Doffy]

Thank you @_name for your answer and advice. I am a bit confuse though. Is this the menu to do it in BCV ?

Benificairy is Revolut (as stated below). In the address do I need fill it as I did with Credit Suisse name + address ?

I know the question might be stupid, but I prefer to be fully certain there won’t be any problem. I read many post of people who had problem with Revolut not finding their deposit and it took weeks to solve. I cannot afford to wait that long.

Thank you very much

[TrickMcDave]

Seems right to me (did it several times before). What‘s important is that you add the purpose of payment exactly the way Revolut describes it in the app (Unique Revolut Number, Firstname Lastname, Country Code). Once I forgot the CH at the end and the money came back to UBS.

It‘s not that complicated. And if the transfer won‘t settle, it‘s usually sent back by CS to your BCV account. So no worries.

[_name]

I’ve never used BCV, but that looks mostly correct. In “communication to bénéficiaire”, you must add the reference number that Revolut gave you.

I’m not sure what “reference QR” is. You can leave it as you have in the screenshot if they accept that, but the important part is “communication au bénéficiaire”.

[Doffy]

Thanks to both of you for your answer. For info in benificiary you only need to put Revolut, London, UK, with the iban credit suisse will be added automatically

[MrCheese]

Please note to convert 15k you might need a premium or metal plan otherwise you will pay a fee. Iirc for exchanging 15k+ the premium plan was recommended.

[Oliv]

For what it’s worth, I did a 25k transfer from ubs to revolut in December, and it took revolut close to 2 months to release the fund… They asked me a lot of documents to confirm the origin of the funds, really painful.

To be more precise, the transfer from ubs was very fast and I was not very proactive in giving the documents revolut was requesting. I am not a premium user of revolut, it might also have an impact.

[Doffy]

@MrCheese I did not know this, thanks, I checked the fees on https://www.revolut.codes/legal/fees

“Everyone on Revolut whose base currency is GBP can £1,000 of exchanges at this rate each month. Standard customers who exchange more than this will begin paying a fair usage fee of 0.5% on any additional amount. A Standard customer is anyone who is not a Premium or Metal customer. Premium and Metal customers do not pay this fee.”

They say GBP, but I guess it’s the same for other base currency. In my case that would be 15K-1K = 14K*0.5% = 70. For just a little more I can have the Premium account. I will subscribe to it, at least I will get a service out of it.

@Oliv Damn, that’s terrible, I hope it does not happen to me…

[TrickMcDave]

CHF 1250 is the treshold for the free fx.
Whether your payment is available immediately or not within Revolut depends i.a. how much money you already processed via Revolut.
Those that use Revolut for MS know this well.

The relevant tresholds used to be public, now Revolut doesn’t publish them anymore. But they remain ± the same. From what I know the verification tresholds are at circa EUR 35k/85k/125k.

So if you did not use Revolut extensively, a CHF 15k payment might not trigger the first treshold.

[Doffy]

So basically there is no way of knowing beforehand the fees that will apply if you cross the threshold or whether the threshold is already crossed ?You have to go through it and taking the risk of getting hidden fees. In this case, I think I am going to subscribe to the premium plan even if I am not going to get much use out of it except for this case.

[Ed_Waadt]

Référence QR is the way they call the old “numéro de référence” from the orange payment slips. Since this is a CHF wire transfer, leave that blank. However, in “communication au bénéficiaire” be careful to put exactly what Revolut told you to put in what they call “reference”

Indeed their CHF account at Crédit Suisse is a global collection account out of which they allocate payments to customers based on the reference.

[TrickMcDave]

No, I‘m not talking about fees.
I‘m talking about verification tresholds (source of funds, KYC). Your transfer may be blocked until the verification is complete and that can be cumbersome because they ask for many documents, sometimes when you delivered them they ask for more.

[Eluc]

Yes my dad had this issue but it was 2-3 years ago. He did ask in the chat if there was a limit of topup and they said that there is no limit. So he sent a large amount to cover a 3 month trip abroad and it was blocked by Revolut, they ask for proof of found, like a salary sheet but as he is retire he has no salary anymore. It tooks several days and hr end up to have to show a bank statement screenshot with a large enough amount to get it unfrozen. He said either you approve it or you return it and a close my account, and they approved it.

Not sure if it’s still like that now. You can ask in the chat support and tell them exactly that you will transfer 15k and confirm that no further verification is needed.

Otherwise you can use check on Monito.ch what is the cheapest way to convert the money in the currency you need, it might be cheaper than Revolut.

[Doffy]

Thanks to everyone that answered in this thread. FYI the transfer went smoothly, I received the funds the day after I placed the order with BCV. Revolut did not ask for anything and there were no fees for the conversion (I subscribed to the premium plan, tough).