Update to top-up fees for Swiss cards On 25/10/2022, we’ll be introducing a processing fee when you add money to your account using a debit or credit card issued in Switzerland
We wanted to let you know that we’ll soon be charging a small fee when you add money to your account using a card issued in Switzerland. The fee will be 1.15% for debit cards and 1.5% for credit cards issued in Switzerland.
Just takes more time and planning I guess. I’ll definitly do that too, but this will require me to “deposit” and have money on the app constantly to be able to use/exchange quickly whereas with my credit card I could just top up quickly and use that money in a different currency very quickly.
Yes, I think it’s the same as with other bank transfers. I don’t remember whether I’ve tried same-day transfers to Revolut (in the morning when many Swiss banks offer this).
True, it’s not ideal but I simply look at it as holding a small part of my emergency fund at Revolut. That way I can use Revolut also when my bank cards are not working for some reason.
SIX will be introducing instant payments from 2024, which will hopefully eliminate this issue.
I guess my new use case for using cards abroad / spending foreign currencies is “wire to Neon and use Neon”
Hence loosing some connivance and require some more planning ahead (that may be a good thing, though)
The last and remaining use case for my Revolut card is “ATM usage” (up to the free amount) also with a prior wire transfer…
While they’re headquartered in the U.K., maybe we don’t have to worry as much about employment conditions there - as we should about conditions in Poland or Lithuania.
Keep in mind that SEPA transfers are in EUR only (while most of us on the forum probably earn CHF).
If you want to upgrade then the top up fees are free. Premium is 8.99CHF per month, if this would be cheaper than the 1.5% CC fee per month, dpending on usage?
If you need foreign currency for planned expenses, bank transfers in CHF are free. If once you have an emergency, well, you pay an emergency fee once instead of paying premium fees regularly.
If once in 2 years you have to make a foreign currency payment equivalent to 10k CHF, you are still better off with one time fee, also accounting for FX exchange fee of Revolut above free level.
And by the way I would check if one of new Migos/Cembra credit card will be better for emergency spendings abroad.
In the samples taken by moneyland.ch in 2022, Migros Bank shows an average markup of around 2 percent on currency exchange rates for purchases in euros.
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