I think KYC these days requires banks to know where the customer’s tax residency is. Especially if someone might be a US person or not. I think I had to provide my AHV number to all the bank accounts I opened in recent years.
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AHV is your ITIN (international tax identification number), it’s required for financial institution to get it if you say you’re a swiss tax resident.
(How else would they share data with the swiss tax authorities?)
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they shouldn’t. At least not with swiss authorities.
Not sure what you mean, all foreign institutions domiciled in countries where CH has an agreement (which is a lot of countries) will share data (both ways).
You should expect the tax authorities to know about all your foreign accounts (and balances, etc).
Only domestic accounts of swiss resident have no data sharing.
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I got the email too
It seems Revolut is asked for compliance
I understand you might not like to share with Revolut but then the only choice would be a restricted account it seems
I did it a couple of months ago when I followed the invitation to get the “Swiss IBAN.” I was also hesitant—not because I have much to “hide” (I only keep a few pennies on my Revolut anyway), but more as a matter of principle, since when I opened it, it was more of a prepaid card for me rather than a full-fledged bank account.
Anyway, I didn’t want to find out the hard way what the restrictions might be. I figured it’s better to sort it out upfront than discover a limitation right when I needed to use the card.
Just keep in mind that your IBAN will change, and you’ll need to use the new one for future funding from your bank.
I thought that there was still the secrecy for swiss persons, even if the bank was abroad.
Anyway it’s not that the account is secret or something.
I’m just curious about the restrictions. If the restriction is that I can’t have more than 200chf on it, then I’m fine, but I will probably give them the ahv.
Btw I don’t remember giving it to neon, but I suppose they get my info elsewhere. (and also they don’t talk to tax authorities, I believe).
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My guess is that they’ll eventually freeze the account (at least it would make sense if they’re not able to complete KYC process)
For Swiss bank accounts, there is no information sharing between the bank and the tax authorities. Banking secrecy is still upheld in this scenario for swiss citizens.
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Revolut now pushing to get Swiss vIBANs after getting the AHV numbers.
But it seems the Swiss IBANs are not in Swiss Banks. They are in Lithuanian banks. Would this not mean that deposits would be made via SEPA & not Domestic Swiss transfer?
I do not really need a Swiss vIBAN & I am fine with the typical Wallet account as I only use Revolut for wallet money. Does anyone know if I can keep the old approach or I need to switch to Swiss vIBANs. Or is there any advantage/disadvantage of Swiss vIBAN vs. Swiss wallet
Its a bit weird that these are called Swiss vIBANs and not CHF denominated Lithuanian IBANs
I have the new “vIBAN” (a marketing term?) since today. It is an IBAN from Postfinance, which is not(!) under my name. I still have to enter a reference for deposits. I really don’t understand what Revolut is trying to do here. This article is therefore still up to date.
From the user’s point of view, it is only a switch from Credit Suisse to Postfinance…
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Basically you have a personal vIBAN with PF so that payments look domestic, having a CHNNNN reference (but your actual account is always in Lithuania).
AFAIU, the vIBAN is personal (different IBAN for different accounts), not sure when they’ll remove the need to add a reference. (The documentation makes it sound like it’s not meant to stay this way).
Ahh
So now they have two banks involved rather than one 
Maybe it’s an account within an account setup because the real personal IBAN is going to be in LT.
I will just say yes to vIBAN whatever it means 
And I said no and will let you test.
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It got opened
Basically it seems to be a two prong system
- Postbank account under Revolut name and it needs reference while adding money (this needs to be used for domestic transfers) - this is CH IBAN
- a LT account under my own name (this needs to be used for international transfers) , this is LT IBAN
The only difference versus historical situation seems to be that #1 is covered under 100,000 Euro LT insurance. Earlier it was without insurance
I don’t quite understand why Revolut is doing all these marketing gimmicks. If they want Swiss banking customers why can’t they just apply for banking license
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I think there is also a little bit of this:
Maybe the personal CH IBAN will come on day but it works well without so for me no big deal..
Is this new?
Because nice. (If it means what I think it means - Until now I’ve been charged for loading up via credit card)
“Stored card: free. However, if you add money with a card that has not been issued within the EEA (e.g. a US-based card) or you add money with a commercial card then we may charge a small fee just to cover our costs. If you are using a non-commercial card that has been issued in Switzerland and vou have been onboarded to Revolut Switzerland Payments AG, no additional fee will be charged.”
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I was looking for some statement that there are no more fees recently but i couldnt find any… Reason is that I vaguely remembered that they warned about this in the app but don’t do it anymore.
It seems as if they dropped it but don’t tell it loudly so that as many as possible still use the (for them) cheaper bank option.
If anyone can test, let us know whether its free now. 
How do they define commercial card?
(does it mean that credit card won’t work, but debit card will?)