It is done in waves. You just have to wait. Similar to the Revolut UAB change, there seems to be another change coming up soonish. Super confusing communication overall though.
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Revolut answered to this Revolut Switzerland Payments AG confusion on Reddit.
Question:
Is Revolut planning to remove these card fees in the future for Swiss (non-pro) customers and is there a timeline when this ‘Revolut Switzerland’ option in the link above will be rolled out to everyone?
Revolut answer:
Hi there! Regarding “Revolut Switzerland Payments AG,” we want to inform you that this entity does not yet apply to any of our customers. When Swiss customers were moved from Revolut LTD to Revolut Bank UAB entity, it was the first stage in creating this new Swiss entity. However, no customers are currently within this Swiss entity, as it is still under development.
For the time being, customers in Switzerland are managed by our Lithuanian entity, Revolut Bank UAB. We will provide further updates to our customers once we are ready to begin migrating accounts to the new Swiss entity. We do not have any news to share about the specific timing of this migration at this moment. Thanks for understanding.
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Hello
I have Revolut since a very long time. I just use it when travelling abroad, and sometimes for online purchases. I load it with my card (now a EUR one as I realized using a CHF one brings a lot of fees).
They asked me recently for my AHV number which I gave. But since then they keep asking me to open a vIBAN (I havent spent time to read the details but it seems it implies sending again AHV documentation, open a Revolutbank account in Lithuania etc…). They are very pushy, asking me to do this almost every day on phone, app, email… and have an almost threatening tone (I risk “perturbations on my account” if I don’t do it right now).
To me that’s a bit fishy. Anyone has spent the time to read about this and list the pros and cons ?
i dont want to pay or get paid on this account for daily matters in Switzerland, nore open a Revolut securities account. So I’m guessing the only advantage would be to transfer from CHF account without having to use my EUR card to transfer into Revolut ? Will I be able to pay into Revolut with a CHF credit card without fees ?
Thanks
There are not much changes if you do it. You will have a LT IBAN at Revolut bank UAB in Lituania with protection up to 100000€, also new CH Postfinance shared IBAN to send CHF.
You will be able to buy stocks/ETF.
You can fill your CHF account with debit/credit card for free only if you have premium or more subscription.
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It’s pretty normal for a financial service company to do that. They’ll want all their customers in a given jurisdiction banking with one entity, otherwise it’s a nightmare to manage the regulations (this is what this is about, transferring from the UK entity to the LT entity, if I understand correctly they have a followup where they will transfer you to a swiss entity, and thanks to vIBAN it will be transparent).
The AHV is due to having to do a fresh round of KYC.
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Your current Swiss IBAN (provided by Credit Suisse/UBS) will be removed from the app in 20 days, on 16 June.
Payments to this IBAN will be processed until 30 June, and any sent after this will be rejected and returned to the sender. We recommend switching to your new IBAN as soon as you can in case of delays.
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Would I get my Premium fee back then?
Also if I provide AHV number now will they share to the government how long I had the account for? I never bothered declaring it in the taxes as I had low two figure amounts in there at years end.
Since it’s a new account number, I don’t think they’ll share data about previous accounts.
That said I doubt the tax office will care about a sub 1k figure that would only impact wealth tax…
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Wise are a good alternative for currency exchange. For the other services, no.