Interesting would be to compare IB exchange rate (+fee) with Revolut’s.
Well there is no free lunch. I am pretty sure that revolut is making up the “free” exchange with the spread on FX. (Actually, people are discussing this on the revolut forum: https://community.revolut.com/t/real-exchange-rates-revolut-doesnt-live-up-to-its-promise/38956/18).
So in the end, it all comes down to the size of your lot. On IB, I am usually charged ca. 2 USD per exchange. Lets keep it simple and say you exchange 2000 USD, then the fee is 0.1%, at 5000 USD it goes down to 0.04%.
So at 10´000 USD, the spread on revolut already has to be better than 0.02%.
For me finding out whether revolut is worth the extra hustle, would be too much of an effort. But if you do, please post it. I`d be interested to know.
Here you are, I received these instructions from someone already got across the process. Now I will do the same and then I can prove if it still works.
1 you initiate fund transfer within the IB in order to receive USD
2 the IB will give you the instructions in USD style (not SEPA, no IBAN) so the key will be three things (see next point)
3 a) account number (see point 6), b) Routing number, c) reference number
4 now you go to Revolut and initiate a new transfer adding a new beneficiary “To Myself” This will automatically add your name to the receiver part.
5 You chose USA and sending USD
6 you will need to give the account number and that is tricky since the IB gives it in XXXXXXXXUYYYYYYY format. This is a virtual account number assigned specifically to you only. Do not type the UYYYYYYY part but only the XXXXXXXX part. The Revolut does not allow you to type other digits here but only numeric.
7 you will need to type the Routing number
8 you will need to add the address of the beneficiary, which is the US address in the instructions given by the IB (see point 2) not the UK address
9 finally the amount of money and on the same screen the reference number. Send. Ready.
I did not split the above process to specific sreens on revolut, sometimes just need to press further and you will see what to type there. Probably not in the exact order I numbered above.
It will take couple of days of bureaucracy to receive the money to IB and being set to be free for trading by IB, however it seems to be working in this way.
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Is there any transfer fee?
I went through the whole thing and there were no fee charged. Now Iam in the waiting phase for the money to be received to IB. I guess it will take some days…
Im transfering CHF from swiss account to Revolut, echanging to USD for free and with good rate, then transferring the USD from Revolut to IB
this seems like a gigantic waste of time. Revolut does not give you better rates than IB.
Last time I checked Revolut was more expensive in daytime trading. And of course the rate fluctuates so you might make more money just waiting a few minutes with the exchange when the rate is better.
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I compared IB and Revolut the other day and saw very similar quotes during normal business hours. Difference was certainly quite neglible compared to volatility, you are right just waiting out a minute or two could have turned a loss into profit and vice versa. Unless we are talking about changing 5-6 figures there is no point to microoptimize this. Go with the most convenient option for you, your time is worth so much more than this.
However seeing Revolut’s incompetent support in a recent fraud case, ethics issues, their hazy bank/not bank situation, etc I’m actively looking for an alternative. It seems N26 is finally available in Switzerland, anyone tried it?
I don’t trust Revolut with more than 2000chf. When I am abroad I can exchange money on the fly with the credit card if I need more.
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You are probably right. There is easyer way to send CHF to IB straight and exchange it there with no hussle. I was only experimenting the process in order to know whether it works…
I tried yesterday and there is not available in Switzerland… where did you find this information?
I have a N26 account but in another country…
I got an email from them some time ago saying there were coming “soon” to Switzerland.
You’re right, I tried today and it still says not available here, they only offer to put me (again) on their mailing list for an update 
N26 got bad press for similar reasons, in fact fraud, money laundering and dismal custormer service.
If Revolut is a no-go, N26 will be the same. I’d recommend you neon’s mastercard then
https://www.handelszeitung.ch/unternehmen/kreditkarten-ausland-kosten-sind-hoher-als-ausgewiesen
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And I recommend additionally Boon. for good FX (Mastercard) and no commission on foreign exchange. The 1.49 CHF monthly fee can be discounted easily by regular promotional offers: 5% back of your next 3 shopping bills paid by Boon, etc.
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Thanks, will check these two cards out!
You mean they use Mastercard’s forex rates by this? With >0.5% markup baked in?
Exactly the rates from here:
https://www.mastercard.co.uk/en-gb/consumers/get-support/convert-currency.html
Rookie question about revolut card usage abroad. The good thing of the card using for purchasing abroad is that does not charge fee for exchanging to local currency. Does this apply any time, weekend too? As I understand the currency exchange on the revolut account is not free on the weekend. Does the card still changes currency for free when I am using it abroad on weekend?
Same thing as for manual currency exchange between currency balances: There’s an added margin over the weekend, so you’d better exchange during the week.
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Not a good news but Thank You.
I think it shouldn’t be a big deal even if you go in some place just for a holiday. If you go to japan for a weekend, you exchange some chf in yen now and then you will exchange the remaining amount back in chf. you won’t lose much theoretically. Less than the markup I believe.