Ladies and gentlemen,
I hope you are all doing well!
My wife and I are Swiss citizens and live in Switzerland. My wife needs to send 500€ monthly to her parents in France. Currently, I’m using my main account at neon to make the transfer, which is good enough to me.
However, as a condition for a new mortgage we’re about to get, BCF wants us to open an account with them. This is actually not that bad, given that they offer fee-free accounts. At first, I told myself I was just going to keep using neon and plan a recurring transfert from BCF to neon, but then I thought about the following:
- Salaries paid to the free BCF account
- Keep all normal purchases with current cashback cards
- Open a Revolut or Wise account for that monthly 500€ transfer to France and occasional spending abroad > which means I wouldn’t need neon anymore.
I did some research between Wise and Revolut and as I understand it, for my use, Revolut would be cheaper:
- Recurring BCF transfer to CH-IBAN Revolut > CHF to CHF, no fees
- Exchange within Revolut > CHF to EUR, no fees (current mean exchange rate)
- Transfer from Revolut to the french bank account > EUR to EUR via SEPA, no fees (because under the fee-limit)
Am I missing some fees or other that would make Wise better?
Thanks a lot and have a wonderful Sunday!
Converting chf to euro is free up to 1000 euros by month with 1free wire to an euro bank account on your namewith Revolut. I did it many time.
Not sur you can wire money to an account you do not own. Work around will be open them a revolut account if you do not own an euro account.
Open an account to try it and let us know the blocking point. It is also a great travel card for trips out of Switzerland
Wise is similar except you will have 0,36% conversion fee 0,30 euro by wire transfer.
Slightly more expensive but not much.
I use both Revolut and Wise to send occasional € amounts to a French bank account. They both are designed to do exactly what you intend to do.
While you remain within the limits of the free account, Revolut should be some cents cheaper than Wise, but from a purely subjective, emotional point of view I find Wise to be the more likeable company than Revolut.
I keep using Revolut since a year, chf to Revolut, then chf switching into eur and then our to my Bank. Below 1250 chf I think I don’t pay fees…
Okay, so no fees for transfering from my Revolut account to the french bank account of my step-father? @FunnyDjo wasn’t sure about that.
I never paid a fee and that’s what Revolut’s website says:
Payments within the Single European Payments Area
This means payments in euros that are sent to an account outside your country but inside the Single Euro Payments Area (known as “SEPA”).
But if you are concerned, you can first withdraw Euro to your own bank account, and then send it from there. For example Yuh account comes with a Euro account and it is free.