At what point in the transfer is this taken? I have not seen any loss anywhere, does it have like a minimum value or is it charged later?
My Bank account was charged 500CHF →
My Tranferwise account got 500CHF →
Revolut got 500CHF
So far I can not see where the 2.5CHF(0.5%) would have been taken.
Are you sure the 0.5% counts for the debit card? Because the tw->revolut way uses the Debit card not the transfers (the card was even free, you just had to top up 20CHF which I transferred to Revolut later).
So unless I get charged at the end of the month or something I will consider this a success.
What are you talking about? I described the method #3 and the costs are exactly the same. But the method #1 looks interesting!
Whoa, sorry there! I didn’t read into your post. I thought you were suggesting converting CHF to EUR using Transferwise. So you can send CHF to Transferwise and from Transferwise over borders free of charge? Basically bypassing all SWIFT charges? That’s quite sweet. Wonder if the same would work for PLN accounts in Poland. Sorry again for being too quick to judge!
Wait, so you charged your Revolut for FREE, as in 3? Half Life 3 confirmed!
I logged into my Transferwise and I see they have developed strongly since. They also offer a card and multiple accounts, like Revolut, and they have web access to your accounts, which Revolut doesn’t have. It’s almost all better than Revolut, with the exception of currency exchange fees, which are around the said 0.5%.
I am really surprised that they provide a Swiss IBAN to charge your account and even more surprised that they will send your CHF to UK free of charge. This has to be a hack, or? The make money by charging for currency exchange, so if you don’t exchange, they don’t earn.
You are quoting the pricing of the card, not of the bank transfer. Or is it how it’s done? No way to make a regular bank transfer?
The same Page also contained this quote further down:
Spend in currencies in your account: Free
So I assume this applies.
It is probably more of an unintended use (then again these days everything is a hack).
This seems to be the most likely option. I mean this is relatively tame, have you seen US Credit-cards and their insane cashback and rewards programs (there were like some 2-5% ones) that are probably mostly paid by other users paying 20+% interest because they have no Idea how to deal with money?
I can confirm the method works! The only (one-time) fee I’ve every paid with this method was the shipping cost of the Revolut card (CHF6.99).
The workflow is slightly convoluted, and maybe not always worth it if you value your time, but I just love avoiding all bank & conversion fees!
Send X CHF to Transferwise from my Swiss bank account (IBAN transfer).
Wait for money to arrive (takes several days, that’s the slightly annoying part).
Load Revolut account in CHF using the Transferwise Debit card (must specify that currency is CHF, even though it suggests using GBP).
Exactly X CHF are on the Revolut account and can be spent anywhere, with cheap / free currency conversions on the fly.
Transferwise will be eliminated from the workflow when Revolut gets a Swiss IBAN, but until then, it works really well!
I just tried topping up Revolut with my credit card, and there were some fees with a tip telling me there would be none with a debit card. For a 1’000.00 top-up, this amounts to 18.40 of fees.
I have opened an account with TransferWise and requested a debit card. Should be there next week. Seems like the sensible thing to do to use Revolut. (On a side note, I just checked my monthly statement with my current CC and they just charged me the yearly fee… frak. Should have looked into this a month ago.)
Swiss banks doesn’t offer the debit card you need for Revolut. Credit card transfer is free from their side, but CC takes 1.5% for foreign transaction (even if in chf)
I have been using the TransferWise debit card to top up at Revolut without an issue. Just keep in mind that once you receive it, you can only top up 250 a day for around two weeks. TransferWise has a Swiss IBAN so depositing CHF there is pretty straight forward.
I don’t remember where I’ve read it, but it seems you need to have a specific debit card to top up.
I honestly have no idea how to top up with any debit card, actually. Is it doable from the app itself?
PF and UBS debit cards don’t work. They only have an IBAN on them, there are not 4 sets of 4 digits (like a credit card). You are forced to use the built in scanner and it cannot detect a valid card with the ones I tried, however the moment I gave it a credit card style debit card it worked.
However, on the Revolut thread Top up with UBS, numerous people have said they can transfer for free directly from their UBS accounts.
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