Revolut is back


#43

It’s now possible, with a scenic detour (indirectly).

Check here for the latest:

https://community.revolut.com/t/switzerland-most-cost-efficient-top-up-methods-update-may-2018/35042


#44

My bad, had the wrong number in mind and didnt double check.

@cray Thanks for the link, I will have to monitor that :smile:


#45

“I promise Swiss IBANs are just around the corner”

Given their track record of screwing up on promised ETAs, I think that means 0.5-1 year away


#46

They are most assuredly not cutting corners here.


#47

If someone is planning to use their app, be prepared for horribly slow customer support. They basically only let you contact them from a chat in the app, where a bot is answering your questions with prerecorded phrases. No human support in case of problems is available for days.


#48

British financial technology startup Revolut plans to apply for a banking license in the United States, Chief Executive Officer Nikolay Storonsky said on Monday.

The company, launched in 2015, could apply by the end of the year in California, Storonsky told Reuters in an interview at the sidelines of a fintech conference in Amsterdam.

It plans to launch services in the United States this summer with a banking partner, Storonsky said.

The company is one of the UK’s most valuable fintech startups having raised $250 million at a $1.7 billion valuation in April.

It is also in the process of launching a robo-advice product, as well as commission-free stock trading, Storonsky said.

Globally it employees 400 people, with plans to double its headcount by the end of the year.

https://www.reuters.com/article/us-banks-fintech-revolut/british-fintech-startup-revolut-to-seek-u-s-banking-license-ceo-idUSKCN1J024H


#49

Seldom does a week go by without a Revolut announcement. Today, the company reveals that it is working on a new commission-free trading tool, allowing users to invest in UK and US-listed firms, as well ETFs and options.

Revolut is taking aim at traditional brokerages, which charge as much as £5.00 per trade. It likens its attempt to make trading more affordable and accessible to the approach it has taken to banking and crypto-currency.

“To put it bluntly, we are going to cause the same disruption in investments as we have done in banking,” said Revolut founder and CEO Nikolay Storonsky, in a statement. “Brokers are charging people as much as £5.00 per trade and the user interfaces are typically clunky, slow and confusing for consumers. The pain points are clear for us and the room for improvement is massive.”

(…)

We now have some notion of where the app’s customers are concentrated. Approximately 900,000 of its customers are based in the UK, with France and Poland emerging as its second and third largest markets respectively.

http://www.altfi.com/article/4498_revolut-hits-2m-customers-plans-new-trading-platform


#50

I wouldn’t say 5 is a lot :stuck_out_tongue:


#51

They should start with getting some f… swiss iban…


#52

Just around the corner…!! :stuck_out_tongue:


#53

I would recommend using the Transferwise route for charging the Revolut card for free as it avoids the unnecessary (and probably subobtimal) currency conversion required for SEPA. Transferwise has a Swiss IBAN so you can top it up using CHF and then charge your Revolut card from there. It does sound a little ghetto but it actually works and it is not that much trouble. Maybe some day Revolut will get the long promised Swiss IBAN, then this thing will be solved for good.


From old of mistakes to FIRE?
#54

That’s good to know, thank you! Looking into it, I see that TransferWise has its own debit card. Therefore, is there any advantage to use Revolut? Because apparently, even the health/travel insurances are not available to Swiss residents, so my point about this in my previous is now moot.


#55

It’s all on their site. Spending with Transferwise costs you something (0.3-1%). What I also saw on their site is that transfering also costs money, so I’m not sure if that thing with Revolut really works.


#56

I just tried it a couple of days ago, 500CHF in -> 500CHF out and 500CHF arrived at Revolut so I consider that a win.

But anyway as long as the Swiss IBAN does not turn into Half Live 3 it is only a temporary solution.

AFAIK Revolut has better currency exchange and stuff.


#57

I dont’ know how many times do we have to cover the same thing. Transferwise will take around 0.5%, so when sending 2000 CHF, they will take 10 CHF.

But if you save yourself the hassle and just make a goddamn direct SWIFT transfer to Revolut, it will cost you 8 CHF.

Moreover, this fee is fixed, so the more you send, the smaller this fee become relative to the sending amount. Here are some fees I found on Englishforum (+2 CHF for a SWIFT order from PostFinance, this depends on your banking package):

  • CHF 0.00 - CHF 150.00 = CHF 0.00
  • CHF 151.00 - CHF 10’000 = CHF 6.00
  • from CHF 10’001.00 = CHF 10.00

#58

everyone has his own numbers LOL


#59

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.


#60

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! :pensive:


#61

No worries, I was surprised that it worked my self.

Anyway I am still waiting for the CH IBAN from revolut, I am also waiting for Portal 3 XD.


#62

Method 3 on that forum says 0chf for < 150chf.
Method 1 what derpinator was talking about.

What I was saying before is instead this :


specifically this

Same currency transfers (most currencies)
50p / €0.60