Revolut is back


#83

Which country is that?


#84

You should check the TOS. I think they have bad exchange rates on weekends or something like that, but not so high.
Are you in the Philippines or Thailand?


#85

I googled some Revolut support thread and someone said that Revolut follows the spreads from this website. So in this example, the bid is 14.73 and ask is 16.73, which is a sick spread.

Anyway, since I’ve been using Transferwise for payments, I’ve been wondering: is TransferWise lacking anything that Revolut has? I can charge it with a bank transfer for free, it uses the spot rate on purchases, I can withdraw up to 200 EUR monthly, AND it has a web interface, which Revolut lacks.


#86

Doesn’t TW have a fee of 0.35% on each conversion ? Seems not negligible at all.


#87

Thanks for having me double check! I had a good look at the transaction where I spent 400 CHF and it says “2 CHF currency exchange fee”. So it’s 0.5% in this case. Alright, so TransferWise is only good as a back up solution. Of course I don’t want to pay 0.5%.


#88

Wow, it’s even more than I thought. And it seems that it depends on which currency is used :frowning:


#89

Continuing the discussion from Revolut is back:

So it seems that now also transferring money from UBS accounts 5 CHF are taken from Revolut. Before you coul transfer let’s say 500 chf to Revolut with costs to beneficiary, and 500 CHF were in your revolut account…now are 495.
So I am wondering…can I transfer the amount (in CHF) to Interactive Brockers, convert to Euro with forex, then transfer the sum to Revolut? would it make sense?


#90

I think you can’t.
UBS->IB , yes you can (does it cost?)
IB->Revolut, no you can’t. I think revolut does not accept it. You have to transfer it back to UBS and from there to Revolut if you have free SEPA transfers (Postfinance does)


#91

Sorry I don’t understand why it should not be possible…I should have a personal EUR account in revolut.
The problem with UBS is, I have an EUR saving account, it means if I transfer sums from/to this account I have to pay fees. If you want a “normal” EUR account it costs extra money per month (don’t remember how much, but it makes no sense to have this cost just for moving this little money around).

(from UBS to IB transferring CHF is free)


#92

Uhm… I am not sure anymore. It might be the other way round, from Revolut to IB is not possible.
Maybe you should just try.


#93

Just transfer your CHF to TW’s local Swiss bank account, and than use the TW card (if you don’t have one, it’s free anyway) to top-up Revolut directly in CHF, without the conversion to EUR and with no fees.


#94

I tried the same with IB, the problem is the withdrawal GUI does not let me enter the Revolut transaction ID, so the money might end up in the wrong place at Revolut and I dont want to deal with their “customer support” to get it back. Would be neat if it worked though

I think the withdrawal function at IB works best with personal accounts. You could open a bank account in Germany and transfer the money there, but I was too lazy for the setup


#95

From Revolut to IB is most definitely possible. You have to take care that you are sending to the right account based on the currency you’re sending. I got burned on this twice by sending CHF to their Euro acct and had to wait 2 weeks for them to decline the transfer and return my funds.


#96

Starting from today Revolut personal account (the EUR one) accepts incoming transfers in USD, CHF, PLN, and probably other currencies.


#97

Not sure this is true. UBS is the one charging the 5 CHF fee (current account) and the full amount always transfers to Revolut when i do this transaction (at least once per month). Therefore what you describe above would cost 505 CHF. For a few months there have been no fees on the Revolut side with UBS transfers.


#98

So how does it work? You make a SWIFT transfer in CHF to a EUR account and Revolut converts it to EUR at a good rate, or does it even put it on the CHF subaccount? Anyway, how is that any better than what we had, you still never know how much you gonna pay for a SWIFT.


#99

Other users reported that UBS --> revolut in no more free, even using the BEN command. I just transferred enough for 1-2 months (I buy my groceries in EU…and some Amazon stuff), next time I will try UBS --> IB --> (CHF to EUR in IB) --> Revolut to see if it works. Revolut has a personal euro account with personal IBAN, no need of a reference number.
I will report if it works.


#100

If you transfer CHF, it will end up directly on your CHF account, without the conversion.

But the accounts are still in the UK, so it’s an international SWIFT, doesn’t change much, apart from the fact that you don’t need a reference number any more, it’s your personal IBAN number - the same for all the supported currencies.


#101

Revolut just got a banking license.
After, they set it up, will this change something for swiss users?


#102

« … nothing is going to change right away.»
Swiss IBAN will come soon. Or not. Or one day. Or never. Or it’s just around the corner.