Transfer & conversion comparison Revolut --> Migros Bank

Banks, Insurances & Third Pillar
1

Hello,
I am looking for advice in the most efficient method to transfer e.g. 15’000 EUR in Revolut (LT iban) to Migros Bank in CHF.

So far, I can think of 3 ways:

1/ Create the payment in Revolut to the Migros B. CHF iban :
Results in Revolut automatically converting the EUR in CHF and sending the transfer;

2/ Convert the Revolut EUR amount in Revolut CHF amount, then create the payment. :
Results in the same of 1/

3/ Create a Migros B. EUR iban. Then, transfer from Revolut EUR to Migros B. EUR iban. Then, convert Migros B. EUR to Migros B. CHF.

Do you have advice on which method is less expensive and ideally by how much? could you help with the simulation?

thanks so much!!

2

Hi,
Which plan do you have in Revolut?

3

What is the fees that Revolut is showing to make the conversion?

4

Well, the question is rather: which entity is doing FX conversion?

IB would be the cheapest, but they don’t like if you use them just for currency conversion. If you want to invest these funds anyway, I would say that’s the way to go.

Otherwise you can try via Alpian: accounts in own name in EUR and CHF, FX conversion spread like at Revolut, no limits.

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5

This you can disregard from the start.

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6

Hi,
I have the standard plan.

7

Right now as I write,
the EURCHF applied by revolut on the 15’000 EUR would be 0.9371
the commission is CHF 130.50

8

If standard plan then I agree with Dr.PI.
Revolut will costs you 1% of 13750chf (15000-1250) = 137.50.-
You can get Revolut premium for 110.- annualized without FX fees.

Alpian have 0.25% FX fees and EUR account. So you can send your EUR to Alpian then convert into CHF = 37.50.-

If talking about investment then IBKR, again as suggested by Dr.PI.
Forget about Migros conversion.

9

Okay

So following are your options in my view

  1. try a third party exchange (Wise, Alpian etc) if they are offering lower fees if the goal is to use CHF for expenses

  2. use your broker (like IBKR, Saxo) if eventual goal is to invest

10

PLUS their spread of around 0.25%.

11

Hi,
I’m curious, where do you find those 0.25% please?
Maybe I don’t go to the right place but when I compare Revolut and XE, last update 11h20.

Revo in-App: 1.0661
XE.com: 1.0660

Thx

12

Right now I see in Revolut app:
Sell CHF to EUR: 1 CHF = 1.0638 EUR
Buy CHF with EUR: 1 CHF = 1.0702 EUR

Mid price: 1.067
Difference to mid price: 0.0032 EUR = 0.3% :slightly_frowning_face:

13

Thank you all to join the task of advicing. Chapeau!

I think I am getting more clarity on this. To help you, here more details of my scenario:
The money will fund my personal account where I need that liquidity. No investing needs.

I prefer not to open new subscriptions for the sake of simplicity.

The options might be only two, if I get it right:
1/ exchange in Revolut than transfer the CHF to my Migros B. CHF iban.
1a/ do that in standard plan
1b/ do that in another premium plan (what are the pro/cons? can I unsubscribe quickly from premium back to standard, right after the operation?. etc…)

2/ Open a Migros B. EUR account (should be free). Transfer the Revolut EUR to Migros EUR iban. Ask Migros B. to convert the EUR to CHF.

14

Just convert at Revolut and send. In this way you will know exactly what you are sending and how much fees you paid to convert.

I recommend to make sure you use correct transfer instructions to avoid this being considered as international payment and another charge levied by Migros to receive the money. I have no idea how exactly CHF will move within Revolut as they have a LT CHF account and also a virtual Postfinance account.

And if you don’t need all money together, you can also use monthly free limit of Revolut and split the conversions over the months

For everything else you would need another account opened

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15

Thank you for explaination.

Did the same again for Alpian and Revo. I think we must be careful because it seems it’s very variable…:

Alpian
1.0630
1.0677
Mid: 1.0653
Diff: 0.00235
So do we add those 0.235% to their markup of 0.25%?

Revolut:
I tried 2-3 times, one was 0.1%, then 0.3%, etc… I think either we’re lucky or not. But who can say it’s not the same with Alpian?

16

Forget the Migros.
If you don’t want to use Alpian, just go with Revolut Premium, enjoy 1 year of NordVPN or Perplexity Pro, whatever interests you in this plan and pay the fees. Don’t forget to unsubscribe the premium plan before the year ends.
Unsubscribe right after will costs you more because they will make you pay for the service anyway…It could also end up with a blocked account and you will not like it. Play their rules fairly.
The last option as already suggested, convert and send 1250.- every month for 12 months for free…

17

Don‘t overthink, we are talking about 15k and not 1.5m.

Cheapest option: IB.

Most rational: Revolut or something similar, which you already have in use.

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18

Hi,
just double checking with the possibility to upgrade to Premium, make the operation and 2 days later downgrade to standard Plan again.
if I get this documentation right, we get no break fees and only charged for the new card delivery. Search in the document for " If you downgrade within 14 days".

am I missing something?

19

Generally, Revolut’s internal EUR to CHF conversion rates are very competitive, especially on weekdays with no extra markup. So option 1 or 2 would likely be cheaper and simpler than sending EUR to Migros and converting there (where banks often use less favorable rates plus fees)

20

Shouldn’t we just use how many CHF we get at different platforms for same amount of Euros?

Everything else is just mechanics. What matters is what’s the end number

1 Like