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-   -   Banks - UBS, Revolut... (https://www.englishforum.ch/business-entrepreneur/300009-banks-ubs-revolut.html)

simoner 06.09.2020 16:44

Banks - UBS, Revolut...
 
Hi there

What is the best bank in which to receive payments coming from the US? - could be in EUR or USD currencies.

I have a UBS account, and also a Revolut one.

I understand exch rates in Revolut probably better. Not clear on fees though (assuming within my limit of 5 free transfers a month).

And for EUR / GBP payments coming from SEPA region - EUR/UK?

Ultimately I live from my UBS account so no point me accumulating too much in Revolut. I am a solopreneur.

Thanks

Simone

HickvonFrick 06.09.2020 19:16

Re: Banks - UBS, Revolut...
 
Quote:

Originally Posted by simoner (Post 3214593)
Hi there

What is the best bank in which to receive payments coming from the US? - could be in EUR or USD currencies.

I have a UBS account, and also a Revolut one.

I understand exch rates in Revolut probably better. Not clear on fees though (assuming within my limit of 5 free transfers a month).

And for EUR / GBP payments coming from SEPA region - EUR/UK?

Ultimately I live from my UBS account so no point me accumulating too much in Revolut. I am a solopreneur.

Thanks

Simone

Use revolut or transferwise to exchange usd, eur or gbp into chf. Then move the chf from revolut or transferwise into your ubs account. The fees for both are very transparent and will best any competition unless we are talking about serious amounts of cash - at least 20k usd .

Revolut is generally cheaper in the week and transferwise on the weekend.

Revolut is totally free up to $1250 a month during the week. As in you pay interbank rate with no fee.

Don't even think about using ubs lol

Spaceghost 09.09.2020 06:17

Re: Banks - UBS, Revolut...
 
I have both UBS and Revolut accounts. You may well be charged by UBS for the inbound payment (depending on your account) whereas you won't by Revolut just for openers. I have a basic expat account with UBS and sending 7k CHF recently directly from Revolut to UBS for a rent deposit, they took 14 CHF off it for the inbound payment for example.

If you're going to be sending quite high amounts it also makes sense to upgrade to the paid Revolut account at 6.99 a month, which removes the 5k per month exchange limit before you are charged for further exchanges.

I send almost all of my Swiss salary back to UK every month to pay my mortgage and it only costs my 5CHF to do the whole transfer which I do via:


UBS > Revolut in CHF (UBS charge 5 chf as my CHF Revolut IBAN is GB as was UK resident when set up)
Revolut > CHF exchange GBP (free as premium account)
Revolut > UK HSBC (free)

When I did a comparison rate check on UBS vs Revolut's rate a while ago it was a significant margin (i.e. a few %) so it makes a big difference.

Phil_MCR 09.09.2020 09:48

Re: Banks - UBS, Revolut...
 
Quote:

Originally Posted by Spaceghost (Post 3215594)
I have both UBS and Revolut accounts. You may well be charged by UBS for the inbound payment (depending on your account) whereas you won't by Revolut just for openers. I have a basic expat account with UBS and sending 7k CHF recently directly from Revolut to UBS for a rent deposit, they took 14 CHF off it for the inbound payment for example.

If you're going to be sending quite high amounts it also makes sense to upgrade to the paid Revolut account at 6.99 a month, which removes the 5k per month exchange limit before you are charged for further exchanges.

I send almost all of my Swiss salary back to UK every month to pay my mortgage and it only costs my 5CHF to do the whole transfer which I do via:


UBS > Revolut in CHF (UBS charge 5 chf as my CHF Revolut IBAN is GB as was UK resident when set up)
Revolut > CHF exchange GBP (free as premium account)
Revolut > UK HSBC (free)

When I did a comparison rate check on UBS vs Revolut's rate a while ago it was a significant margin (i.e. a few %) so it makes a big difference.

contact revolut to change the account to a get a CH IBAN and avoid the 5chf per month charge

HickvonFrick 09.09.2020 15:00

Re: Banks - UBS, Revolut...
 
Quote:

Originally Posted by Spaceghost (Post 3215594)
I have both UBS and Revolut accounts. You may well be charged by UBS for the inbound payment (depending on your account) whereas you won't by Revolut just for openers. I have a basic expat account with UBS and sending 7k CHF recently directly from Revolut to UBS for a rent deposit, they took 14 CHF off it for the inbound payment for example.

If you're going to be sending quite high amounts it also makes sense to upgrade to the paid Revolut account at 6.99 a month, which removes the 5k per month exchange limit before you are charged for further exchanges.

I send almost all of my Swiss salary back to UK every month to pay my mortgage and it only costs my 5CHF to do the whole transfer which I do via:


UBS > Revolut in CHF (UBS charge 5 chf as my CHF Revolut IBAN is GB as was UK resident when set up)
Revolut > CHF exchange GBP (free as premium account)
Revolut > UK HSBC (free)

When I did a comparison rate check on UBS vs Revolut's rate a while ago it was a significant margin (i.e. a few %) so it makes a big difference.

Unfortunately that has been decreased to (I think) 1250.

For me that's a big PITA.

Spaceghost 10.09.2020 20:07

Re: Banks - UBS, Revolut...
 
Quote:

Originally Posted by HickvonFrick (Post 3215778)
Unfortunately that has been decreased to (I think) 1250.

For me that's a big PITA.

Yeah although the 6.99 a month for me to avoid that is well worth it but obviously that's not for everyone.

roegner 10.09.2020 20:47

Re: Banks - UBS, Revolut...
 
Quote:

Originally Posted by HickvonFrick (Post 3215778)
Unfortunately that has been decreased to (I think) 1250.

For me that's a big PITA.

I read about that but my basic plan still show 6k per month


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