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-   -   Multi Currency Credit Card ["Revolut"] (https://www.englishforum.ch/finance-banking-taxation/240252-multi-currency-credit-card-revolut.html)

roegner 19.05.2017 15:27

Re: Multi Currency Credit Card ["Revolut"]
 
Will give it a try with CHF next week!

wheatism 19.05.2017 16:59

Re: Multi Currency Credit Card ["Revolut"]
 
I was really pleased to see this and topped up already :msnparty:

I topped up via VISA credit card (UBS Swiss account) and there was a fee of CHF2 for topping up CHF200. This was clearly visible when I topped up and I guess the cost is incurred because of Visa.

I was going to do a bank transfer (again from UBS Swiss account) but was informed there would be a "SWIFT Charge" imposed by the bank. Trawling through the UBS site it looks like that is a fixed fee of CHF20.

Shame I can't top up using a "V Pay" card from UBS :msnunsure:

My take on this is for transferring large amounts the bank transfer via SWIFT and getting a fee of CHF would be cheaper, for smaller top ups the 1% credit card fee might be better.

Oh...and as a comparison, I regularly use Transferwise to transfer CHF to a GBP account and the cost is less than the SWIFT charge. So for me, I would send large amounts via Transferwise into a UK account, then top up in GBP for free

adrianlondon 19.05.2017 17:18

Re: Multi Currency Credit Card ["Revolut"]
 
I just went through the motions of topping up with CHF using Apple Pay (which is linked to a Swiss credit card). Revolut wanted to charge 10%, matching the post above.

I'm wondering whether it can be loaded for free using a bank transfer from Postinance, as the UK is within SEPA and Postfinance says IBAN transfers within SEPA are free.

The_Love_Doctor 19.05.2017 17:23

Re: Multi Currency Credit Card ["Revolut"]
 
I've put through a CHF100.- transfer from Credit Suisse account. It will go through on Monday as I just entered the details in the afternoon.

I don't think I will get charged anything. I have made many CHF transfers before to accounts in the UK (GB IBAN) without any charges. I have one of their Bonviva packages which may or may not have something to do with it.

I will report back when the payments hits the Revolut card.

Meadow 19.05.2017 18:43

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by The_Love_Doctor (Post 2788501)
So finally the CHF is available on Revolut! But still the credit card is NOT yet available for Swiss residents.

That means our Revolut account can be used as a money conversion tool. e.g. Top up using CHF, convert to USD, EUR, GBP or PLZ and then transfer the money out to an account that can hold money in the converted to currency.

I haven't tried to top up using CHF, but should be work without an issue using bank transfer, not sure about topping up using Maestro.

Yeah, I just wanted to write about that. What a nice news! And the Polish Zloty is a surprise (btw it's PLN not PLZ :msngrin: ). For my last holidays I had to top up using transferwise, which cost me 0.5%, but now it's gonna be free :).

I still don't see the update in my phone though. It says my version is up to date.

DUTCH 20.05.2017 08:48

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by The_Love_Doctor (Post 2788501)
So finally the CHF is available on Revolut! But still the credit card is NOT yet available for Swiss residents.

That means our Revolut account can be used as a money conversion tool. e.g. Top up using CHF, convert to USD, EUR, GBP or PLZ and then transfer the money out to an account that can hold money in the converted to currency.

I stopped using Revolut believing all of it (transfer+card) was going to be stopped for CH residents.

Do I understand correct that the transfer service is business as usual for CH residents?

roegner 20.05.2017 08:59

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by DUTCH (Post 2788709)
I stopped using Revolut believing all of it (transfer+card) was going to be stopped for CH residents.

Do I understand correct that the transfer service is business as usual for CH residents?

Not as far as I know, I use it with an EU address

soswiss 20.05.2017 09:12

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by DUTCH (Post 2788709)
I stopped using Revolut believing all of it (transfer+card) was going to be stopped for CH residents.

Do I understand correct that the transfer service is business as usual for CH residents?

Where is Revolut available?

Revolut is available to legal residents of the following countries:

Aland Islands, Austria, Azores, Belgium, Bulgaria, Canary Islands, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, French Guiana, Germany, Gibraltar, Greece, Guadeloupe, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Martinique, Mayotte, Netherlands, Norway, Poland, Portugal, Réunion, Romania, Saint Helena, Slovakia, Slovenia, Spain, St. Martin, Sweden, United Kingdom.

In the future we aim to become available worldwide!

PS
Fun to see Canary Islands got their independence from Spain :-)

Meadow 20.05.2017 09:46

Re: Multi Currency Credit Card ["Revolut"]
 
I had to update my address to an EU address as well.

So apparently my app was already up to date and I had the option to send CHF and PLN. What misguided me was that the main currencies are still USD, EUR and GBP. Out of curiosity I sent the first transfer from my postfinance. They charged me 2 CHF for it so far, but as this is a SWIFT transfer, I think you can't ever be sure of the final cost, right? Well, let's see how much arrived at the other end...

adrianlondon 20.05.2017 11:36

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by Meadow (Post 2788726)
I had to update my address to an EU address as well.

So apparently my app was already up to date and I had the option to send CHF and PLN. What misguided me was that the main currencies are still USD, EUR and GBP. Out of curiosity I sent the first transfer from my postfinance. They charged me 2 CHF for it so far, but as this is a SWIFT transfer, I think you can't ever be sure of the final cost, right? Well, let's see how much arrived at the other end...

Why did they charge CHF2? It should be a SEPA transfer (if you used an IBAN number) and hence free of charge. Ensure the transfer stays in CHF and doesn't convert to GBP by Postfinance.

roegner 20.05.2017 11:40

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by adrianlondon (Post 2788765)
Why did they charge CHF2? It should be a SEPA transfer (if you used an IBAN number) and hence free of charge. Ensure the transfer stays in CHF and doesn't convert to GBP by Postfinance.

SEPA is for EUR only

The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. As of July 2015, SEPA consists of the 28 member states of the European Union, the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), Monaco and San Marino.[3]

adrianlondon 20.05.2017 12:01

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by roegner (Post 2788766)
SEPA is for EUR only

Thanks! Last time I transferred, it was to a German bank account and I entered the amount in EUR. So Postfinance did the conversion from CHF to EUR then used SepA (free) to send the money.

So, sending CHF from Switzerland to CHF in the UK will cost the non-SEPA fee. Makes sense now.

Meadow 21.05.2017 08:53

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by adrianlondon (Post 2788765)
Why did they charge CHF2? It should be a SEPA transfer (if you used an IBAN number) and hence free of charge. Ensure the transfer stays in CHF and doesn't convert to GBP by Postfinance.

Yes, SEPA is in Euro. And if your bank makes the conversion from CHF to EUR, you will probably end up with a shitty rate (which is what you are trying to avoid).

My last Revolut Top-Up was like this:
1. I exchanged 1000 CHF to EUR using Transferwise, which cost 5 CHF (always 0.5%). The money landed on my EUR account at postfinance.
2. I made a SEPA payment from postfinance EUR to Revolut EUR account, which was free.

This time I made it like this:
1. I sent 1000 CHF directly from my postfinance CHF to Revolut CHF, which the bank calls "giro international" and charges 2 CHF regardless of the amount. So in my case the charge was 0.2%.
2. I still need to see if there will be no additional charges by intermediary banks. The whole SWIFT mechanism is a robbery. It should be clear how much it will cost before sending the money...

roegner 21.05.2017 09:05

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by Meadow (Post 2789065)
The whole SWIFT mechanism is a robbery. It should be clear how much it will cost before sending the money...

For Corporates it is clear :D

Just sending money as a private person can be a pain (and expensive).
If you ever need the exact full amount to arrive at the beneficiary, check if you can choose "OUR" (all cost on your side). Normally payments get sent "SHARE"

ivank 21.05.2017 13:31

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by Meadow (Post 2789065)
2. I still need to see if there will be no additional charges by intermediary banks.

Oh, there will be, they'll get you good. A while ago (not sure how up-to-date) they were quoting this fee schedule for transfers to Citibank in UK:

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

Macer 22.05.2017 12:32

Re: Multi Currency Credit Card ["Revolut"]
 
Apparently, there is a big announcement coming to Switzerland from Revolut soon....


https://twitter.com/revolutapp/status/866022680373473281



Fingers crossed that services are about to be reinstated.

The_Love_Doctor 23.05.2017 17:25

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by DUTCH (Post 2788709)
I stopped using Revolut believing all of it (transfer+card) was going to be stopped for CH residents.

Do I understand correct that the transfer service is business as usual for CH residents?

Transfer, exchange, send works for me with CH address. Physical + Virtual Credit Card doesn't work. Waiting for the announcement too!

Macer 23.05.2017 17:46

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by The_Love_Doctor (Post 2790276)
Transfer, exchange, send works for me with CH address. Physical + Virtual Credit Card doesn't work. Waiting for the announcement too!

Yes, really hoping they reinstate the cards and CHF as a top-up currency.

spassiv 23.05.2017 20:37

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by ivank (Post 2789143)
Oh, there will be, they'll get you good. A while ago (not sure how up-to-date) they were quoting this fee schedule for transfers to Citibank in UK:

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

I successfully sent and received 50 CHF through Postfinance. There was no additional fee, except 2 CHF for Giro International transfer. I will send now a bigger amount to see if the intermediary bank fee is different. Has anybody else tried to send from a Postfinance Account?

rightoveraker 23.05.2017 20:47

Re: Multi Currency Credit Card ["Revolut"]
 
The best top solution I see thus far for Swiss residents:
Use my PostFinance Visa. Top up with a fee of 1%. Receive cashback of PostFinance of 0.3%. End up paying a fee of 0.7%.


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