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

FILA 18.03.2018 21:18

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

Originally Posted by The_Love_Doctor (Post 2923745)
My advice relates purely to the “Fees from Revolut” part of FILA’s post quoted above. (Which is not very clear to put it mildly)

I stand by that advice because if you’re using any third party provider like CurrencyFair to reduce “Revolut Fees” then you’re doing something unnecessary because Revolut does not charge fees for bank transfers.

Now if you are doing that to save fees from your bank or their intermediaries then that’s a different matter entirely. These fees are normally fixed and vary from bank to bank and also depend on what kind of package you have with them. For example for me with CS and their basic Silver package I pay zero fees for transfering CHF to Revolut. (I do pay indirectly because of the Silver package fees). Still it’s probably not worth doing to save CHF5.- depending on the amount you’re transfering but that’s entirely up to the individual to judge that.


Summary:

For transfers to Revolut from a Swiss bank account the fees are as follows (current understanding):

Total Fee = Transfer Fee Originating Bank (Client’s Bank) + Fee from Intermediary (ies) / Correspondent Bank(s) + Fee from Revolut’s Pooled account Bank

Assuming of course that the person doing the transfer chooses the correct account to transfer to and sends money in the same currency as the destination account. Otherwise they will incur further totally avoidable FX fees which defeat the purpose of the whole exercise.


I hope that this is useful for someone! :D



thanks for your opinion ... I will be living near Murten/Fribourg, so I was thinking of opening a bank account with Post Finance or Credit Suisse . What is your experience ?

I will do 1 or 2 transfers per month from CHF to EUR. what is the best option. I have been doing using Revolut for the last 3 years (GBP to EUR) and it works fantastic ...

FILA 18.03.2018 21:33

Re: Multi Currency Credit Card ["Revolut"]
 
Looks like these last few days there is problems top up with TW debit card ... please look at

https://community.revolut.com/t/swit...hods/10424/285

The_Love_Doctor 18.03.2018 21:53

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

Originally Posted by FILA (Post 2923919)
thanks for your opinion ... I will be living near Murten/Fribourg, so I was thinking of opening a bank account with Post Finance or Credit Suisse . What is your experience ?

I will do 1 or 2 transfers per month from CHF to EUR. what is the best option. I have been doing using Revolut for the last 3 years (GBP to EUR) and it works fantastic ...

My private / current account experience has only been with CS so my opinion is biased. As far as I’m concerned bank accounts in Switzerland cost money. There is the upfront fee model and the pay as you go model. If you’re really careful you could end up paying very little to maintain your account, get money out of the cash machine, do transfers and pay bills.

Based on just doing 2 x transfers per month to Revolut you can compare Bonviva Silver and Post Finance.

CS Bonviva:
Package fee = CHF15.- per month (looks like they increased it from CHF12.- this year)
Transfer cost = CHF0.-
Total = CHF15.-

Post Finance:
Package fee = CHF0.- per month
Transfer cost = CHF8.- x 2 = CHF16.-
Total = CHF16.-

This comparison is very contrived, you have to look at all of your needs and the cost associated with them from each provider and then compare the total costs from a few banks. And don’t forget to consider other factors you can’t quantify like for example proximity of the bank’s branch to your work / home.

The packages have more things in them then just a set of free transfers like free cash withdrawals, fee free credit card offering + Maestro card. (See more on the Silver package here)

Shop around and just go along with what makes sense and caters to your needs. I don’t think there is a massive difference in the end between all the offers from Swiss banks.

Regarding CHF to EUR exchange, Revolut is good enough for amounts less than CHF5000.- a month (this is the current limit for free exchange). For higher amounts there are other options, many threads about this on the forum.

bowlie 23.03.2018 11:39

Re: Multi Currency Credit Card ["Revolut"]
 
I’m still struggling to understand how to use Revolut.

I’m travelling to the U.K. over Easterand intend to use my Revolut card for many purchases. So, assuming I have a CHF credit, am I better off doing nothing and let Revolut deduct the GBP amount from my CHF credit, or am I better creating a GBP account before departing and have them deduct GBP bills from the GBP credit? The second, intuitively sounds right - but I’m not certain this is how it will work.

Thanks. 🍺

roegner 23.03.2018 11:56

Re: Multi Currency Credit Card ["Revolut"]
 
It will work either way. If you do not have GBP on the card, they will debit from the currency you have.
Or you can switch some CHF into GBP.

If you get charged in CHF, the rate will be the then applicable rate.

Phil_MCR 23.03.2018 12:15

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

Originally Posted by bowlie (Post 2926191)
I’m still struggling to understand how to use Revolut.

I’m travelling to the U.K. over Easterand intend to use my Revolut card for many purchases. So, assuming I have a CHF credit, am I better off doing nothing and let Revolut deduct the GBP amount from my CHF credit, or am I better creating a GBP account before departing and have them deduct GBP bills from the GBP credit? The second, intuitively sounds right - but I’m not certain this is how it will work.

Thanks. 🍺

it doesn't make a difference unless you can predict the FX rates. exchanging now will lock in the rates. but leaving it means, you keep only funds in base currency and exchange only what you need. (otherwise, you might end up converting to gbp, not using it and then having to convert it to another currency you need to use).

bowlie 23.03.2018 12:24

Re: Multi Currency Credit Card ["Revolut"]
 
Thank you.

So the cost of multiple transactions is no higher than the cost of a one-off conversion. (except, of course, the varying exchange rates, which are impossible to predict)

Vince 25.03.2018 13:08

Re: Multi Currency Credit Card ["Revolut"]
 
Does anyone have any experience with N26.com?

They basically offer a bank account for your mobile phone, plus mastercard. All features/functionality with an App. Money transfers using Transferwise. Pricing at €0/month or €5,90/month (applies to Belgium, Estonia, Finland, Greece, Ireland, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovakia and Slovenia)

They have recently secured $160 million funding from Allianz (Germany) and Tencent (China), and have about 850’000 customers.
https://n26.com/blog/

The_Love_Doctor 25.03.2018 14:01

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

Originally Posted by Phil_MCR (Post 2926199)
it doesn't make a difference unless you can predict the FX rates. exchanging now will lock in the rates. but leaving it means, you keep only funds in base currency and exchange only what you need. (otherwise, you might end up converting to gbp, not using it and then having to convert it to another currency you need to use).

There is also the 0.5% mark-up Revolut add to their rates at the weekend (see their FAQs for latest info). So it makes sense to lock-in a rate by converting some money during the week to spend at the weekend in the local currency.

Splitting hairs a bit but 0.5% mark-up should be noted and Revolut should do a better job at making that more transparent. Their “reason d’étre” is to challenge a segment where hidden fees are rife!

The_Love_Doctor 25.03.2018 14:02

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

Originally Posted by Vince (Post 2926741)
Does anyone have any experience with N26.com?

They basically offer a bank account for your mobile phone, plus mastercard. All features/functionality with an App. Money transfers using Transferwise. Pricing at €0/month or €5,90/month (applies to Belgium, Estonia, Finland, Greece, Ireland, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovakia and Slovenia)

They have recently secured $160 million funding from Allianz (Germany) and Tencent (China), and have about 850’000 customers.
https://n26.com/blog/

Not available in Switzerland is my experience with them.

hof86 26.03.2018 15:39

Re: Multi Currency Credit Card ["Revolut"]
 
Hi revolut lovers ;)

Did any of you invest in Revolut shares back in August 2017? If yes, how did you declare this on your Swiss tax return? :confused: I'm living in ZH, therefore I assume I'd need to include it on the asset breakdown together with other "normal" shares (e.g. blue chips, etc.).

Thanks a lot!

hof86 05.04.2018 11:31

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

Originally Posted by hof86 (Post 2927168)
Hi revolut lovers ;)

Did any of you invest in Revolut shares back in August 2017? If yes, how did you declare this on your Swiss tax return? :confused: I'm living in ZH, therefore I assume I'd need to include it on the asset breakdown together with other "normal" shares (e.g. blue chips, etc.).

Thanks a lot!

Hi guys,

Anyone has an idea on this? Somehow the thread didn't make it to the homepage :(

Thanks!

RoastedRhino 05.04.2018 11:42

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

Originally Posted by hof86 (Post 2927168)
Hi revolut lovers ;)

Did any of you invest in Revolut shares back in August 2017? If yes, how did you declare this on your Swiss tax return? :confused: I'm living in ZH, therefore I assume I'd need to include it on the asset breakdown together with other "normal" shares (e.g. blue chips, etc.).

Thanks a lot!

Why wouldn't you list them among the current assets?
As long as you have any document confirming the purchase, and ideally the balance at the end of the year, you should be fine.

ChrisNeedsToKnow 05.04.2018 22:52

Re: Multi Currency Credit Card ["Revolut"]
 
Transferwise now added a credit card to their borderless account. It's Beta and not yet available for everybody - I do NOT have one.

However, I read a report of the following totally free strategy:

1) add CHF from your ususal Swiss account to Transferwise Borderless (this is free)
2) use TW-Credit Card to top up Revolut in CHF (apparently also free)

As a result it's possible to move CHF to Revolut for free.

Wondering if anyone can confirm this?

The_Love_Doctor 07.04.2018 09:43

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

Originally Posted by ChrisNeedsToKnow (Post 2931163)
Transferwise now added a credit card to their borderless account. It's Beta and not yet available for everybody - I do NOT have one.

However, I read a report of the following totally free strategy:

1) add CHF from your ususal Swiss account to Transferwise Borderless (this is free)
2) use TW-Credit Card to top up Revolut in CHF (apparently also free)

As a result it's possible to move CHF to Revolut for free.

Wondering if anyone can confirm this?

Even if it did work, this is surely not a viable option for people to top up!

Revolut, should just have a local IBAN for CHF top-ups! DONE!

wheatism 07.04.2018 10:07

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

Originally Posted by ChrisNeedsToKnow (Post 2931163)
1) add CHF from your ususal Swiss account to Transferwise Borderless (this is free)
2) use TW-Credit Card to top up Revolut in CHF (apparently also free)

As a result it's possible to move CHF to Revolut for free.

Wondering if anyone can confirm this?

I can confirm this works with the green TW DEBIt card... I did this last month with PostFinance to top up CHF200. Not played with higher amounts yet...waiting for pay day :msncool:

poot 07.04.2018 14:31

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

Originally Posted by ChrisNeedsToKnow (Post 2931163)

As a result it's possible to move CHF to Revolut for free.

Wondering if anyone can confirm this?

Yes

roadrabbit 08.04.2018 16:11

Re: Multi Currency Credit Card ["Revolut"]
 
Transferwise debit mastercard coming soon.
Could be a good option to combine international transfers with.

https://transferwise.com/gb/borderle...=landing_block

parnell 08.04.2018 17:35

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

Originally Posted by roadrabbit (Post 2932018)
Transferwise debit mastercard coming soon.
Could be a good option to combine international transfers with.

https://transferwise.com/gb/borderle...=landing_block

Already available to some lucky folks - I love it.

bowlie 09.04.2018 18:05

Re: Multi Currency Credit Card ["Revolut"]
 
easyJet on board sales reject Revolut cards.


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