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

dandi 12.12.2019 13:20

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

Originally Posted by Castro (Post 3129189)
Revolut recently changed their process for Swiss bank transfers (charging up your Revolut accout).


I've seen this about a month ago when I did my last transfer - the reference indicated in their app already includes all these details, and there is a warning note next to it. I always check the reference in the app before doing a transfer...

Phil_MCR 12.12.2019 13:26

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

Originally Posted by Castro (Post 3129189)
Revolut recently changed their process for Swiss bank transfers (charging up your Revolut accout). It used to be enough to just use your unique reference number (in the desc field) when you did a transfer but now if you do that the payment will be auto-rejected and it could take a week for the money to be returned to your bank (UBS in my case).

What you now need to add to the description field of your transfer is:
  • Unique reference
  • The full beneficiary name
  • Country of residence

All on different lines. I found all this out through Revolut customer services :msnsarcastic:, backed up by the Revolut forums. I'm really unimpressed with Revolut on this, Transferwise doesn't have this rule but then it could be how they structured their Swiss Bank accounts.

revolut sent a specific notification to warn on this via the app and also list the new reference in the app when you ask for transfer details. in effect your unique reference number has been made longer ;)

Castro 12.12.2019 13:26

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

Originally Posted by dandi (Post 3129216)
I've seen this about a month ago when I did my last transfer - the reference indicated in their app already includes all these details, and there is a warning note next to it. I always check the reference in the app before doing a transfer...

Indeed, but I had a recurring payment set up from UBS so only found out when the money didn't arrive a week later. An email or push notification would have been more useful.

dandi 12.12.2019 13:52

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

Originally Posted by Castro (Post 3129220)
An email or push notification would have been more useful.


I think there was a notification - but their "notifications management" is a bit wanting IMHO. At least on my Android when I get a notifications and I must read it in the notification bar, otherwise if I tap on it an open the app it's gone forever.


I agree there still are many things that could be improved...

caodatou 01.01.2020 17:43

Re: Multi Currency Credit Card ["Revolut"]
 
Just an update - as of Dec 18th 2019, there is Swiss IBAN (by Credit Suisse) supported by Revolut, therefore we could direct transfer CHF to Revolut without hassle.

wheatism 01.01.2020 17:56

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

Originally Posted by caodatou (Post 3133459)
... there is Swiss IBAN (by Credit Suisse) supported by Revolut....

Where do you see that info? If I look at my CHF account the IBAN is the UK GB88 one and it states only SWIFT transfers are accepted.

It could be dependant on your base currency defined by your "Home address". If you're defined as based in Switzerland maybe your lucky... My base currency is GBP/UK.

But I hope I'm wrong and you are right, although it's only a minor hassle going via Transferwise for freee CHF transfers to Revolut it's a step I'd like to avoid if possible :-)

caodatou 06.01.2020 09:36

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

Originally Posted by wheatism (Post 3133462)
Where do you see that info? If I look at my CHF account the IBAN is the UK GB88 one and it states only SWIFT transfers are accepted.

It could be dependant on your base currency defined by your "Home address". If you're defined as based in Switzerland maybe your lucky... My base currency is GBP/UK.

But I hope I'm wrong and you are right, although it's only a minor hassle going via Transferwise for freee CHF transfers to Revolut it's a step I'd like to avoid if possible :-)

Yes my base country is Switzerland. I can see the CHF account showing Swiss IBAN CH37.

Phil_MCR 06.01.2020 10:01

Re: Multi Currency Credit Card ["Revolut"]
 
I remember specifically asking for my base currency to be switched to CHF. I have a Swiss IBAN to make deposits (and have had this for a long time).

wheatism 06.01.2020 15:13

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

Originally Posted by caodatou (Post 3134393)
Yes my base country is Switzerland....


Thanks, I "switched" to GBP so I could use the Trading feature but may switch back to CHF again in the future. Thanks for confirming.

RoastedRhino 11.06.2020 12:02

Revolut lowered the limit for 0 foreign transactions fees... now what?
 
I just received a notice by Revolut that the monthly limit for free conversion to foreign currency has been lowered to CHF 1250. After that is 0.5%



Anybody has a better solution?
Zero transaction fees credit cards at a reasonable price?
FX services (I have an EUR account that I could fund in advance if needed, but still...)


Thanks!

Dack Rambo 11.06.2020 12:33

Re: Revolut lowered the limit for 0 foreign transactions fees... now what?
 
Quote:

Originally Posted by RoastedRhino (Post 3190013)
I just received a notice by Revolut that the monthly limit for free conversion to foreign currency has been lowered to CHF 1250. After that is 0.5%



Anybody has a better solution?
Zero transaction fees credit cards at a reasonable price?
FX services (I have an EUR account that I could fund in advance if needed, but still...)


Thanks!


Transferwise?

taduncombe 11.06.2020 12:46

Re: Revolut lowered the limit for 0 foreign transactions fees... now what?
 
They've also increased the weekend fee to 1% from 0.5%.

It's a bummer. 5k CHF per month was plenty for me to move whatever I needed back to the states. 1.25k isn't going to cut it for some months.

Transferwise has a 1.21 CHF fixed fee + 0.35% fee from CHF to USD (other currencies vary). At around 5k they have an equal fee. Above, Transferwise is better, below, Revolut is better. I guess I'll stick to Revolut unless I have a big transfer.

dandi 11.06.2020 14:25

Re: Revolut lowered the limit for 0 foreign transactions fees... now what?
 
Quote:

Originally Posted by RoastedRhino (Post 3190013)
I just received a notice by Revolut that the monthly limit for free conversion to foreign currency has been lowered to CHF 1250. After that is 0.5%

Quote:

Originally Posted by taduncombe (Post 3190032)
They've also increased the weekend fee to 1% from 0.5%.

Those two things together are the bummer for me. Since I use the card mostly on holidays and weekend trips, it means there will be months where I spend more than 1k in weekends in a foreign currency. Thus I can not avoid fees - if I don't convert the currency in advance I get slapped by the weekend fee, and I can not convert in advance sufficiently without incurring a fee.

Otherwise one would have to convert regularly and store money months in advance, blocking cash that can be used elsewhere...

I guess they have to make money somehow.

roegner 11.06.2020 15:01

Re: Revolut lowered the limit for 0 foreign transactions fees... now what?
 
Quote:

Originally Posted by RoastedRhino (Post 3190013)
I just received a notice by Revolut that the monthly limit for free conversion to foreign currency has been lowered to CHF 1250. After that is 0.5%

I got my card back then in Germany and the free conversion amount was EUR 6,000 so that is a huge change to EUR 1,000 now....... bugger.....

Seems they want to force people on their paid plan.... for me to look for something else as well.

LuganoPirate 11.06.2020 15:39

Re: Revolut lowered the limit for 0 foreign transactions fees... now what?
 
If you upgrade to a paid plan, it stays free. I think the annual cost is +- 84.00 so i guess it's a calculation as to which is cheaper.

roegner 11.06.2020 15:43

Re: Revolut lowered the limit for 0 foreign transactions fees... now what?
 
Quote:

Originally Posted by LuganoPirate (Post 3190090)
If you upgrade to a paid plan, it stays free. I think the annual cost is +- 84.00 so i guess it's a calculation as to which is cheaper.

Exactly, in EUR 7,99 per month. Still, I want to check first what else is available on the market

KiwiSteve 11.06.2020 17:33

Re: Revolut lowered the limit for 0 foreign transactions fees... now what?
 
Of these:

https://www.top10moneytransfer.com/s...-online-ch-lo/


I have used OFX and transferwise for irregular transfers

The_Love_Doctor 28.06.2020 11:03

Re: Multi Currency Credit Card ["Revolut"]
 
Heads-up: Revolut lowering exchange fee free limit and introducing new fees as of 12th of August 2020.

More info: https://www.finews.com/news/english-...l-bank-fintech

(Someone created another thread, mods please merge)

Relagu 30.06.2020 09:48

Re: Multi Currency Credit Card ["Revolut"]
 
Will I be able to use my Revolut to get my salary on there?

Ta

erchegyia 30.06.2020 15:25

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

Originally Posted by Relagu (Post 3195234)
Will I be able to use my Revolut to get my salary on there?

Ta

This is.a question for your employer.


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