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Old 17.09.2018, 12:15
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Incoming transfer in foreign currency, fees

Hello everyone,

I am trying to find out how I can lower the transaction fees on incoming transfers in foreign currency ($ or ). At the moment I do have a CHF account with Migros but could of course also open a and a $ account. Migros charged me Fremdspesen $ 40 on the latest incoming transaction. I assume the sender chose the shared fee transaction type. Any recommendations? Thanks
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Old 17.09.2018, 12:59
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Re: Incoming transfer in foreign currency, fees

Either have the sender pay all fees or open a bank account in the respective currency.
And check what the cost for incoming (foreign) transactions are, you might still be debited with some fee for the handling.
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Old 17.09.2018, 15:56
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Re: Incoming transfer in foreign currency, fees

you have a revoult of transferwise account? activate the currency you need, then they send EUR to EUR, USD to USD, whatever. you do whatever you like on your side taking advantage of the better FX.
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Old 18.09.2018, 09:32
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Re: Incoming transfer in foreign currency, fees

Thanks, I do have a revolut account. But because I need a 3rd currency locally where I am mostly (not CH), and it is not a major currency, the exchange rate when pulling from the ATM in local currency is not good. Having the money going to the in the CH bank account and then pulling it at the local ATM with a CHF 5 fee is usually cheaper. An actually much bigger problem is the limited ATM withdrawals per month from the revolut accounts.
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Old 18.09.2018, 17:45
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Re: Incoming transfer in foreign currency, fees

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Thanks, I do have a revolut account. But because I need a 3rd currency locally where I am mostly (not CH), and it is not a major currency, the exchange rate when pulling from the ATM in local currency is not good. Having the money going to the in the CH bank account and then pulling it at the local ATM with a CHF 5 fee is usually cheaper. An actually much bigger problem is the limited ATM withdrawals per month from the revolut accounts.
You can raise the limit if you get a premium service.

And I assume if you have premium or metal service, you can contact support and increase it some more.

A 5,- CHF fee is 60% of the monthly cost of Revolut Premium.
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Old 18.09.2018, 19:19
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Re: Incoming transfer in foreign currency, fees

Why do you think you can raise the fee free ATM draw limitation by talking to them? Have you tried that yourself? They state that such draws are expensive for them so they have to place a limit (above there is a charge of 2%).
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Old 19.09.2018, 11:33
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Re: Incoming transfer in foreign currency, fees

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Why do you think you can raise the fee free ATM draw limitation by talking to them? Have you tried that yourself? They state that such draws are expensive for them so they have to place a limit (above there is a charge of 2%).
With a bank, everything is negotiable if you have enough money with them. Obviously not to unlimited.
I haven't talked to them on this particular subject, but I've had other limits raised.

Then again, do you really need to withdraw more than 400/600 CHF on a monthly basis?
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