Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 23.10.2018, 19:51
Newbie 1st class
 
Join Date: Jun 2016
Location: New Hampshire, USA
Posts: 15
Groaned at 1 Time in 1 Post
Thanked 11 Times in 6 Posts
xcdave has earned some respectxcdave has earned some respect
Using Revolut/Transferwise for a large transaction

Has anyone used Revolut or Transferwise for a large transaction, such as funding a home purchase in CHF using a USD/EUR funding source? The premium membership at Revolut supposedly offers "unlimited" currency conversions, subject of course to their right to refuse a transaction if it is deemed to be abuse or money laundering.

Just wondering whether anyone has successfully done so and can offer any feedback. Did you get the true interbank rate? Any extra fees imposed by the receiving bank in CH? Did the transaction get blocked the first time because the algorithm mistook you for a tax-evading oligarch?

Thanks everyone.
Reply With Quote
  #2  
Old 23.10.2018, 20:03
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 8,531
Groaned at 298 Times in 245 Posts
Thanked 9,137 Times in 4,626 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: Using Revolut/Transferwise for a large transaction

Quote:
View Post
Has anyone used Revolut or Transferwise for a large transaction, such as funding a home purchase in CHF using a USD/EUR funding source? The premium membership at Revolut supposedly offers "unlimited" currency conversions, subject of course to their right to refuse a transaction if it is deemed to be abuse or money laundering.

Just wondering whether anyone has successfully done so and can offer any feedback. Did you get the true interbank rate? Any extra fees imposed by the receiving bank in CH? Did the transaction get blocked the first time because the algorithm mistook you for a tax-evading oligarch?

Thanks everyone.
Check out the Revolut thread

As to your last question, that depends on you. Are you one?
Reply With Quote
  #3  
Old 23.10.2018, 20:41
Newbie 1st class
 
Join Date: Jun 2016
Location: New Hampshire, USA
Posts: 15
Groaned at 1 Time in 1 Post
Thanked 11 Times in 6 Posts
xcdave has earned some respectxcdave has earned some respect
Re: Using Revolut/Transferwise for a large transaction

Thanks. I was hoping to start a discussion specifically targeted at large, one-time USD/EUR to CHF conversions to fund major expenses, like a house. Post #519 in the Revolut thread by DL21 (thanks, DL21) briefly touches upon this topic, but does not go into detail about the user experience, such as getting pre-cleared if necessary by the Revolut/Transferwise fraud department, how long the transaction took, and whether there were any other notable bank fees that soured the deal.

But to answer your question, I'm not an oligarch. It's one of my longer-term career goals, but I just keep hitting the glass ceiling.
Reply With Quote
This user would like to thank xcdave for this useful post:
  #4  
Old 23.10.2018, 22:15
Member
 
Join Date: Jul 2011
Location: Zürich
Posts: 134
Groaned at 0 Times in 0 Posts
Thanked 47 Times in 35 Posts
azt33 has earned some respectazt33 has earned some respect
Re: Using Revolut/Transferwise for a large transaction

I am actually looking into this right now. I just made my first transfer with Transferwise yesterday, was rather smooth and liked the speed and how it was handled. With Revolut, I don't think they have a Swiss account yet I can transfer to... Unless I missed the announcement

I'll probably end up transferring with TW and not use Revolut at all. Their rates and fees are very competitive and it goes to my bank account on the other side!
Reply With Quote
  #5  
Old 28.10.2018, 17:34
Forum Veteran
 
Join Date: Feb 2009
Location: La Côte
Posts: 720
Groaned at 24 Times in 10 Posts
Thanked 626 Times in 287 Posts
Marsalforn has an excellent reputationMarsalforn has an excellent reputationMarsalforn has an excellent reputationMarsalforn has an excellent reputation
Re: Using Revolut/Transferwise for a large transaction

As I understand it, I would have to transfer money into the Revolut account usung my Swiss bank card or bank account? Both of these methods would incur charges as Revolut is British- based. So although all foreign currency transactions are free, one would end up paying for them beforehand.

It seems like a great idea for those who live in the UK and earn there. Or am I missing something?
Reply With Quote
  #6  
Old 28.10.2018, 17:38
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 8,531
Groaned at 298 Times in 245 Posts
Thanked 9,137 Times in 4,626 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: Using Revolut/Transferwise for a large transaction

Quote:
View Post
As I understand it, I would have to transfer money into the Revolut account usung my Swiss bank card or bank account? Both of these methods would incur charges as Revolut is British- based. So although all foreign currency transactions are free, one would end up paying for them beforehand.

It seems like a great idea for those who live in the UK and earn there. Or am I missing something?
Yes, there will be a fee for the transfer. For me that is outweighted by the convenience of paying in local currency and avoiding the high fees when paying with a chf card
Reply With Quote
This user would like to thank roegner for this useful post:
  #7  
Old 28.10.2018, 17:46
BaselLife's Avatar
Forum Veteran
 
Join Date: Oct 2006
Location: Basel
Posts: 1,029
Groaned at 31 Times in 20 Posts
Thanked 610 Times in 342 Posts
BaselLife is considered knowledgeableBaselLife is considered knowledgeableBaselLife is considered knowledgeable
Re: Using Revolut/Transferwise for a large transaction

Hi,

I looked at Transferwise and Revolut and ended up using Transferwise as it is so convenient to be able to do transfers when all you have to do is transfer money to a Deutschebank account in Zurich in CHF. With Revolut you need it is not so convenient at all and incurs more charges unless you have a Euro account.

I have not used Transferwise for very large transfers but it has made my life much easier.

have fun
Martin
Reply With Quote
This user would like to thank BaselLife for this useful post:
  #8  
Old 28.10.2018, 18:22
Forum Veteran
 
Join Date: Feb 2009
Location: La Côte
Posts: 720
Groaned at 24 Times in 10 Posts
Thanked 626 Times in 287 Posts
Marsalforn has an excellent reputationMarsalforn has an excellent reputationMarsalforn has an excellent reputationMarsalforn has an excellent reputation
Re: Using Revolut/Transferwise for a large transaction

Roegner, thanks for your input. Can you explain to me what you mean by high credit card charges? Cash from an ATM is of course expensive, but Revolut seems to discourage this anyway. For payments on the internet and so on, my credit card charges 1.5%.

Do hotels abroad charge the same 3% or so on top for Revolut cards?
Reply With Quote
  #9  
Old 26.12.2018, 08:04
Golfprostew's Avatar
Senior Member
 
Join Date: Jan 2011
Location: Egg
Posts: 263
Groaned at 4 Times in 3 Posts
Thanked 182 Times in 100 Posts
Golfprostew has earned the respect of manyGolfprostew has earned the respect of manyGolfprostew has earned the respect of many
Re: Using Revolut/Transferwise for a large transaction

The maximum with Transferwise is 30,000 chf per day. Yes you get the interbank rate minus their fees. Occasionally an email comes asking for documents / source of funds but it's all very seamless. Transfers now take just one day.

Revolut now offers a Swiss Iban, I'm excited to try this at revolut fees are less than Transferwise.
Reply With Quote
The following 4 users would like to thank Golfprostew for this useful post:
  #10  
Old 26.12.2018, 10:12
Member
 
Join Date: Jul 2011
Location: Zürich
Posts: 134
Groaned at 0 Times in 0 Posts
Thanked 47 Times in 35 Posts
azt33 has earned some respectazt33 has earned some respect
Re: Using Revolut/Transferwise for a large transaction

Would be interested in your experiences Golfprostew. I need to start transferring money to my EU account, and avoiding fees (or minimizing them) would be great
Reply With Quote
  #11  
Old 26.12.2018, 18:04
Corbets's Avatar
Forum Legend
 
Join Date: Mar 2007
Location: DK - previously Zug
Posts: 3,312
Groaned at 169 Times in 123 Posts
Thanked 6,641 Times in 2,222 Posts
Corbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond repute
Re: Using Revolut/Transferwise for a large transaction

Quote:
View Post
The maximum with Transferwise is 30,000 chf per day. Yes you get the interbank rate minus their fees. Occasionally an email comes asking for documents / source of funds but it's all very seamless. Transfers now take just one day.

Revolut now offers a Swiss Iban, I'm excited to try this at revolut fees are less than Transferwise.
I did more than that with Transferwise last week. Single transfer. So no, that’s not the maximum. A quick google gives me the following, which is rather different from the number you gave:

https://transferwise.com/help/articl.../chf-transfers
Reply With Quote
This user would like to thank Corbets for this useful post:
  #12  
Old 26.12.2018, 19:35
Forum Veteran
 
Join Date: Jan 2017
Location: St Gallen
Posts: 526
Groaned at 44 Times in 29 Posts
Thanked 274 Times in 163 Posts
Gramatyka356 has earned some respectGramatyka356 has earned some respect
Re: Using Revolut/Transferwise for a large transaction

Speaking about large sums, is there any good transfer service offering funds guarantee? I checked the Revolut help a few months ago and there was no guarantee. Revolut stated that they are operating under well established bank, etc. blah, blah, but they offer no guarantee. Once the funds reach their account they become electronic money so if you are very unlucky Revolut may just close the shop and owe you nothing. I know that's very unlucky but compared to regular bank transfer the safety of the operation is questionable. I haven't read the TransferWise help yet.
Reply With Quote
  #13  
Old 26.12.2018, 19:53
Forum Veteran
 
Join Date: Jan 2017
Location: St Gallen
Posts: 526
Groaned at 44 Times in 29 Posts
Thanked 274 Times in 163 Posts
Gramatyka356 has earned some respectGramatyka356 has earned some respect
Re: Using Revolut/Transferwise for a large transaction

Quote:
View Post
Roegner, thanks for your input. Can you explain to me what you mean by high credit card charges? Cash from an ATM is of course expensive, but Revolut seems to discourage this anyway. For payments on the internet and so on, my credit card charges 1.5%.

Do hotels abroad charge the same 3% or so on top for Revolut cards?
1.5% seems low but are you sure that's the total cost? First your banks exchange rate may reap you off 2-3% compared to Revolut.
Reply With Quote
  #14  
Old 26.12.2018, 19:54
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 8,531
Groaned at 298 Times in 245 Posts
Thanked 9,137 Times in 4,626 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: Using Revolut/Transferwise for a large transaction

But that probably has changed now they have a banking license?
Reply With Quote
  #15  
Old 26.12.2018, 20:04
Golfprostew's Avatar
Senior Member
 
Join Date: Jan 2011
Location: Egg
Posts: 263
Groaned at 4 Times in 3 Posts
Thanked 182 Times in 100 Posts
Golfprostew has earned the respect of manyGolfprostew has earned the respect of manyGolfprostew has earned the respect of many
Re: Using Revolut/Transferwise for a large transaction

Quote:
View Post
I did more than that with Transferwise last week. Single transfer. So no, that’s not the maximum. A quick google gives me the following, which is rather different from the number you gave:

https://transferwise.com/help/articl.../chf-transfers
OK well my last large transaction was in 2017 and back then I couldn't send any more than 30k in one go. Back then it used to take 2 days to receive funds, now it's first thing the next morning.

I've made 2 transfers today to Transferwise and Revolut let's see when they arrive. Although I've transferred my entire fortune through Transferwise for a house build I'm becoming more and more a Revolut fan just don't use them at weekends.
Reply With Quote
  #16  
Old 26.12.2018, 20:07
Golfprostew's Avatar
Senior Member
 
Join Date: Jan 2011
Location: Egg
Posts: 263
Groaned at 4 Times in 3 Posts
Thanked 182 Times in 100 Posts
Golfprostew has earned the respect of manyGolfprostew has earned the respect of manyGolfprostew has earned the respect of many
Re: Using Revolut/Transferwise for a large transaction

Quote:
View Post
1.5% seems low but are you sure that's the total cost? First your banks exchange rate may reap you off 2-3% compared to Revolut.
Just a small point on ATM fees...

Using my Revolut card to withdraw cash at ATM's in Mallorca I went to about 4 different banks and all wanted to charge between 1.50 - 3 euros except one..... Caixabank
Reply With Quote
This user would like to thank Golfprostew for this useful post:
  #17  
Old 26.12.2018, 20:24
Forum Veteran
 
Join Date: Jan 2017
Location: St Gallen
Posts: 526
Groaned at 44 Times in 29 Posts
Thanked 274 Times in 163 Posts
Gramatyka356 has earned some respectGramatyka356 has earned some respect
Re: Using Revolut/Transferwise for a large transaction

Quote:
View Post
But that probably has changed now they have a banking license?
Indeed things have changed. Still I don't know what sum is protected. Is it up to 100K EUR? Need to check the two mentioned regulations.

Quote:
Is my money safe?
Client funds are stored under a segregated account at Lloyd’s or Barclays, depending on the type of account you hold. Your money is not covered by the Financial Services Compensation Scheme. As an FCA authorised institution, Revolut safeguards your funds as per FCA requirements, the Electronic Money Regulations 2011, and the Payment Services Regulations 2017. In the event of an insolvency of Revolut, you will be able to claim your funds from this segregated account and your claim will be paid above all other creditors.
On the other hand they claim to never invest your money, so theoretically your money are as safe as you are willing to trust the stability of Lloyd or Barclays.

Quote:
Your money is safeguarded
We hold all client funds in ring fenced accounts with a large global bank. This essentially means that we, nor our partner bank, never lend out or invest your money.
BTW, I have just compared transfer efficiency between TransferWise and Revolut. For large sum I would opt to purchase Revolut Premium account than do the transfer without any fees. TransferWise charges 0.3% of the transaction. Speaking of large sums you save a lot on Revolut Premium (Without Premium they charge 0.5% of the transaction).
Reply With Quote
  #18  
Old 27.12.2018, 11:56
Newbie 1st class
 
Join Date: Feb 2015
Location: Zurich
Posts: 25
Groaned at 0 Times in 0 Posts
Thanked 13 Times in 11 Posts
Istcantabria has no particular reputation at present
Re: Using Revolut/Transferwise for a large transaction

Quote:
View Post
Just a small point on ATM fees...

Using my Revolut card to withdraw cash at ATM's in Mallorca I went to about 4 different banks and all wanted to charge between 1.50 - 3 euros except one..... Caixabank
Don't think this is a Revolut issue, Spanish banks (probably the cheapest in Europe) are now more and more charging a fee to withdraw cash to almost any card they don't issue. This happens also with local cards.
Reply With Quote
  #19  
Old 29.12.2018, 09:02
Golfprostew's Avatar
Senior Member
 
Join Date: Jan 2011
Location: Egg
Posts: 263
Groaned at 4 Times in 3 Posts
Thanked 182 Times in 100 Posts
Golfprostew has earned the respect of manyGolfprostew has earned the respect of manyGolfprostew has earned the respect of many
Re: Using Revolut/Transferwise for a large transaction

Quote:
View Post
Would be interested in your experiences Golfprostew. I need to start transferring money to my EU account, and avoiding fees (or minimizing them) would be great
So on Boxing Day I made a transfer from my Swiss current account of 100chf to Transferwise and Revolut - with the new CH IBAN - simultaneously. With Transferwise it arrived the next morning (before 9am) with Revolut it came 2 says later (in the evening) there were no fees. I'm hoping over time or more transfers that this will speed up.
Reply With Quote
  #20  
Old 29.12.2018, 11:42
Guest
 
Posts: n/a
Re: Using Revolut/Transferwise for a large transaction

Quote:
View Post
Speaking about large sums, is there any good transfer service offering funds guarantee? I checked the Revolut help a few months ago and there was no guarantee. Revolut stated that they are operating under well established bank, etc. blah, blah, but they offer no guarantee. Once the funds reach their account they become electronic money so if you are very unlucky Revolut may just close the shop and owe you nothing. I know that's very unlucky but compared to regular bank transfer the safety of the operation is questionable. I haven't read the TransferWise help yet.
For large transfers, Interactive Brokers wins hands down. You get the live quoted rates or can setup a limit order and the transaction only costs £2 regardless of the amounts. Making CHF or GBP transfers in is free and they let you make one withdrawal a month for free and anything above that costs £5.
Reply With Quote
This user would like to thank for this useful post:
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Revolut alternative ChrisNeedsToKnow Finance/banking/taxation 7 08.12.2017 14:50
Bad experience Transferwise using Creditcard (SCAM) rickowens Finance/banking/taxation 22 31.08.2017 14:51
Bank transfer using transferwise fisi Finance/banking/taxation 11 05.10.2016 18:03
seeking attorney in Zurich for banking transaction squaredeal Finance/banking/taxation 7 30.07.2008 09:37


All times are GMT +2. The time now is 12:09.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0