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Old 30.03.2021, 14:46
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Revolut vs (Transfer)Wise

Does anyone use (Transfer)Wise card multi-currency account in Switzerland?

I currently use Revolut, but it makes me a bit nervous. I hear stories of people having problems and not being able to speak to anyone and sort it out.

The one thing I like about Revolut is that it gives me a UK account number and that they also have a Swiss IBAN for sending money from my Swiss account.

How does Wise compare? I've looked at the website, but can't tell how it works with Swiss accounts.

Cheers
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Old 30.03.2021, 14:53
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Re: Revolut vs (Transfer)Wise

I use both a lot. Revolut just for internal UK transactions or payments in GBP, [Transfer]Wise for everything else (it is just more convenient).

Wise also provides an IBAN (Belgian). You can store and pay CHF. Funding and withdrawal of CHF is handled by JP Morgan Swiss (maybe some other bank as well, but JPM IBAN is used for account funding by Wise for certain, used it yesterday).

P.S. if you need a referral link to Wise, then do not hesitate to use mine (it gives some transaction fee credit for you and some sweet cash for me, which is used for good causes, so a win-win).

Last edited by evop; 30.03.2021 at 15:10.
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Old 30.03.2021, 14:54
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Re: Revolut vs (Transfer)Wise

Transferwise provides UK bank details but not swiss (swiss deposit treated as fx @ ~.35% fee and not able to send swiss bank transfers, only card payments, with fee again) .

Revolut works pretty well for small amounts but not worth it over the free limit IMO (I find transferwise + neon + bitwala to be a more effective combination).

If your goal is to exchange CHF <-> GBP you can try kraken.com (with limit orders) the market is often illiquid for CHF and can sometimes get 1-2% better than interbank rate (at other times can be 1-2% worse)
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Old 30.03.2021, 15:10
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Re: Revolut vs (Transfer)Wise

I want an account/card where I can add money from both Swiss and U.K. account without charge. Revolut does this - though it takes time to add from Swiss account. Wise don’t have a Swiss IBAN??
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Old 30.03.2021, 15:13
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Re: Revolut vs (Transfer)Wise

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(swiss deposit treated as fx @ ~.35% fee and not able to send swiss bank transfers, only card payments, with fee again) .
Just used it yesterday with an IBAN trasfer in CHF and without any comission.
Kraken is great as an FX pool of liquidity, but do not tell anyone, please.

Quote:
I want an account/card where I can add money from both Swiss and U.K. account without charge. Revolut does this - though it takes time to add from Swiss account. Wise don’t have a Swiss IBAN??
With Wise you can add money from Switzerland, you will use an IBAN of their banking partner (e.g. JPM CH) for CHF transactions.
For GBP you will make a transfer directly to the TransferWise UK bank with your account number as a reference.
Euro can be deposited directly at your Wise IBAN account.
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Old 30.03.2021, 15:20
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Re: Revolut vs (Transfer)Wise

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Just used it yesterday with an IBAN trasfer in CHF and without any comission.
Kraken is great as an FX pool of liquidity, but do not tell anyone, please.


With Wise you can add money from Switzerland, you will use an IBAN of their banking partner (e.g. JPM CH) for CHF transactions.
For GBP you will make a transfer directly to the TransferWise UK bank with your account number as a reference.
Euro can be depposited directly at your Wise IBAN account.
Fab. Thanks
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Old 04.04.2021, 06:44
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Re: Revolut vs (Transfer)Wise

I use both as well. I write money from my Swiss bank to Wise and use the card for my physical shopping as I got no Maestro. I withdraw 200chf when there is no Twint option.
I also use the Wise card to top up my Revolut chf account and I use it for online shopping as they provide Virtual 1 time payment card which I found safer.
I also withdraw 200chf cash payment and convert wire 1000 euros for my European shopping.

For bigger Forex exchange, I am now using Interactive Broker with less than 2 usd fees for 10-25k chf exchange and unbeatable forex rates. When I compare Revolut and IB and you save about 200 chf for 25kchf converted only on the exchange rate (assuming you have no fee with Revolut premium).
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Old 04.04.2021, 22:37
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Re: Revolut vs (Transfer)Wise

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I use both as well. I write money from my Swiss bank to Wise and use the card for my physical shopping as I got no Maestro. I withdraw 200chf when there is no Twint option.
I also use the Wise card to top up my Revolut chf account and I use it for online shopping as they provide Virtual 1 time payment card which I found safer.
I also withdraw 200chf cash payment and convert wire 1000 euros for my European shopping.

For bigger Forex exchange, I am now using Interactive Broker with less than 2 usd fees for 10-25k chf exchange and unbeatable forex rates. When I compare Revolut and IB and you save about 200 chf for 25kchf converted only on the exchange rate (assuming you have no fee with Revolut premium).
Can you give some concrete info on interactive brokers? Suppose you had 100k chf to gbp for spot settlement what would they quote.

What about gbp to chf for the same amount. I’m trying to understand the bid offer spread to be more precise
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Old 04.04.2021, 23:16
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Re: Revolut vs (Transfer)Wise

Quote:
Can you give some concrete info on interactive brokers? Suppose you had 100k chf to gbp for spot settlement what would they quote.


What about gbp to chf for the same amount. I’m trying to understand the bid offer spread to be more precise
About 0.5-1 pips, i.e essentially negligible. You'll pay a flat $2 or $3 commission per trade for any size up to ~ $100k, that will be a bigger cost than bid/ask spread.
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Old 05.04.2021, 21:12
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Re: Revolut vs (Transfer)Wise

I got revolut and at the beginning had to use transferwise to load up with CHF. I.e. UBS-->Transferwise-->Revolut. Now I think I can load revolut with CHF with no charge.

From what I've seen, transferwise always charges 1% loading on the exchange rate. Revolut doesn't. I pay for premium as I move CHF or GBP depending on the rate. You can set alerts for exchange-rates or even auto-exchanges. I made a few CHF during Brexit which more than covered the annual fee, more than exceeded any interest from a bank account, but of course all my CHF is worth less than before.
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Old 06.04.2021, 00:46
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Re: Revolut vs (Transfer)Wise

I used to walk to Ria outlets with cash on hand to send money home (PH) just to get an fx rate better than my bank and closer to what google says. Not anymore since I got Wise at the beginning of the year. I find it so convenient for remittance at rates better at times than what google tells me. I also use my Wise debit card for internet purchases in PH and was amazed at the exchange rate and with no international transaction fees. My daughter in the U.S. also found it better than her bank for sending money home.

I also looked into Revolut earlier but I did not see it serving well for my use case of remittance to my part of the world. Aside from the better FX rate, I dont get charged for CHF transfers to the Wise bank in CH - a feature lacking with Revolut at the time I signed up for Wise. On weekends and Holidays the local banks are closed but I could use a credit card without 'cash withdrawal' fees.

Oh BTW, I got rewarded GBP50 for inviting 3 friends who actually used Wise and I have 1 short of my 2nd GBP50 So here.. my 6th friend
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