Revolut vs (Transfer)Wise

Finance, Taxes, Banking, Insurance and Retirement
21
I currently have a CHF balance with Revolut, CurrencyFair & Wisr

22
That is interesting. I definitely have CHF and GBP funds on balances at my account right now (as available in many other currencies - just open a corresponding balance).

You can have a balance in CHF, send from, pay with and fund it. You can not only receive direct payments from third parties in CHF, AFAIK.

23
Ah, there lies the rub- I need to be able to receive a CHF payment, and be able to pay from the accout in CHF. I guess Revolut will be better. Sigh.

24
With Wise you can pay in CHF and hold CHF and pay CHF, but you don’t get your own personal Swiss account number - but this is the same with Revolut.

25
Is Wise based in Norway? Every time I buy something on Amazon.de it asks me if I want to pay in NOK

26
London-based, and funded by two estonians according to Wikipedia .

27
So weird that it thinks my card is Norwegian

28
I also have a UBS account and when I try to fund Revolut I either have to pay a hefty CC fee (tried UBS Visa Debit and UBS Mastercard) or a CHF 5 transfer fee for the international transfer to the Lithuanian IBAN they give me.

How do you use Wise for the free transfer? You transfer CHF to CHF?

29
Yea CHF to CHF. Only do currency conversions within revolut. You shouldn't be charged for adding your base currency by bank transfer.

I personally have revolut premium, which I recommend for those doing monthly transfers.

30
Wrong.

Even when you do CHF to CHF transfer, if target bank doesn't happen to be Revolut's intermediary bank you would pay around 8CHF fee. Not to revolut, but to that middle bank.

As I understand Revolut's intermediary bank in Swiss is Raifassen.

For example if I transfer Revolut CHF to PostFinance CHF via IBAN, I get 8CHF less.

31
You can do a Swiss bank transfer to both Revolut and Wise using their Iban and there is no charge.

32
The only IBAN that Revolut shows me is their LT#### one in Lithuania, and I have to pay UBS 5CHF to transfer 500CHF to it .

You'd think that with all the account fees they're already charging they let you have some things for free but no.

I hope I get my hardcopy permit soon, I'm guessing Neon won't be as greedy but they won't accept an attestation.

33
Wise won't let me send CHF to CHF :-( Might consider Premium indeed

34
Are your accounts set up with a Swiss address? Because I have a Swiss iban for both companies.

35
Presumably as he's new he doesn't. This will need changing to avoid fees down the line. For now transferwise will probably be cheaper.

36
Right, forgot about that. I suppose, just like Neon, they won't take the temporary attestation as proof either.

I also wonder if then my EUR recharges will suddenly cost money?

37
If you have spare time and you speak a bit of German, you may try your luck with DKB, German online bank providing free EUR account with SEPA and what’s not, they were ok in accepting people with residence in Switzerland years ago

38
For a Euro account use N26. Its a German bank with a Swiss subsidiary which offers a free account if you life in Switzerland. I pay CHF 0.30 to transfer money from my other Swiss account

39
has anyone had any issues using Wise to replace traditional high street banks? eg UK mortgage payments? contacting Wise via their chat, they didn't see to know

40
I use Wise now as a replacement for TSB and had no problems so far with direct debits or payments in.

Wise's chat is not always very clued up. I asked about transferring CHF from my Swiss bank account to a Wise euro account, and she was very vague on the details.