I’m a heavy Revolut user also being bombarded with ads to set up a swiss IBAN. I’m guessing its a tax thing so… if i do do that (instead of closing the account and using Wise) anybody know if Revolut will provide a yearly statement for my tax return like I get from UBS.
Don’t think having a Swiss IBAN changes much from the tax point of view, it’s more a convenience thing to facilitate transfers ( although practically it seems you still need to provide various references and an odd bank address on top of the IBAN number for the transfer to work properly)
Tax-wise you always had to declare the Revolut accounts, irrespective of whether an electronic statement was provided or not. I don’t think they provide one now still, although they have improved the statement features so you can at least get a decent statement at the end of the year, which was not the case one year ago…
Thanks for bumping this thread. I was also thinking what to do with the Revolut switch. I use it only for small amount online transactions. Having max 3k chf on the account ever. Also I do discharge it when not using, especially always at the end of the year so the account tax document would show zero, if only I could get it. I never declared it on my tax sheet, if they discover who cares, it was always 0 at the end of the year.
I think I’ll move to Wise or Alpian, rather than switching to the new Revolut bank. However I’m puzzled what is going to happen, should I hurry up closing it, etc. If they just close the old CS IBAN, that’s fine, I may even keep it then as it is, paying the international transfer fee (5 chf??) to top up GB IBAN.
What a load of crap. You work for a bank (“the” bank rather) and still don’t get how and why you should charge your clients what.
Interest is applicable if the client does not pay the balance in full within the due date. UBS is charging 1.75% on forex is just BS and typical Swiss overcharging with vague promises of quality, security, safety.
Prime example of vagueness and scaremongering. I have a EUR account in UBS here in Switzerland, is that shady? Is UBS “masking a European bank account in Switzerland”? Or a Swiss bank just offers accounts in many currencies? As, you know, every other bank in the world?
Revolut is not an intermediary, they’re a bank. They have their issues obviously, but please let’s not pretend UBS is the saint of banks in any way shape or form.
Not one to lick Revolut’s boots, they do have their fare share of issues, and they do some stupid shit as well. Telling people they will get a “personal” account and then just giving a shared IBAN again, is stupid and misleading.
I do bank with UBS, not that I have too many choices nowadays, and I also use Revolut the moment I step out of Switzerland. I have a lot of transactions in other currencies, and I’m probably saving hundreds of CHF every year. Money that I need to pay UBS’s monthly charges for the priviledge of parking my money there…
I understand you’re feeling some sort of loyalty to your employer, but for f’s sake, if you’re trying to make the case for a company, make some coherent arguments, and stop talking random shit.
And remember, the Swiss government did not support CS, UBS shareholders did, and for a hefty gain at the time. Do not expect the SNB or the gov to support UBS if they go tits up, if anything the latest discussions and very public negotiations regarding ratios should tell you the clear intentions on the matter.
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Don Molina +1. And we haven’t yet mention the obscene compensation paid to senior executives. That money should be returned to investors.
Funnily enough, as I was writing the above, Bloomberh reported that Ermotti is the highest paid bank executive in Europe 
I’ve got an email from Revolut, they need me to add AHV number as my tax number because of Swiss residence or my account will be blocked. they don’t say why they need it.
any thoughts about it?
For tax reasons. Any bank needs to know your tax number.