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.
Banking should be boring, not exciting. Red flag after red flag.
I gave up on Revolut recently. I moved some EUR in, then moved them out and they charged me a % fee because it’s not CHF (main account currency), bastards! Lessons lerned, only Wise from now on.
Actually that reminds me that it’s the second time in my life I had fallen in such trap. Years ago, I opened a CHF account at a bank in my homeland, bought CHF only to discover that moving them out of the bank was allowed only as national currency, sob, literally they charged me exchange fee again to send the money abroad where it had to be again exchanged by the incoming bank… Later on a colleague explained this trick to me. Such banks never keep the foreign currencies, they just make a bet, once you want it back you’ll be forced to sell them anyway so nobody would know they never had the foreign currency.
With Revolut is the same, once you send them other currency, you can’t escape the exchange fee (either as exchange to CHF, either as transfer fee).
Well that certainly has not been my experience with Revolut. I’ve a dollar account (besides EUR, GBP and CHF) that I transfer funds in and out without fees. I made a 2k payment to someone’s bank account and paid a $3 fee. I can’t image what a Swiss bank would have clobbered me with.
Yes I switched from Revolut to Wise as Revolut were charging me to convert CHF to GBP then also charging me when I spent the GBP. Wise only charge me to convert. Plus the Wise app is way easier to navigate than the Revolut app.
do you have subscription with them? I did such money movements on the free plan some years ago and it was totally fine (they charged a little bit wider spread for exchange only), but nowadays they charge for transferring money out
Same… transferred Euro’s to Italy, and the transfer arrived sans 15 euro. After lengthy conversations with AI + revolut support (and of course the italian bank), they said that their intermediaries may take a cut… and they cannot predict it nor let me know in advance how much. This happened a few times, at which point I got annoyed.
Moved to wise, you see right away how much will arrive… and it’s always arrived “correct”
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Strange, I never had these issues. They deduct a small fee for payments (60 pence for the last GBP payment), which is a lot less than my Swiss bank would have charged.
But, Wise doesn’t charge you per payment. You convert for example 100 francs to pounds and they charge you a small fee, then you spend the pounds without any further charge. Revolut started charging to convert the money and then also to spend it.
Are you talking about fee for spending in the same currency or fee for spending across currencies?
I don’t recall getting any fees with Revolut but I am spending mostly in CHF, EUR and GBP. Mostly this is from balances in the same currency, but sometimes I run out and Revolut converts before charging.
I reviewed a few transactions now and see the main fees I get are the 1% conversion fees when I convert at the weekend.
A payment from my GBP to a UK company, so not a foreign exchange of currencies.
Exchanging at the weekend has been more expensive for a longer time.
Is that done as a credit card charge, or a direct bank transfer of funds?
Personally i can’t wait until all payments are made through crypto. Bank security is performance theater as airport security.