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Revolut Switzerland Experience 2024
In the digital age, you're blown away by new apps, banking start-ups and other services. Like the Revolut experience how high the Revolut fees and what the alternatives are, you will find out in this article.
Feel free to leave your feedback in the comments!
Revolut Switzerland - No longer as favourable as it used to be
Many years ago, the company from the United Kingdom caused a small revolution in the Swiss financial market. High security functions and Low costs were at the top of the online bank's list. Revolut offers you with their credit card up to 150 currencies at extremely favourable exchange rates an.
Unfortunately, Revolut has raised the fees for the Swiss in recent years. A Revolut fee for Charging the Debit card from 1,15% and whole 1.5% for topping up a credit cardwhich issued in Switzerland was introduced.
Since then, Revolut has no longer been so interesting for the Swiss. In a wallet, the card can still make sense as a supplement when travelling, but fortunately there are a few, better Swiss online banks with extremely low exchange rates!
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"Intelligent people learn from the mistakes of others".
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Revolut Switzerland Advantages
- Free EURO IBAN account with deposit protection
- In up to 150 currencies at interbank rate Spending money possible
- Currency exchange in 30-Fiat currencies up to 6000€/month without hidden fees
- Free cash withdrawals at all ATMs up to 200€ per month
- In the app adjustable security levels and functions
- Location based security adjustable (if a withdrawal is made in a location other than the location of your mobile phone, you will be warned - has proven helpful abroad in credit card fraud)
- About 8 million satisfied customers
- Transparent costs when making payments
- Intuitive app with many useful functions
- Video-Ident for account opening
- Paperless environmentally friendly Processing
- Global support
- Fast online account opening
- Free credit card with good conditions for payments in foreign currencies
- High safety standards
Revolut disadvantages and criticism
This Revolut experience report not only shows you the advantages, but also the disadvantages of Revolut.
- Pay Revolut cards from Switzerland Top-up fees of up to 1.5%! Since its introduction at the end of 2022, Revolut is no longer attractive for the Swiss. There are now more attractive Swiss online banks.
- The fee limit of 200€ (or €400 or €600 for the fee-paying cards) may be a thorn in some people's side.
- Cash withdrawals cost 2% in fees!
- None yet Partner card/account available. So if you want to have a card for a second person on your account, you can't do that.
- Revolut fees may be an issue, but since the bank is not from Switzerland, there are also no twin.
For many Swiss, the Revolut experience not ideal throughout Switzerland - the card is more ideal for Swiss people abroad. A sensible alternative including TWINT and also ideal conditions abroad would be, for example Neon. Here you will find our online bank comparison for Swiss.
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Revolut Switzerland Fees
The Revolut fees Switzerland-wide are of course a hot topic, because that is exactly what the provider wants to score points with. There are three different Revolut cost modelswhich also go hand in hand with other maps (see picture below).
In practice, this looks like this: after downloading the app, any (small) amount is transferred to the opened account. Subsequently, the free standard card, or a premium, or metal card can be ordered.
With the Premium card you can choose the colour of the card and with the Metal version you can even order a high-quality aluminium card in different colours. It's nice to have in your wallet, but whether the associated features will improve your Revolut experience is something you'll have to see for yourself.
If you want to avoid fees with Revolut, you can of course intuitively use the standard card. But for example a International Health Insurance or virtual disposable cards (applicable for dubious places of payment) make sense especially abroad.
But if you have the free revolute card the fees behave as follows:
- Basic fee Card and account management: Free of charge
- Withdrawals at any cash machine: Up to 200€ per month free of charge (or equivalent of 200€ for other currencies in other countries)
- Withdrawals over 200€/month: cost 2% fee. If you need this regularly, we recommend upgrading to Premium (400€ free of charge) or Metal (600€ free of charge).
- Transfer in foreign currencies: Free of charge up to 200€ limit per month, afterwards 0,5%
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Revolut cryptocurrencies experience
Revolut started in banking with a simple account solution and continues to evolve into the broad-based financial platform.
For some time now, you have also been able to experience Crypto Revolut and directly Buy cryptocurrencies in the app. These are mostly kept in secure offline storage (so-called cold wallets).
Access to cryptocurrencies is particularly easy with such in-app offers. However, you should bear in mind that a specialised crypto exchange has a specialised offer. Security, scope of various cryptocurrencies or about the Tax statement for your tax return are issues you should consider.
For your first contact with blockchain assets, however, you can safely gain experience with Revolut cryptocurrencies.
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Conclusion of the Revolut experience report and review
You've probably already read it in the blog post: Revolut is only conditionally recommendable for Swiss people! Transparency in fees, high security standards and functions as well as an app with many useful functions and, above all, very many interbank exchange rates are certainly exciting.
However, functions within Switzerland, such as a link with TWINT, will probably remain wishful thinking.
Our conclusion: Instead of Revolut, the card from Neon much better for Swiss people. If you travel a lot and would like to have a second card for security, you can always take a closer look at Revolut.
What do you think of Revolut!? Feel free to leave your opinion in the comments.
Revolut Alternative Switzerland
Do you prefer a Swiss bank, would you like to top up your account via Twint and do you prefer to spend your money in the Swiss Franconian area? Then NEON the right thing for you!
Wise now also offers a credit card. Less than a bank, but an excellent option for people who travel a lot! Currently unbeatable in combination with NEON. If you prefer to have just one card, we recommend Revolut. Find out more about Transferwise.
Our financial tips 2024
"Intelligent people learn from the mistakes of others".
We have compiled our top selection for you from all our tests and experience reports:
47 Responses
My son was supposed to transfer Philippine pesos to the Philippine Land Bank (one of the oldest and biggest banks there). He changed francs to PHP (exchange fees) and sent it off (sending fee). The payout to the philipp. Landbank was not possible, only a payout to a phil. Credit card would have been possible (high extra fees). He therefore had it sent back to him. The transfer of his PHP balance on Revolut to a PHP account with Wise was not possible on the part of Revolut. He therefore had to change the pesos back into CHF (exchange fees) and then send CHF to Wise.
Conclusion: Revolut is not suitable for such transactions, it is expensive and cumbersome.
I would not recommend Revolut for international transfers.
Thanks for your input Gerhard.
Personally, I always use Wise for this, the solution is in Neon integrated and works great!
Revolut has now introduced a penalty fee of 1% for standard users who exceed the "fair use" monthly limit of 1,250.
Without a subscription (naturally self-renewing and cancelled 10 months ago with an undefined additional fee), the price structure is extremely opaque. When changing or transferring at the weekend, it also becomes "something" more expensive.
If Wise hadn't still blocked the major crypto exchanges, I would have left long ago. I now only use it as an emergency alternative. I don't recommend buying crypto at all. The fees easily add up to 3% and more.
Wise is unbeatable for transfers and exchanges.
That's right, Revolut is no longer really attractive for the Swiss. A good Revolut alternative for the Swiss is certainly Neon.
Does the payout from Binance still work, even if the Revolut IBAN is now a CH-IBAN?
Thank you very much.
I am thinking of opening a Revolut account as an "interim account" for payments from a UK account to a Swiss account. The direct bank transfer would involve a significant loss, hence the consideration.
So the transaction process would be: GBP to my Swiss Revolut account, then further transfer in Swiss francs to my Swiss account. Unfortunately, I can't find any easy-to-understand information anywhere about the transfer and currency exchange fees that would apply. Can anyone help me? Is this a good solution?
Hi Miriam, personally for transfers I use the solution from Wise. I have had good experiences with this so far and all fees are always displayed transparently.
Kind regards
🙂
I use revolut business now for a while and was quite satisfied.
Now that the new QR code bills are enforced for all payments in Switzerland, the product turns to be useless for my prposes.
You can not use the QR code, neither you can use the IBAN on those bills to make a transaction. revolut rejects them with an error message "Unfortunately we do not support Swiss QR Bill payments".
This is really bad and I will close my revolut business account in the near future.
Hi -
I have been a fairly happy user of Revolut, but I am not sure this article is entirely correct in terms of highlighting some of the important disadvantages of Revolut in CH compared to other countries.
For me, at least - and I am welcoming if others have another experience - the Premium and Metal subscriptions (there is no Plus subscription in CH) are much worse than the Premium and Metal subscriptions in other countries. For instance, there is no insurance coverage included, or cash back and several other benefits you will normally find in the Revolut subscriptions are missing in the CH subscriptions as well. But it costs the same.
Also, I must repeat what has already been shared here about their customer service: It is very unprofessional and I would even say poor. After I moved to Switzerland I closed my original account to open it in CH based on the advise I got from their customer service, only finding the above disadvantages. They have not been very helpful in my attempts of reopening my old account, and so far I am stuck.
thanks for sharing, Dennis.
Thats why I personally rely on digital local banks with fair conditions and good customer support.
I have been a Revolut customer for many years and am generally very satisfied. However, I have been retired for 2 years and receive my pension from the AHV. Since I went sailing after my retirement and now travel worldwide, I wanted to transfer my pension to my Revolut account. This is not possible because I opened the account in Germany and therefore have a Euro account. Now I have an account with NEON, but this is pure theft. Firstly, WISE charges very high transfer fees, secondly, another high "convenience fee" (only for WISE, not "convenient" for me) and the exchange rate is just another theft.
I do have a Swiss address and am registered there, but according to the AHV, I cannot receive the pension on Revolut Bank, only a Swiss bank. However, if I could transfer from NEON bank to bank to a Revolut Swiss IBAN, I would save myself all the hassle with these bank highwaymen. I have also set up a CHF account in my Revolut account because years ago I received my salary money in CHF and it stayed in CHF until I switched it to the Euro account. Can you help me?
Hello Hans
A transfer from Neon to Revolut is of course possible without any problems. You can simply set up a standing order and make an automatic transfer to your Revolut account every month once you have received your AHV pension.
Best regards 🙂
Hello Hans. Revolut has an account with Credit Suiss. Employers or AHV can very easily transfer money to Revolut.
Recipient: Revolut Ltd, London UK
CH XX XXXXX XXXX XXXXX X
The most important thing is the purpose of use, first comes a number ______, Hans Rudolf Lehman, CH - D
I have sent money from Yuh, Neon, Yapeal, UBS like this several times. Then I can also do AHV. I also try to do this with employers.
Hi to you
As a rookie I just started with Binance and deposited via my Swiss credit card up to the limit, now I have increased the limit a bit, now I tried to deposit via my bank (SEPA) to the Binance account, which turned out to be not easy (maybe for me). Is there another way to deposit money into my Binance account? Thank you for your help.
Hello Christian
In the beginning, I also deposited to my Binance account by credit card. This always proved to be very expensive (fees).
I have added a Swissborg account APP to my account. I transfer CHF to it for free via Swiss IBAN number. I buy on Swissborg with the CHF Binance BNB and transfer the BNB from Swissborg to my Binance account for a small fee, all with the two APPS. On Binance you can buy all coins with BNB anyway. Swissborg APP is also a good thing by the way. If that helps you, my Swissborg referral is:
https://join.swissborg.com/
Hello,
Despite the Swiss IBAN, withdrawals from Binance work without any problems or
is there anything else that needs to be taken into account?
Thank you and greetings
Question: When I register with Revolution Switzerland, do I get a CH IBAN, right? If so, what happens if I have first exchanged money (CHF to Euro) and thus have a CHF and a Euro balance on the card when I then transfer money from another account to the Resolut account in Euro? Is it credited directly 1:1 to the euro balance or is it changed into CHF and then credited in CHF?
Hello Guido,
Exactly, you get a CHF IBAN when you become a customer in Switzerland.
With Revolut, however, you can hold several currencies in several sub-accounts and thus save on exchange rate fees.
Revolut was really good two years ago. Now they keep introducing non-transparent fees that you are not prepared for. The most annoying thing is that fees are charged abroad at the weekend and not during the week.
On the positive side, it is still the best exchange rate, and at the weekend the gap to neon or yuh is no longer so great.
Hello
Have thanks to my brother Revolut and have hardly dealt with it so far. I wanted to use the credit card now more abroad or for foreign payments. I'm just getting the impression that it's not that cheap to deposit money from Switzerland. It only gives me the GB IBAN and the Swiss credit card company seems to be charging me new fees. What options do I have? Can't find the Swiss IBAN from Revolut either.
Best regards Martina
Hello Martina
did you open your account from abroad? Or a long time ago, when there was no CHF Revolut account?
It is best to contact support or simply open a new account. You should actually receive a franc account and accordingly no fees for the conversion.
Love 🙂
I would not recommend Revolut except for the Standard card, Premium and Metal, I had the worst experience plus they offer none of the benefits they list when you Google like Travel insurance or purchase protection, return protection, etc.. They are not offered but instead they will charge you to downgrade your plan. Not sure benefits of standard card either but at least this is free if you do not order a physical card. Worst customer service!!! Do not recommend Revolut AT ALL. They are misleading and do not care about it
Hi Jeanner
thanks for sharing. Many people including myself are happy Revolut customers since many years. I use the free card and combine it with my Neon Card when Im abroad. So Im always enjoying great exchange rates etc.
Best regards
Eric
Thanks for the review. I heard that all GB Iban have been transferred to LT. I live in Switzerland and my EURO account is still with a GB IBAN. Is that a mistake? Anything I can do about it?
Hi Andrea, I just checked for you: My IBAN is a CH IBAN. Maybe the Revolut support can give you a new one and transfer everything or you open a new account.
Hello
I came across your blog by chance because I am looking for a way to withdraw my Binance balance.
Now I saw that you recommend Revolut for this.
Since this is an account in England, can I withdraw without problems via Sepa from Binance to the account at Revolut and then via transfer to my Swiss account?
Hello Marc,
it works exactly the same for me, yes. At Revolut, you can also transfer the money directly into CHF, here you are offered very good conditions for the exchange.
Best regards 🙂
One more question... does the transfer from a Swiss bank to the Wise account/ Revolut account cost?
it depends on the outgoing bank, not the receiving one. Wise shows you the exact fees. But you have a CHF account with Revolut, so you don't have to transfer EUR.
With a Revolut account you have a foreign account number.
Do I have to list this account number on my tax return? Otherwise, thanks to the account reconciliation of the tax authorities, you're in hot water, aren't you?
Even if there is only a small amount on it.
does anyone here have experience or know?
Hopefully, no one will get into "hot water" because of a few francs 🙂 but conversely, it is not worth the risk to conceal funds? Listing takes less than 1min, so I would recommend you to list all accounts (even those abroad) for a peaceful sleep.
Hello, everyone,
what would be the best choice if you want to transfer a large amount of CHF to Eur?
Wise or Revolut / Premium?
Thanks!
have a look at Wise an 🙂
Yes, please declare on the tax return in the list of securities.
Best regards from the tax office 😉
If I make a transfer to Revolut from e.g. Neon, to the CH IBAN that Revolut gives me, with the purpose of my Revolut online account, there are no costs or? Are there limits on transfers this way? Thanks in advance !
Hi Dean, since the transfer is from Neon - no, no fees. You only have fees on Revolut's side if you exceed your monthly spending limit (depending on the package).
It should be noted that the internal currency exchange (also for card payments) on holidays and weekends 1% spread is added, for some currencies such as Thai Baht it is even 2%. As a cashless payment method, Revolut is thus pretty naja (plus, of course, the usual problems of the debit card compared to the credit card but that is situational).
However, the product makes sense if you use it as a pure "exchange office" and then combine that with one of the various more attractive credit card products in Germany (DKB is of course the first address there, even if they now only issue Visa Debit free of charge instead of Credit as before - after all, also available for Swiss without any problems). Unfortunately, the limit of the switch is only £1000-equivalent in the standard subscription.
It should be underlined that it is a EUR IBAN in UK/GB. Since Brexit the UK is not part of SEPA. I.e. when receiving EUR to the UK account, as well as when sending EUR to other EUR EU IBAN can be horrendous fees.
This is completely non-transparent. This also ruins other advantages such as:
Interbank exchange rate for CHF -> EUR (great idea!!!) but then I exchange CHF to my EUR IBAN UK account. There I can not get the EUR down without fees. Then also the interbank exchange rate CHF/EUR brings me NIX!
Very, very sad, actually.
Actually, it says big EURO-IBAN account everywhere, but thanks for pointing it out. For me personally, the Revolut account is also more as a backup account to my Neon Account. As a Swiss citizen with a main turnover in CHF and sporadic foreign payments, I have the best conditions here (comparison with Moneyland).
actually no. It's a Credit Suiise IBAN (a shared IBAN with all swiss Revolut users). I've used it to transfer money to Revolut without any fees
No, the euro account now has a Lithuanian IBAN and the money can thus be transferred to any other SEPA euro account free of charge. Just do not make the mistake of using the SWIFT network, then it will indeed be expensive.
It is true that the account used to have a British IBAN, but that was changed precisely because of the Brextis to avoid the problem you describe. For deposits in CHF there is a collective account at CS, unfortunately quite impractical in handling.
This report is frankly a bit poor. Also statements like: "...Then you pay just a few Fränkli more" I find not professional. There is nothing at all about the crypto or gold purchase option.
Hello Joris
Your criticism is justified! This is only a short summary of Revolut's wide range of services - a more comprehensive article and some updates would definitely be necessary here. We've been thinking about an update for a while now, but we're a bit undecided since we get partly very positive experiences from readers and partly negative ones (mostly accounts are "frozen" and support is unavailable for days). However, negative experiences usually report more often / louder, so we are cautious with such statements.
Have you had any experiences with Revolut that you would like to share?
Very negative at Revolut is the support. Very slow and unprofessional. With larger problems it needs therefore temporally several support persons. The second, third, etc. person asks again what you have already delivered to the previous person.
I had changed my iphone because of Corona. After that nothing worked anymore, the Revolut-App refused to login because the iphone data had changed. Even after hours of chatting and the third consultant, a solution is still not in sight......
So hands off for all people who do not have the time and will to solve any SW or other problems in hours of tedious, unprofessional chats
Hello, Walter,
I've heard such a revolution experience before, so I understand. Of course you have to classify this, because there are also a lot of satisfied Revolut customers (who do not always share this directly). But in general we can say to every Swiss with a good heart Neon as a revolut alternative. The team in Zurich is always easy to reach and takes care of your concerns directly 🙂
Awesome post! Keep up the great work! 🙂
Thanks, I will!