Revolut Swiss IBAN: Top Up Your Account For Free

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(Disclosure: Some of the links below may be affiliate links. For more information, read my disclosure.)

Good New for Revolut: Swiss IBAN and banking license!

I think Swiss investors will agree that the biggest problem with Revolut was that they did not have a Swiss IBAN. Some good news just arrived for us!

Revolut now includes a Swiss IBAN when you want to top it up! It means you can now top up your Revolut account for free directly from your bank account. This is great since that was missing from the start on the Revolut account.

And probably even bigger news for Revolut: they got a European Specialised Bank License! It is a big deal for the company. Revolut is now officially a bank and will soon start offering new services.

I have been using Revolut for about six months now, and I like it. During that time, I have saved a lot of money by using their free currency exchange services. I am really interested to see how they are going to implement this banking license in the future. I would really like to have a cheap and good bank account in the future.

In this post, we are going to see what do these changes mean for other Revolut customers and me! If you do not know about Revolut, stay tuned!

Revolut

Revolut is a kind of digital bank alternative. It is not yet a bank. But you can store money in any currency on your account. In theory, you could even use it to deposit your salary into it. But since they are not a bank, you have fewer guarantees on it.

The most significant advantage of the Revolut account is that you can convert currencies for free! Most credit cards will charge a hefty fee to convert currencies. For instance, my current credit card charges me 1.5% to do a transaction in a foreign currency. It is the main reason why I started using Revolut. I have already saved quite some money with Revolut, and all of it is for free! Now I only use Revolut for my expenses in foreign currencies. I have been using it for almost six months, and I am really happy about it!

To learn more about Revolut, read my full article about Revolut.

Revolut Swiss IBAN

If you want to transfer money to your Revolut account, there are several ways:

  1. Use a Debit Card (free)
  2. Use a Credit Card (fees)
  3. Transfer to a bank account (free)

The most convenient one is to transfer money from your bank account to Revolut IBAN. The main issue with Revolut before was that they did not have any Swiss IBAN. They had an IBAN from the UK on which you could pay with CHF. However, every time you transferred money, you needed to pay a small fee because Swiss banks do not provide free transfers to IBAN outside of Switzerland even if it is in CHF.

Until now, I was using a TransferWise account to make the transfer for free. In that case, I was transferring money to my TransferWise account from my bank. And from there, I was transferring money to my Revolut account. It was working quite well and was free. However, that means I had an account I did not use and a card I only used for some transfers.

Now, Revolut just got a CHF IBAN from the Credit Suisse! With this, we can transfer money directly into our Revolut account with a single bank transfer. And the transfer is entirely free! You can transfer as much money as you want without any fees! This is really great news.

That means I do not need to use TransferWise anymore for now. It will significantly simplify my money management!

Transfer Money for free to Revolut

To find the new Swiss IBAN, you can go into your Revolut application and click on the Add Money button. Then, choose Bank Transfer, and Revolut will give you all the information you need to make the bank transfer:

Revolut Swiss IBAN
Revolut Swiss IBAN

With all this information, you can initiate a bank transfer from your bank account to Revolut Swiss IBAN. Do not forget to include your personal reference number. Otherwise, Revolut will have no way of identifying you and the money will be returned to you later on.

Banking License

Revolut will soon be a bank!
Revolut will soon be a bank!

Until now, Revolut was not a bank but simply a digital banking alternative. These two have quite a few differences. For instance, Revolut could not offer you credit options, and your money at Revolut was not insured.

However, this will soon change! Indeed, in December 2018, Revolut got a Specialised Bank License from the European Central Bank. They used the Bank of Lithuania as a facilitator in the proceedings. They are not yet a full-range bank since they only got Specialised Bank License. For instance, they cannot provide any investment services.

Revolut plans to start offering bankings to smaller countries such as Lithuania and then move on to larger European markets such as France and Germany. It is going to be a while before they move to Switzerland.  They are also trying to get a banking license in Russia.

Nevertheless, this is excellent news and will soon benefit the users of Revolut. The most significant advantage will be that soon, money deposited on a Revolut account will be insured up to 100’000 EUR. The European Deposit Insurance Scheme (EDIS) guarantees this amount for each European bank account.

Another advantage, but less appealing, in my opinion, is that they can offer your personal loans. You can also go negative in your bank account. It was not possible before. I do not think it is an excellent thing since you should not go negative anyway. But it remains to be seen how much interest they will bill on these loans.

For now, nothing changed. Just because they get a banking license does not alter their Revolut accounts. They are going to start with this new license in Lithuania for now. But then, they plan to extend in the other European countries. We probably will not see any change in Switzerland for at least a year. But eventually, it will come!

Overall, I believe this is excellent news for Revolut and its customers.

Conclusion

All this is really great for both Revolut and its customers. For Swiss investors, that means that it will not be necessary to use TransferWise as an intermediary to transfer money for free to our Revolut account. It will simplify my money management routines. And it will also simplify my net worth routine since this means one less account. I am always interested in simplifications!

And for all Revolut customers, it is excellent that Revolut will become a bank! For now, nothing changed yet. We will see in the future how they will implement this banking license. But I think next year will be an exciting year for Revolut and its users. The only thing they are missing is a cashback credit card! But we can always use a credit card like the one from Migros and pay from a Revolut account.

I would not be surprised if, in a few years, Revolut becomes a serious alternative to Swiss banks. I had to change banks recently, and it was quite a pain to do. Most Swiss banks are quite bad. If the government insured the money in Revolut and we could have a real bank account, I would probably change my main bank account for a Revolut account. We will see how they evolve in the future.

What do you think about this news? Do you already use Revolut? Did you try the new Swiss IBAN?

About the author

Mr. The Poor Swiss

Mr. The Poor Swiss is the main author behind thepoorswiss.com. In 2017, he realized that he was spending more and more every year, falling into the trap of lifestyle inflation. He decided to cut on his expenses and increase his income. This blog is relating his story and findings. In 2018, he saved more than 40% of his income. He made it a goal to reach Financial Independence. You can send Mr. The Poor Swiss a message here.

38 thoughts on “Revolut Swiss IBAN: Top Up Your Account For Free”

  1. it would be great if the revolut card would work as a credit card and not only debit. It’s a pain not to be able to use it for security deposits (hotels, car rentals, even some gas stations in the US )

    1. Hi Zoli,

      Yes, it would be really great if we could use it like that!
      The other great thing would be if there was some cashback on it or any other benefits on it as well.

      But for all foreign exchanges, it is the best card!

      Thanks for stopping by!

  2. Does it mean, that I can now use my Revolut CHF sub-account as a regular Swiss account (salary, taxes etc.)?

    This would be a good news, as most of the Swiss accounts are not as cheap (free) as in other countries – correct me if I’m wrong.

    1. Hi P,

      I think it is a bit early for that. If your company does a SWIFT transfer, that would probably work. But for other transfers, you still need a reference code. You do not have your own IBAN.
      And for now, they are not yet a bank in Switzerland. They will implement that over time, starting with other countries. So that means that for now your money on Revolut is not insured by the government.
      Once they are offering bank accounts in Switzerland, it may be very interesting to use their services indeed! But for now, I would not go that.

      Thanks for stopping by :)

  3. Very cool! I will definitely be looking into this as European inter-bank transfers become more and more common for me (my side hustle has me working for a UK and Spanish company). Also when going on holidays it’s always nice to have a card to do foreign currency transactions without fees. I will look into this possibility from The Netherlands!

    1. Hi B,

      Yes, it is very good if you do a lot of bank transfers in different countries.
      If you need cash in other countries, it is still not great since there is a very small limit (200 EUR) on what you can withdraw in cash at an ATM. This is a bit limiting.
      Getting cash in other countries at a fair price is something I have not been able to figure out yet.

      Thanks for stopping by :)

      1. If you need to maximize the cash limits, you should sign up for Revolut, N26 and TransferWise. If you put at least 200 on each card, you can withdraw 600!

        1. Hi Thierry,

          Thanks for the tip!
          I already have Revolut and TransferWise. But in fact, I did not even know about N26. It looks interesting. I will look into it.

          Withdrawing cash abroad is the most difficult thing indeed.

          Thanks for stopping by :)

      2. Hi,

        try signing up for dkb.de (shout be possible for swiss citizens) and you will get free cash withdrawals up to € 1000 per day – in nearly every country of the world.

        Ask Google for details about it.

        1. Hi KVestor,

          That looks interesting indeed!
          Unfortunately, almost all the information I have found is in German and I do not have the level to fully understand it. And I would not trust my bank details to an online translator.

          Thanks for the suggestion.

  4. Hi,
    Well informative web site. Thanks for this.
    I agree that swiss bankers are not fair as any bankers!
    But there is something I miss with the services offered by Revolute and similar platforms. They do not work for free.. so there should be something behind.
    I’m wondering if these platforms are not the best places to clean out bad money! There is no control at all and I suspect really bad financial transactions with them.
    As you pointed it out, there is no user account. In fact all the moneys are mixed up and they only track who is owning what with their internal references.
    Now Switzerland seems to have made an effort to minimize some hidden fortune and it’s look like these platforms offer a good way to hide money, which personally I would not sustain at all.
    Since I’m using Transferwise, I would prefer to use banks or financial services who have a minimum of ethics (https://www.bas.ch/, unfortunately does not offer such services) !
    Regards,

    1. Hi Christoph,

      Thanks :)

      That is a good point you are raising. There has been some recent controversy about Revolut. Apparently, they stopped they transaction checking system for a while. And it is very likely that many bad transactions went through during that time. It could indeed be used to clean out bad or to hide money.

      You mention TransferWise. Even though they have a better reputation, one could also hide money there, no?

      Thanks for stopping by :)

  5. Hey!

    I’ve now ordered & received my revolut prepaid mastercard. I’m wondering: have you had any trouble using it in Switzerland or elsewhere? Contactless is working great but chip’n’pin does not! When I try to pay with it at the Coop in CH, for instance, it always says “wrong pin” (even if it’s the one).

    Cheers,
    Lee

    1. Hi Lee,

      I have not had any issue with my Revolut. But I almost do not use it in Switzerland. My credit card is better with cashback.

      Are you sure you enabled the feature in the application? A lot of features can be disabled in the application.

      Thanks for stopping by!

  6. Hi,
    Starting from today, I will be not able to use the Credit Suisse CHF account anymore, even if I used it to transfer my Swiss salary to revolut since February, change it in euro and send it to my French account (so, yes I’m a frontalier). The Credit Suisse credentials in my CHF revolut account are not longer available, instead I got the classic GB IBAN.
    The automatic message got it today, after I suppose the Credit Suisse received my salary was:

    Hi there. We’re sorry to inform you that we’ve had to disable your access to local Swiss account details because they are not yet available for your country.

    Due to a technical error, you may have seen Swiss Franc local account details in the app, however, these account details are only available to Swiss residents and cannot be used to receive Swiss Franc payments through our local banking partner in Switzerland.

    Payments sent to local Swiss Franc account details by non-Swiss residents will be returned automatically within 2-3 business days. Please ask any of your relevant payment contacts to use your Revolut account details (you’ll find these in the SWIFT tab) to transfer Swiss Franc.

    We’re working hard to make these account details available in your country by the end of this year. Thank you for your understanding, and we’re sorry for the inconvenience. If you have any questions, please get in touch via the in-app chat support. Thank you.

    Any comments / news about this?

    1. Hi Sorin,

      I am not sure I understand.

      Is your Credit Suisse account closed or your Revolut account?
      You can still use your Revolut account but not send money to the CHF or not use the local payments in your Rev account?

      I didn’t know they only offered it to swiss residents. That’s kind of weird…

      If you still use your CS account, why don’t send your salary there?

      Thanks for stopping by and good luck resolving your situation.

    2. Hi Sorin,
      I noticed this too. Until recently I was living (and working) abroad in one of the EU country. I know that until July I had two CHF accounts available in my Revolut app: the one for local transfers in in Credit Suisse (IBAN starting from CH) and one in for SWIFT transfers (IBAN starts from GB). When I contacted Revolut customer service, they clarified that the address details in my Revolut was non-CH, therefore my local CH account was disabled. They explained that I had two accounts because of “the bug” and it has been recently disabled because I’m not living in Switzerland.
      This local CH account can be re-enabled if you provide them a proof of Swiss residency – a government letter addressed to you in Switzerland or ID. After I provided these, my local account was re-enabled.
      Interestingly, I still have two accounts for other currencies EUR and GBP, but only one for USD.

      1. Hi Miro,

        Thanks for sharing this. It kind of makes sense that they only offer CH local accounts to people living in Switzerland. However, it’s a bit inconvenient for people living in France and working in Switzerland indeed.

        Thanks for stopping by!

  7. I use Revolut in EEU (Europe) from August 2018. It’s an amazing way to save money when you are abroad because the exchanges rate is very advantageous. And, of course, I use Revolut app for cryptocurrency trading.

    1. Hi,

      Yes, Revolut is a really great way to save money on foreign transactions.

      Sorry, but I have removed your affiliate link from the comment, I do not allow affiliate links in the comments.

      Thanks for stopping by!

  8. Hi
    I transfer money from my bank account to Revolut but I for got to put my reference number! Till now it take 6days already but money not turn back to my bank account! How long I have to wait or any solution to fix this problem?

    Thank you
    Rattasart

    1. Hi Rattasart,

      That’s a good question. I do not know.
      If it’s already been 6 days, I would already contact Revolut. Get all the information about your transfer and contact an agent on chat. If you are unable to contact anyone, you may want to try to talk about it in the Revolut forum. They are often reactive on it.

      Sorry to not be able to help more :S

      Good luck!

  9. Hello,
    Thanks for this article (and all others too).
    It seems like Revolut is a hot topic :)
    I know that bank transfer to revolut is free, but it takes some time (about one working day).
    I wanted to ask how to top-up Revolut for free in Switzerland using a debit card? My foreign debit cards always had the long card number on them, so it was straightforward to hook them up to R account and top-up on-the-go for free. I recently moved into Switzerland, and I noticed, that debit cards don’t have the long number on them (at least not Zak account card in Bank Cler, Post Finance and UBS). Are there any debit cards here which have that number? I ended up topping up Revolut account using credit card, and obviously I got charged.
    Any advise is appreciated!

    1. Hi Miro,

      You are welcome!

      Yeah, it is a very hot topic these last days with the phishing attempts.

      I do not know exactly the rule, but you can use some Swiss credit cards to instantly top up your Revolut account for free. For instance, I am using my Cumulus Mastercard to do that.
      I do not know any Swiss debit card that could be used for that, unfortunately.

      Which credit card did you use?

      Thanks for stopping by!

      1. I would be very interested to learn about an alternative. This will badly hit the cross-border workers. In another post, you mentioned that you used to combine Transferwise and Revolut? How so exactly?

        1. Hi Hadrien,

          I used Transferwise at the beginning when it was not possible to transfer money for free in Revolut. It is basically the same as Revolut with some extra fees. But you could try to use it to get your Swiss money and transfer it into EUR. You will have to pay 0.3% on your transactions though.

          Good luck!

  10. Hello, I cannot find the answer for my (particular) case so I am just going to try my luck here :)
    I am living in Switzerland and I have a Postfinance account in CH and EUR (both IBAN begin with CH!). I would like to open a Revolut account and transfer my swiss money to that new Revolut account. How much would it cost me to transfer money from CH account to Revolut? I still don’t get it if Revolut offers a CHF account or not together with GBP account and EUR iban? Maybe I should only use my swiss EUR account and transfer money to Revolut EUR iban? But they will transfer it using the SWIFT and not SEPA right? Hope this is not too confusing… Help! :)

    1. Hi Gia,

      If you transfer CHF from your CH bank account to Revolut it is going to be entirely free :)
      Now, you need to have a CH IBAN in Revolut. If you are living in Switzerland and said as much in Revolut, you should have one without issue. Go to Revolut, then Add Money, Bank Transfer and you should see a CH IBAN under Local. If you use this CH IBAN with the correct reference number, you will be able to top up Revolut for free :)

      I hope that helps!

      Thanks for stopping by!

  11. Hi, sorry for bothering… Just would appreciate your advice. Have signed up to Revolut. I am a British national, working in Geneva and living in France. I have immediately got two bank accounts (EU and GB). For a CH bank account I’ve got a GB IBAN. How can I get a CH IBAN??? I searched everywhere but found no reply. :-( Thanks for help
    PS. Love your blog though! Thanks for investing into us.

    1. Hi Andrea,

      Unfortunately, Revolut stopped offering CH IBAN to people that are not living in Switzerland. You need an account with an address in Switzerland for this to be available right now. That really sucks.

      You want your salary to be sent to Revolut to be transferred cheap to your France bank account?

      Thanks for stopping by and for the kind words :)

  12. Hi,

    Can anyone confirm this CS chf account IBAN “CH37 0483 5284 2385 2300 0” is Revolut, did anyone try it and got the money, how long did it take?
    How does Revolut know to which card or account they should credit the money?
    Being a electronic bank i doubt they will check the comments in the reason for payment, assuming CS send that to them…

    1. Hi Aviv,

      This is the IBAN I have been using since they released it. It’s working fine. From my bank (Migros), it takes one working day to get the money into Revolut.

      You need to enter the Reference that is shown in the app (this is an 8 digit number). The Reference (comment for the beneficiary) is definitely passed along with the payment. It’s not a person doing the check, but an automated process ;)

      I hope that helps you :)

  13. Unfortunately it doesn’t work anymore, they removed the Swiss Iban, at least for non resident, which mean it become useless for cross border workers.
    For now I don’t have much need for it, except for transferring USD which is still working.

    I hope they will enable Swiss Iban again.

    1. Hi Buluk,

      Unfortunately, you are not the only one in that case. They have cut the Swiss IBAN from anybody that is not a Swiss resident. I still have it since I leave in Switzerland, but many people have lost it.
      I guess that they were losing money on the transfers.

      Hopefully, they will improve that in the future. We’ll see!

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