Revolut Swiss IBAN: Top Up Your Account For Free

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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! This means you can now top up your Revolut account for free directly from your bank account. This is really 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! This 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 really 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 me and other Revolut customers! 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 biggest 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. This 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. This will 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 great news and will soon benefit the users of Revolut. The biggest advantage will be that soon, money deposited on a Revolut account will be insured up to 100’000 EUR. This is guaranteed under the European Deposit Insurance Scheme (EDIS).

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

For now, nothing changed. Just because they get a banking license does not change 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 great news for Revolut and for 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. This will simplify my money management routines. And it will also simplify my net worth routine since this means one less account.

And for all Revolut customers, it is great 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 a very interesting 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 actually quite bad. If the money was insured in Revolut and we could have an 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?

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.

14 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!

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