Revolut in Switzerland – Free Top Up with Swiss IBAN

Mr. The Poor Swiss | Updated: | Save
Revolut in Switzerland Top Up For Free with Revolut Swiss IBAN

(Disclosure: Some of the links below may be affiliate links)

In the early days of Revolut, the biggest problem with this service 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. It 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. But for us, it will not change much in the short-term.

I have been using Revolut for about two years now, and I like it. During that time, I have saved a lot of money by using their free currency exchange services. I am curious to see how they are going to implement this banking license in the future.

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

Revolut

Revolut

Revolut offers a credit card without any fees for currency exchange.

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! This is only free for the first 1250 CHF converted per month. But this should be enough for most people.

Most credit cards will charge a hefty fee to convert currencies. For instance, my previous credit card charges me 1.5% to do a foreign currency transaction. 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 pleased 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 Swiss Credit Card (free)
  3. Use another Credit Card (not free)
  4. Transfer to a bank account (free)

The most convenient method is to transfer money from your bank account to Revolut IBAN for most people. 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.

In the beginning, I was using a TransferWise account to make the transfer for free. 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. Having fewer accounts would help me simplify my routines!

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

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

If you prefer, you can also directly use your main credit card to top up your Revolut credit card. It means you can also use credit for card Revolut. It is another great way to top up Revolut for free! But this will only work for credit cards issued in your own country. And only Revolut and Visa are currently supported by Revolut.

For instance, you can use your Cumulus MasterCard to top up Revolut for free.

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 reference number. Otherwise, Revolut will have no way of identifying you, and the money will be returned to you later on.

Once you have done your transfer, it will generally take one working day for the money to be available in your account. Most Swiss banks are pretty slow for that. If you have another bank, this may go faster.

Depending on your account, you may need to enter more information than just your reference number. For instance, you may need to enter your name and your country into the reference information.

Banking License

Until now, Revolut was not a bank but merely 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 Specialized 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 a Specialized Bank License. For instance, they cannot provide any investment services.

Revolut plans to start offering bank account to smaller countries such as Lithuania and then move on to broader 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 you 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 Revolut got a banking license does not alter their Revolut accounts. It means that for now, the money in your Revolut is not insured yet! It is important for the safety of your money. I personally never keep more than 1000 CHF on my Revolut account.

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 a few years. But eventually, it will come!

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

Conclusion

Revolut

Revolut offers a credit card without any fees for currency exchange.

All this is great for both Revolut and its customers in Switzerland. With this new Swiss IBAN, Swiss people can transfer money to Revolut for free.

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!

This news makes Revolut more interesting for users in Switzerland.

If you need more than 1250 CHF per month, you may want to consider alternatives. TransferWise is an excellent alternative to Revolut for large amounts.

Now, if you want something simpler and local, you can also look at Neon Bank.  They also offer purchases in foreign currencies for free. And they are a local Swiss bank. So you should not have to go to any trouble with them.

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

Mr. The Poor Swiss is the author behind thepoorswiss.com. In 2017, he realized that he was 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 2019, he is saving more than 50% of his income. He made it a goal to reach Financial Independence. You can send Mr. The Poor Swiss a message here.

83 thoughts on “Revolut in Switzerland – Free Top Up with Swiss IBAN”

  1. 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!

  2. 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!

  3. 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!

  4. 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.

      1. I also do have an account in Swiss Francs in Revolut, but to top it up, all I am able to see in the app is the GB-based IBAN, which will cost 5 CHF to transfer CHF to.
        I guess the CH IBAN is only available to Swiss residents.

    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!

  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!

    2. Hello, Mr. Poor Swiss
      I’ve recently noticed (since December 2019) being charged 1.75% surcharge on transfers from my UBS credit card to Revolut, making Revolution as good as any other bank in that particular case. Has something changed? Have you noticed that too? Or am I doing something wrong?

      Thanks a lot

  6. 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 :)

  7. 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.

  8. 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 :)

  9. 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!

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