UK bank account to receive Swiss pension payments?

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  • nilocmac
    nilocmac Posts: 507 Forumite
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    Roger, I would be very interested in how you get on my wife is Swiss also. We have CHF in Fineco but are trying to figure out the most cost-effective way to get them out as we holidaying in CH in the summer. I had thought of transfer them on to my Revolut card but I think there is a charge for that.
  • eDicky
    eDicky Posts: 6,573 Forumite
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    nilocmac wrote: »
    I had thought of transfer them on to my Revolut card but I think there is a charge for that.
    You can add funds to your Revolut CHF account from Fineco CHF by sending them to the specified Revolut account at Lloyds Bank with your Revolut account reference number.

    I doubt it costs much, I think it's a 50p fee to send pounds from Fineco to a UK bank. Please let us know how it goes, if you do it...
    Evolution, not revolution
  • Roger1
    Roger1 Posts: 1,603 Forumite
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    edited 26 May 2018 at 10:10AM
    Hi, nilocmac. Gladly.

    All: Here is an update. I've been visiting the options and have found:
    • Fineco: I have asked them how we can have a CHF debit card other than paying £19.95. Waiting for an answer. I have not opened a Fineco a/c yet.
    • Revolut still haven't got Swiss IBAN. Still can't offer regular CHF credits from CH. Info from their Community. Still waiting for response from their CS. I have a Revolut a/c but don't use it much yet.
    • Starling don't offer this service (yet?).
    • Barclays offer next to no info on their website. Looks potentially good, but unfortunately it needs a branch visit to find out useful info such as charges. :(
    • Nationwide would be OK with f.o.c. transfers in but AIUI the amounts would be credited into GBP. Mrs Roger would prefer to keep her francs as francs. But it would simplify her tax return.

    The search continues.
  • Roger1
    Roger1 Posts: 1,603 Forumite
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    eDicky wrote: »
    You can add funds to your Revolut CHF account from Fineco CHF by sending them to the specified Revolut account at Lloyds Bank with your Revolut account reference number.
    Do you think there's a workaround for regular CHF pension payments? Thanks.
  • eDicky
    eDicky Posts: 6,573 Forumite
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    Roger1 wrote: »
    Do you think there's a workaround for regular CHF pension payments? Thanks.
    You mean direct to Revolut?

    Revolut don't yet provide a personal IBAN for CHF, as they do for GBP and EUR, so I doubt the pension can be paid to an account that is not personal, with the payee's name etc.
    Evolution, not revolution
  • nilocmac
    nilocmac Posts: 507 Forumite
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    edited 4 June 2018 at 8:29PM
    eDicky wrote: »
    You can add funds to your Revolut CHF account from Fineco CHF by sending them to the specified Revolut account at Lloyds Bank with your Revolut account reference number.

    I doubt it costs much, I think it's a 50p fee to send pounds from Fineco to a UK bank. Please let us know how it goes, if you do it...

    I did a transfer of $35 from Fineco USD to Revolut USD and ended up with under $10 in my Revolut account. So my guess is that they charge around $25 for a transfer (hopefully rather than $25 per $35). I do wonder did I miss a trick but as far as I was aware I transferred it in USD to the relevant Lloyds IBAN although it seems to have defaulted to the swift code.
  • eDicky
    eDicky Posts: 6,573 Forumite
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    nilocmac wrote: »
    I did a transfer of $35 from Fineco USD to Revolut USD and ended up with under $10 in my Revolut account. So my guess is that they charge around $25 for a transfer (hopefully rather than $25 per $35). I do wonder did I miss a trick but as far as I was aware I transferred it in USB to the relevant Lloyds IBAN although it seems to have defaulted to the swift code.
    Ufff that's pretty stiff - I would ask Fineco how that charge occurred. Perhaps there's a US intermediary bank involved.
    Evolution, not revolution
  • nilocmac
    nilocmac Posts: 507 Forumite
    First Anniversary Combo Breaker First Post
    eDicky wrote: »
    Ufff that's pretty stiff - I would ask Fineco how that charge occurred. Perhaps there's a US intermediary bank involved.

    It happened in August so it is a bit late to complain about it but going forward perhaps I will contact them first before I make my next move :-) Also looking at the history it doesn't seem to be a Fineco charge but it also doesn't seem like a Revolut charge.
  • jennifernil
    jennifernil Posts: 5,580 Forumite
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    My OH gets a state pension from Norway, it is paid to our Nationwide account.

    The Norwegians take only 1 NOK (about 10p)as the sending fee, Nationwide convert it to £s at a good rate, and charge no extra fee to receive it.

    Halifax wanted £7 each time.
  • eDicky
    eDicky Posts: 6,573 Forumite
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    jennifernil wrote: »
    Nationwide convert it to £s at a good rate, and charge no extra fee to receive it.

    Halifax wanted £7 each time.
    When you say 'good rate', have you compared it with the mid-market rate shown on xe.com at that time? If you find ~3% markup by Nationwide, avoidance of that is what the exercise is usually all about. The fee (or not) to receive, is relatively minor.
    Evolution, not revolution
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