Experience with Revolut new "Swiss IBAN"

[Baptiste Wicht]

Hi

My Revolut account just got upgraded to the new "Swiss IBAN". I put it in quotes because this is not what I was expecting.

I was expecting an IBAN in my name on which I could do transfer like other bank accounts, but if I go into account details, I still see the Beneficiary as Revolut Bank UAB.
So, I got a new CH IBAN from PostFinance instead of from CS, but the account is not in my name and I still need to specify the beneficiary in the message instead of the actual beneficiary.

So, basically, nothing changed?

Did someone have another experience with the upgrade?

 

[BPH]

I actually cancelled my Revolut account a while back, but from reading across the Internets, this is exactly what's happening to everyone.

Basically at this stage no real improvement on the IBAN side, but now you have a EUR 100k guaranteed under the LT banking laws. So this article is still pretty much valid: https://www.finews.com/news/english-news/66173-revolut-mahor-confusion-about-swiss-iban-postfinance

 

[Baptiste Wicht]

It's good to get some banking protection, but it's really bad marketing to call it individual IBAN if we are not the beneficiary
So, it remains pretty much useless and I would not call it safe if the account is not even in our name. I am not entirely convinced the protection will apply in the end.

 

[Lelouch]

Yeah the half-assed "Personal Swiss IBAN" is such a bizarre move from Revolut. You won't get your money if you don't write your name on the payment message, so from my pov, nothing has changed.

I really love Revolut for their amazing app (live push notifications for transactions, expense tracking, budgeting, virtual cards linked to Spaces, etc.) but the moment Radicant launches their expense tracking tool (they've been talking about that on their website for a while now, so I hope by EOY 2025), Revolut is a goner.

 

[Baptiste Wicht]

Just for the sake of testing, I tried sending money to the IBAN with me as the beneficiary and indeed it did not work and the money was returned.

 

[IceAdministrative711]

Just for the sake of testing, I tried sending money to the IBAN with me as the beneficiary and indeed it did not work and the money was returned.

Same experience

 

[Max]

There is an interesting explanation from Moneyland:

18. Does Revolut give me my own bank account number?

Revolut does not offer a personal Swiss bank account. But you do get a personal account number that you can use to receive payments into Revolut's collective Swiss account.

 

[gaijin]

Revolut has applied for a Swiss banking licence and is planning to invest CHF 150 mio in the Swiss market.
Unfortunately the URL of their news post seems to be broken, therefore just the link to the news overview.
The news was also taken up by many Swiss news outlets, such as NZZ and TA Media Group .

 

[Baptiste Wicht]

Here is also one source without a paywall

I am not a huge fan of Revolut but some extra competition will do some good, I believe.

 

[gaijin]

I am quite surprised to learn that Revolut is by far the most popular neobank in Switzerland in 2026. Source: Swiss Payment Monitor 2026, page 26. Disclaimer: the source is a survey, not actual usage data.

 

[BPH]

I am quite surprised to learn that Revolut is by far the most popular neobank in Switzerland in 2026. Source: Swiss Payment Monitor 2026, page 26. Disclaimer: the source is a survey, not actual usage data.

I think the key question is here, how actively people are using it.

I have had a Revolut account for years, but only used it once every few months to do a smaller FX conversion as I do not want to trigger any IB alerts and if below 1'250.- there is no surcharge (so cheaper than Wise on non-Weekend days). But clearly not a regular user

 

[Baptiste Wicht]

I am quite surprised to learn that Revolut is by far the most popular neobank in Switzerland in 2026. Source: Swiss Payment Monitor 2026, page 26. Disclaimer: the source is a survey, not actual usage data.

That's also surprising to me.

And @BPH may have a good point. People may have an inactive account. I have created my accounts many years ago and only closed it a few months ago after many years of inactivity.