Following our previous coverage of Revolut's Swiss expansion plans, the fintech giant has now begun rolling out Swiss IBANs through its partnership with PostFinance. This move marks a crucial expansion of Revolut's services in the Swiss market, addressing one of the key challenges faced by digital banks in Switzerland.
What's New for Swiss Customers?
The fintech giant is now inviting its Swiss customers to migrate their accounts from Revolut Ltd (UK) to Revolut Bank UAB (Lithuania). This transition comes with two major benefits:
- Swiss IBAN Access: Through their partnership with PostFinance, customers will receive local Swiss IBANs, eliminating the common issue of IBAN discrimination that users with foreign IBANs often face.
- Investment Capabilities: Swiss customers will gain access to Revolut's comprehensive investment platform, including: Stock trading and ETF investments
Why This Matters
This development is particularly significant for several reasons:
- Local Integration: A Swiss IBAN removes a major barrier for users, making it easier to receive salaries and set up recurring payments with local businesses.
- Competitive Edge: By offering investment products, Revolut positions itself as more than just a payment solution, directly competing with traditional Swiss banks.
- Regulatory Compliance: The shift to Revolut Bank UAB demonstrates the company's commitment to operating within European banking regulations.
Blick in die Zukunft
This expansion signals Revolut's serious intentions in the Swiss market. The combination of local IBANs and investment products positions Revolut as a more complete banking alternative for Swiss residents, potentially reshaping the competitive landscape of digital banking in Switzerland.
For Swiss customers, the transition process is being rolled out gradually through email invitations. Those interested in switching to the new setup will benefit from a streamlined migration process while gaining access to an expanded suite of financial services.
Note: If you're a Revolut customer in Switzerland, keep an eye on your email for the invitation to upgrade your account and access these new features.