The finance app Revolut claims to have 900,000 customers in Switzerland. Many of them are currently receiving mail with the offer to switch from the British to the Lithuanian unit. This will also provide them with investment products and a Swiss IBAN number provided by Postfinance.
«Your personal Swiss IBAN is wating for you », is the subject of an email that the British neobank Revolut is currently sending to its customers in Switzerland.
It already communicated the changes last October, as reported by finews.ch: anyone who registers with the Lithuanian Revolut Bank UAB will now have access to investment products such as shares, ETFs and money market funds. Revolut's Swiss subsidiary, managed by former Blackrock man Julian Biegmann, has been in possession of a corresponding Finma license for a year now.
From Credit Suisse to Postfinance
Another innovation is that customers of Revolut Bank UAB recieve a Swiss IBAN number, for which the infrastructure is provided by Postfinance.
However, many Swiss Revolut customers are not based at Revolut Bank UAB, but at the British Revolut Ltd. They previously had to make their payments via a collective account at Credit Suisse. They were then allocated based on the purpose of the payment.
Retail Banking in View
Obviously, Neobank now wants to strongly encourage its Swiss customers to switch to the Lithuanian branch: they should not forget to set up the new Swiss IBAN «to avoid interruptions with your account». Customers must give their consent for their funds to be managed by Revolut Bank UAB, accept its terms and conditions and provide their AHV number.
Up to now, Revolut has been valued by Swiss customers primarily as a means of payment when traveling abroad due to its advantageous exchange rates. With its current offensive, however, the neobank is increasingly poaching in other areas of retail banking.
Initial Difficulties
However, a number of users have reported teething problems to finews.ch.
Numerous links in the Revolut email do not work. And anyone who clicks on «Save Swiss IBAN» , the purpose of the exercise, is not guided through the change, but receives an error message: «We are already verifying your information.»
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