UK Bank with CHF Currency Account

[Noiro]

Any suggestions for a UK bank which can receive and hold funds in Swiss Francs? I saw Wise have a CHF account but it's only for holding currency - I need one with an IBAN number to receive funds in CHF and allow me to convert to GBP when rates are favourable.

Currently with Cater Allen and use Wise a lot but neither seems to have any option to help with this.

[ladymuck]

Barclays used to have a CHF account - at least they did in the 1990's - 2000's

EDIT: looks like they still do
https://www.barclays.co.uk/current-a...le-currencies/

[jamesbrown]

As far as I know, you will get a European IBAN with Wise for any European currency account, no problem. Certainly, I see it on my GBP and EUR accounts, but I don't have a CHF account. Have you actually asked them whether you can do what you want? I highly doubt your case is a special case.

[Noiro]

As far as I know, you will get a European IBAN with Wise for any European currency account, no problem. Certainly, I see it on my GBP and EUR accounts, but I don't have a CHF account. Have you actually asked them whether you can do what you want? I highly doubt your case is a special case.

Sadly they have two clear categories of foreign balance accounts - "with account details" which have an account number allocated and can support incoming international transfers, and "without account details" which are for balance holding and outgoing transfers only. The proper accounts are in lots of common currencies but not CHFs annoyingly.

[jamesbrown]

Ah, OK. That is annoying. I think Starling are in the process of expanding their foreign currency accounts, but it doesn’t look like they have a CHF account yet. You may be stuck with a highstreet bank for holding purposes (just avoid their fx). I suppose you could try revolut, but I am not a fan of them at all.

[Fred Bloggs]

Ah, OK. That is annoying. I think Starling are in the process of expanding their foreign currency accounts, but it doesn’t look like they have a CHF account yet. You may be stuck with a highstreet bank for holding purposes (just avoid their fx). I suppose you could try revolut, but I am not a fan of them at all.

Seriously, avoid Revolut like the plague. It's fine until something goes wrong. When it does, it goes really very bad. Like they randomly block your account for no reason. Or they say you need to update your ID details a million times but the system keeps rejecting your update attempts. Or a transaction goes missing and nobody knows where or why. Then just try and speak in real time to a human, it is simply not possible. The only way to contact Revolut is through the app. But in my case the app wouldn't let me log in. Round and round in circles you go. Seriously what do you do when the app doesn't work?

I made a complaint to the finance regulator about being impossible to contact a human at Revolut to find missing money. Throughout the investigation Revolut were telling the regulator that they were telling me stuff by email but I never got a single email from them. The complaint process went on for months. I got my missing money back in the end. No apology, no action from the regulator. Avoid Revolut like the plague.

General rule - If you cannot speak in real time to a human, then do not engage with the company when it involves your money.

[jamesbrown]

I've also had bad experiences with revolut, which is why I wouldn't recommend them, but it seems as though they do have a CHF account with an IBAN (at least, an aggregate account with the money forwarded to your personal account by supplying the correct account reference in the payment subject). Again, I wouldn't recommend revolut for similar reasons of terrible customer service when something goes wrong, but it's a possibility (some people seem happy with them). Best bet for the OP is probably the Barclays account that LM mentioned, at least until Starling are ready with their CHF account. Perhaps NotAllThere has a better idea.

[Noiro]

Seriously, avoid Revolut like the plague.

Cheers - had no idea they were that bad.

I did check Starling as I use them for my plan B business and can't fault them. But no CHF option yet.

Will check out Barclays fees and features I guess, though they need a Sterling account to go with the foreign currency one. Don't really want to ditch my free Cater Allen account (despite the 'new and improved' 1980s website they have!) so will have to make a call on that!

[ladymuck]

I doubt you'll have to transfer all your banking to them but it might increase your monthly fees if you have to maintain a sterling account you're not using just to get access to a CHF one.

HSBC also do currency accounts - on a cursory glance, they require a sterling account for the deposit accounts but I didn't see that for a current account but I'd recommend you read it more carefully than I did

https://www.business.hsbc.uk/en-gb/e...rrency-account

[Noiro]

I doubt you'll have to transfer all your banking to them but it might increase your monthly fees if you have to maintain a sterling account you're not using just to get access to a CHF one.

Yes definitely a practicality factor there - I don't want to have lots of accounts to manage let alone potential fees too.

And thanks - HSBC came up in my searches too. Just hoping someone has had similar requirements and/or recommendations for alternative solutions. Like Cater Allen who I had never heard of before I found CUK, and I can't really fault them for basic free banking. Apart from the ridiculous website of course but I use that once a month so who cares!