August 6th, 2021, 1:43 pm
thank you for your replies. in my case it would be a temporary solution to avoid rates some Swiss banks are applying to deposit accounts. In the past months several local banks have lowered the ceiling at which those rates start to apply (e.g. UBS has started off to apply 0.75% per annum to deposit account reaching 250K on July 1st, arguing low interest rates have impacted overall bank profitability over the past few years, blabla...) So the plan would be to "top up" (i think youngsters say that) my Revolut, Wise or the like account and leave the money there while I get with a plan to avoid (100% legally) those fees.
I was using Wise at the start, then Revolut came in with cheaper overall fees, but it (Revolut) has become a bit catch-all service company and there are several layers of fees now that makes it less interesting in my view. Still, whatever it is Revolut, Wise, or the like I can't say I feel 100% secure from both IT and business perspectives and usually go with small amounts only. Wealthy people issue, I know.