Revolut applies for a Swiss banking license: what that would really change
Revolut has applied for a banking license from FINMA. If it obtains this license, Revolut could create an independent bank in Switzerland, integrate eBill, and cover eligible deposits with the Swiss deposit guarantee. TWINT is also among the features being considered, and a Pillar 3a service is envisioned. But the stakes go beyond these new features: Revolut wants its customers to receive their salaries and manage their daily finances through its app.
In summary
- Revolut has applied for a Swiss banking license from FINMA. Until the authority has made a decision, nothing changes for customers.
- If the license is granted, Revolut could attach its customers to a Swiss bank, make salary payments easier, and cover eligible deposits with the Swiss deposit guarantee.
- eBill and investment accounts in Swiss francs have been announced. TWINT and a Pillar 3a service are still being considered.
- Revolut wants its customers to choose its account for receiving their salaries and managing their daily finances.
Revolut wants to create an independent bank in Switzerland
The application announced on September 16 is accompanied by an investment of over CHF 150 million over five years. Revolut also plans to triple its Swiss workforce, from approximately 30 people to nearly 100 by the end of 2027. This local presence is intended to bring together the functions necessary to operate an independent bank in Switzerland.
Revolut is not starting from scratch. The company already claims 1.3 million customers in the country, a penetration rate of about 24%. It aims for over 40% in the next two to three years. Its challenge is no longer to enter the Swiss market, but to get a portion of these customers to centralize their finances in the app.
No change before FINMA’s decision
Revolut has not indicated a decision date or migration timeline. Customers continue to use their accounts under the current framework, with no action required or bank details to change.
If FINMA grants the license, Revolut plans to allow existing customers to migrate to the new Swiss entity. The company will first have to present its offer, its conditions, and the exact date of this transition. Only then can we judge whether this new offer can truly replace a primary bank.
Revolut’s Swiss IBAN does not yet replace a salary account
Revolut already offers a virtual CH IBAN to customers domiciled in Switzerland. But the account holder remains Revolut Bank UAB: to pay a salary, the employer must designate this bank as the beneficiary and identify the employee in the payment message.
In practice, this can work if the employer accepts it, but it’s not as simple as with a Swiss account held directly by the employee. This option is also not accessible to cross-border commuters and non-residents. The Revolut account remains primarily a complement to a Swiss bank.
What a Swiss banking license could really bring
If FINMA accepts the application, Revolut could:
- Become a Swiss bank. Customers would be linked to a banking entity established in Switzerland rather than Revolut Bank UAB in Lithuania.
- Offer the Swiss deposit guarantee. This would replace the Lithuanian system for eligible deposits.
- Simplify salary payments. A local IBAN would remove the constraints of the current virtual CH IBAN.
- Add features adapted to the Swiss market. Revolut announces eBill and is studying TWINT integration.
- Propose new financial services. Investment accounts in Swiss francs are announced, and Pillar 3a remains under consideration.
Revolut wants to move from secondary account to primary bank
Revolut is no longer just seeking to be the app used for travel, payments, or currency exchange. Its next growth driver lies in the uses of a primary bank: receiving salaries, paying bills, saving, and investing.
This market evolution was already at the heart of our analysis published in Allnews: Swiss neobanks enter a new phase. By submitting its application to FINMA, Revolut is now taking the necessary steps to become its customers’ primary bank in Switzerland.
New pressure on Neon, Yuh, Zak, and retail banks
If Revolut obtains authorization to become a bank in Switzerland, it will directly compete with Neon, Yuh, and Zak for everyday accounts. These solutions will lose some of their current advantage: an offer already adapted to Swiss banking habits.
Retail banks will also be affected: Revolut will seek to take their place for salary reception, bill payments, savings, and investments.
Should you make Revolut your primary bank now?
No. You must wait until Revolut obtains its authorization and presents its offer, its fees, its support, and the migration conditions of its future Swiss bank. For now, the change concerns Revolut, not its customers.
Also read
- Revolut Switzerland: our review and experience
- The best online banks in Switzerland
- Neon or Revolut: which bank to choose?
Could Revolut become your primary bank?
Do you already use Revolut in Switzerland, or are you waiting for a more comprehensive banking offer?
- Do you use Revolut as your primary account or just as a complement?
- Would you have your salary paid into Revolut if it becomes a Swiss bank?
- What are you missing today: eBill, TWINT, or a Pillar 3a offer?
- Would the Swiss deposit guarantee change your trust in Revolut?
Your experience can help other readers.
