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Since the interbank exchange rate is constantly fluctuating, the rates locked in for the weekend may not be the same as the rates that are available when the markets open on Monday morning. My guess is that Revolut’s liquidity provider (which I’m guessing is Barclays) isn’t strong in LatAm currencies.Also, note that of today, Revolut website still shows “Always get the real exchange rate” which is a clear lie. So basically I lost money because I was listening to my friend who told me to use Monese instead of Revolut, because Revolut’s bad currency exchange rate during weekend. UTC? If you exchange currencies on weekdays (Mon-Fri London time) ... (this means over the weekend THB and UAH have a 2% markup.) the average between the bid and offer rate. First picture is AMD to EUR from most webpages, second it from that another fintech service which card I used and third is from Revolut.So, does anyone knows answer to this question - does Revolut include its weekend markup in the app when you are cheching exchange rate?Revolut applies a 0.5% markup to major currencies (things like PLN, USD, JPY, GBP, EUR; this list isn’t exhaustive and I’ll include the link to the Revolut help article Note that this will stack with the 0.5% fee that applies if you go over the free FX limit for standard users and it will also stack with the free ATM withdrawal limit that is present for all customers (£200 for standard users, £400 for premium and £600 for metal)To answer the actual question though, yeah the rates inside of the app include the markup, I heard they’re planning to make this more transparent in the future (and they really do need to do so)Thank you for your answer. This means the rate you see at the time at the transaction may not be the rate you end up exchanging the money at.
That is +0.86% compared to Monese’s rate.A lower rate is better if you exchange from EUR to AMD (you get the AMD cheaper). How are we as your customers supposed to know about it?
Revolut claims to offer the interbank exchange rate which is superior to that of MasterCard but charges a mark up of between 0.5-1.5% over the weekend. The rate will be at the time of the presentment a couple days later. If you are taking on some FX risk over weekend, that’s understandable if you need to charge a buffer, but when it settles during banking hours you should reconcile the transaction back to actual cost.
Maybe Revolut should take the simple option of using MasterCard as its rates provider for purchases and cash withdrawals, and reserve its currency exchange provider for in-app currency exchange and for bank transfers. Maybe Revolut should take the simple option of using MasterCard as its rates provider for purchases and cash withdrawals, and reserve its currency exchange provider for in-app currency exchange and for bank transfers. Which timezone are your “weekend” hours in? Imagine spending pre-Brexit and getting the post-Brexit rate!Additionally, we have seen that a lot of the time - the Revolut rate is better than the Mastercard rate.
Free and instant transfers to Revolut users in 30+ currencies. Revolut VS TransferWiseShow Currency Exchange Rates for MasterCard and Visa
And why should we be expected to go to a third-party website to find out Revolut’s exchange rates? But what is interesting that most web pages that provide currency exchange rates says that 2700 AMD is 5,216 EUR, and Revolut’s rate (and it is weekend) is even lower (better)… So, current mastercard’s official rate (amd to eur) is not better than revolut’s rate even when weekends markup applied. So I’m being charged about 6% higher. Could you please look into it Sure.
2% of that is that I’ve used up my free ATM withdrawals for the month, and that’s fine, but I’m being charged an additional 4%, not the 0.5% - 1.5% you say (however you’re defining illiquid, The Colon is pegged to USD so it should be low risk, but maybe not in your categorisation). Ignore all this at your own peril.In any case, the FX markets close at 17:00 New York time on Friday, so there’s no need to wait until Saturday 00:00.We need to clarify, that we have responded to his query via a direct message, and clarified what has happened.Just to follow up and second trulove on this, yesterday in Costa Rica I took out 30000 Costa Rican Colons (CRC), which cost €53.14 Euro. (Excluding withdrawals, although if you have a positive balance on your credit card you won’t get charged interest for …
But what is interesting that most web pages that provide currency exchange rates says that 2700 AMD is 5,216 EUR, and Revolut’s rate (and it is weekend) is even lower (better)… Interesting find. Nobody signs up for Revolut for the “categorization.” If your only strong points are supposed to be with the app itself, then why don’t you just sell the code to some other company that has a better idea what to do with it?You are free to charge whatever fees you decide to but, considering that on your homepage it says:When using the RevolutCard, you will get the real exchange rate and spending is always free.
Are you given the Interbank rate on weekdays?Yes, I seem to. Let’s get in touch via direct message so I can take a closer look into your account.Unfortunately the issue has not been resolved at all. But Revolut is able to pass on this rate to you with no markup except for what is stated on our FAQs.OK, but the final result is that for some currencies such as the Colombian peso or Costa Rican Colon, the rates from your rates provider, at least at weekends, are worse than the rates provided by a bog-standard credit card which adds 2.75% to the MasterCard rate. Only then could you possibly be transparent, although still not necessarily competitive, as pointed out by Also don’t forget about all the other cool features we offer […] Please spare us the marketing mumbo-jumbo. And why should we be expected to go to a third-party website to find out Revolut’s exchange rates? So I dont get this currency exchange rate - does Revolut include its weekend markup in the app when you are cheching exchange rate? This is because when you go to search up a currency pair the website doesn’t know whether you’re looking to buy or sell that currency so it just gives the middle.These interbank bid rates are usually quite hard to find online as they are mainly used by the largest mutual and hedge funds in the world as well as large multinational corporations who have millions (if not billions) of dollars.
I haven’t checked every transaction, but I remember in Colombia a couple of weeks ago using the ATM, and when I checked using a currency app, for the amount I withdrew the amount I was charged by Revolut was the same to within 10 cents or so.
Since the interbank exchange rate is constantly fluctuating, the rates locked in for the weekend may not be the same as the rates that are available when the markets open on Monday morning. My guess is that Revolut’s liquidity provider (which I’m guessing is Barclays) isn’t strong in LatAm currencies.Also, note that of today, Revolut website still shows “Always get the real exchange rate” which is a clear lie. So basically I lost money because I was listening to my friend who told me to use Monese instead of Revolut, because Revolut’s bad currency exchange rate during weekend. UTC? If you exchange currencies on weekdays (Mon-Fri London time) ... (this means over the weekend THB and UAH have a 2% markup.) the average between the bid and offer rate. First picture is AMD to EUR from most webpages, second it from that another fintech service which card I used and third is from Revolut.So, does anyone knows answer to this question - does Revolut include its weekend markup in the app when you are cheching exchange rate?Revolut applies a 0.5% markup to major currencies (things like PLN, USD, JPY, GBP, EUR; this list isn’t exhaustive and I’ll include the link to the Revolut help article Note that this will stack with the 0.5% fee that applies if you go over the free FX limit for standard users and it will also stack with the free ATM withdrawal limit that is present for all customers (£200 for standard users, £400 for premium and £600 for metal)To answer the actual question though, yeah the rates inside of the app include the markup, I heard they’re planning to make this more transparent in the future (and they really do need to do so)Thank you for your answer. This means the rate you see at the time at the transaction may not be the rate you end up exchanging the money at.
That is +0.86% compared to Monese’s rate.A lower rate is better if you exchange from EUR to AMD (you get the AMD cheaper). How are we as your customers supposed to know about it?
Revolut claims to offer the interbank exchange rate which is superior to that of MasterCard but charges a mark up of between 0.5-1.5% over the weekend. The rate will be at the time of the presentment a couple days later. If you are taking on some FX risk over weekend, that’s understandable if you need to charge a buffer, but when it settles during banking hours you should reconcile the transaction back to actual cost.
Maybe Revolut should take the simple option of using MasterCard as its rates provider for purchases and cash withdrawals, and reserve its currency exchange provider for in-app currency exchange and for bank transfers. Maybe Revolut should take the simple option of using MasterCard as its rates provider for purchases and cash withdrawals, and reserve its currency exchange provider for in-app currency exchange and for bank transfers. Which timezone are your “weekend” hours in? Imagine spending pre-Brexit and getting the post-Brexit rate!Additionally, we have seen that a lot of the time - the Revolut rate is better than the Mastercard rate.
Free and instant transfers to Revolut users in 30+ currencies. Revolut VS TransferWiseShow Currency Exchange Rates for MasterCard and Visa
And why should we be expected to go to a third-party website to find out Revolut’s exchange rates? But what is interesting that most web pages that provide currency exchange rates says that 2700 AMD is 5,216 EUR, and Revolut’s rate (and it is weekend) is even lower (better)… So, current mastercard’s official rate (amd to eur) is not better than revolut’s rate even when weekends markup applied. So I’m being charged about 6% higher. Could you please look into it Sure.
2% of that is that I’ve used up my free ATM withdrawals for the month, and that’s fine, but I’m being charged an additional 4%, not the 0.5% - 1.5% you say (however you’re defining illiquid, The Colon is pegged to USD so it should be low risk, but maybe not in your categorisation). Ignore all this at your own peril.In any case, the FX markets close at 17:00 New York time on Friday, so there’s no need to wait until Saturday 00:00.We need to clarify, that we have responded to his query via a direct message, and clarified what has happened.Just to follow up and second trulove on this, yesterday in Costa Rica I took out 30000 Costa Rican Colons (CRC), which cost €53.14 Euro. (Excluding withdrawals, although if you have a positive balance on your credit card you won’t get charged interest for …
But what is interesting that most web pages that provide currency exchange rates says that 2700 AMD is 5,216 EUR, and Revolut’s rate (and it is weekend) is even lower (better)… Interesting find. Nobody signs up for Revolut for the “categorization.” If your only strong points are supposed to be with the app itself, then why don’t you just sell the code to some other company that has a better idea what to do with it?You are free to charge whatever fees you decide to but, considering that on your homepage it says:When using the RevolutCard, you will get the real exchange rate and spending is always free.
Are you given the Interbank rate on weekdays?Yes, I seem to. Let’s get in touch via direct message so I can take a closer look into your account.Unfortunately the issue has not been resolved at all. But Revolut is able to pass on this rate to you with no markup except for what is stated on our FAQs.OK, but the final result is that for some currencies such as the Colombian peso or Costa Rican Colon, the rates from your rates provider, at least at weekends, are worse than the rates provided by a bog-standard credit card which adds 2.75% to the MasterCard rate. Only then could you possibly be transparent, although still not necessarily competitive, as pointed out by Also don’t forget about all the other cool features we offer […] Please spare us the marketing mumbo-jumbo. And why should we be expected to go to a third-party website to find out Revolut’s exchange rates? So I dont get this currency exchange rate - does Revolut include its weekend markup in the app when you are cheching exchange rate? This is because when you go to search up a currency pair the website doesn’t know whether you’re looking to buy or sell that currency so it just gives the middle.These interbank bid rates are usually quite hard to find online as they are mainly used by the largest mutual and hedge funds in the world as well as large multinational corporations who have millions (if not billions) of dollars.
I haven’t checked every transaction, but I remember in Colombia a couple of weeks ago using the ATM, and when I checked using a currency app, for the amount I withdrew the amount I was charged by Revolut was the same to within 10 cents or so.