All-week markup introduced recently without notice, and the topic about it is deleted?


#1

Recent unannounced changes to the FAQ introduced all-week markup for some currencies, notably the Australian dollar. No-one knows when exactly the changes were made. Customers were not advised about them at all.

@expatier noticed the change towards the end of April and posted a thread about it, writing:

This is apparently a (relatively) new update. Effectively this means that for the stated currencies, a markup is now applied EVERY DAY instead of just on the weekends as was previously the case.

What is worse, these mark ups will see additional increase during weekends as well. For example, a markup of 1,5% was previosuly applied to THB only on weekends. Now, if I understand this correctly, there is a 1,5% markup on THB every day to which additional 1,5% markup will be added during weekends.[/quote]

It appears the change was rolled back with regard to the AUD after inquiries from @Doppjunat but not with regard to the other currencies. However, Revolut customers who made AUD payments in April were potentially charged extra due to this markup, of which there is no record whatsoever.

Even if partially rolled back, these changes set a worrying precedent for how the “FAQ” is amended in the future. Revolut employees present here such as @alan have completely failed to alleviate any concerns with regard to this. Instead, they have now deleted the whole thread: https://community.revolut.com/t/exchange-rate-markup-new-rules/6020

Amazingly, someone apparently thinks that in 2017 you can censor information from the Internet, and that it would be gone and forgotten.

Dear @revolut, if you are going to delete threads here now, there will be no reason for anyone to use this message board anymore, and instead the discussion about your practices will just spread all over the Internet to other places that you do not control.

You are now losing whatever little reputation you still had left following this incident, and are running out of time to respond so that this issue can be closed.


#2

Oh my god. I have not even noticed my post was removed. Thank you for pointing it out @trulove :slight_smile:

This is a disaster, @revolut @AndreasK @edward @alan!! Seriously, if Revolut’s practice is to simply delete the “inconvenient” community threads , what does this say about Revolut as the company and about freedom of expression?

I am really disappointed. Having joined Revolut is September 2016, I have been frequently helping out new users with their questions and issues so far, but from now on I will not invest a mere effort to do this. I am helping other users for free and investing my time in it, and Revolut apparently has been taking me for a fool. Enough.

Thank you guys for that.


#3

I am only joining this post to support what they have just said:
Revolut started really well in the beginning, but it has begun to act shady and this is something NOT acceptable from a financial services provider.

The service is now looking unprofessional and not trustable, and I’m starting to seriously regret recommending Revolut to the many people I did recommend it to. Some of them have been waiting more than one month for a card in Europe and the response is “wait more”. When you’re charging 6€ for a shipment, that’s not an acceptable answer. When you’re dealing with people’s money, you can’t change your conditions without notifying anyone.

This is not the way.


#4

Just stumbled upon this thread, while I’m struggling to understand a 0.60% “roundtrip” spread on EUR/JPY and EUR/PHP during week days.

I feel very uneasy about this as a new user of Revolut. I would probably be okay with this number if it was clearly stated in the FAQ. But it appears Revolut attempts to conceal what they’re doing, and I hate secrets.


#5

Hello,

Firstly, we’re really sorry for the removal of your initial comment. This was a completely unintentional error on our side and your original post has since been restored. We are really sorry this happened. Routinely posts are removed when support issues have been resolved and this one was flagged as resolved by a mistake. We are reviewing our processes to make sure this never happens again

Regarding your AUD query, we strive to provide the best available rate wherever possible, with nearly all active currencies live at the inter-bank rate. However, due to some operational infrequencies, small markups for certain currencies would have traditionally applied. We have since resolved these issues and can confirm that AUD is now available at the inter-bank rate.

Revolut is growing at an incredibly fast rate. Please bear with us as we are committed to providing a world-class service that will help keep more money in your pocket.

We always value customer feedback and really appreciate you taking the time to raise this issue with us.

Thank you


#6