# Bank Rate as stated by Revolut

I have just withdrawn £30 in India and the rate given me as per my Revolut app = Rupees 82.983.
The rate on XEtrade.com is 83.85. This is 0.867 more than Revolut charges which makes 1%. Although it is a trivial amount it would be nice to know what the bank rate is today for Rupees at 9:53 hours India time.
I thought Revolut charges the bank rate. I assume Xetrade uses the bank rate on its charts but it may be higher to account for charges

Here’s some math to help you calculate Revolut’s exchange rate spreads for future reference. I’m using today’s WEEKEND actual rates. Spreads may change depending on whether exchange markets are open or not. Closed markets may result in somewhat higher spreads.

To calculate the spread, subtract one from Revolut’s advertised exchange rates for GBP-INR * INR-GBP.

1 - 82.9873 * .0118 = 0.02074986

So the GBP-IND round-trip WEEKEND spread is 2.075% or about 1% each way.

To compare, the round-trip spread for GBP-USD:

1 - 0.02074986 * .8063 = .01026675

So the GBP-USD round-trip WEEKEND spread is 1.03%. or about .5% each way. That’s typical for what I’ve observed for Revolut WEEKEND major currency exchanges.

WEEKDAY spreads for major currencies are nearly zero, less than .03% each way. WEEKDAY spread for GBP-IND are less than .05% each way.

You might want to compare Revolut’s spread versus other methods. You might want to compare against other major currency exchanges and TransferWise too.

Spreads exist to generate revenue and factor in exchange risks. I don’t begrudge Revolut their spread amounts. I just calculate them, choose my conversion methods and move on. Obviously, Revolut exchange rates for weekdays are more optimal than weekend.

Sometimes I find that using MasterCard for the exchange is better than other methods. Yesterday, MasterCard beat all exchange methods for USD-EUR even better than XE. Comparing MasterCard against Revolut and XE, sometimes it’s better, sometimes worse. We are often talking about a less than one cent per 100 so the best conversion method is usually a matter of convenience rather than significance.

Please note, at the weekend (Friday 00:00 - Sunday 23:59) we apply a small mark up on the spot rate as the Forex markets are closed. We take the rate from Friday 00:00 and apply a 0.5% mark up on major currencies and 1.0% on other currencies to protect the company from potential losses due to a large fluctuation in the rate. For illiquid currencies like Russian Ruble and Thai Baht, there is 1.5% mark up on weekend.

Would it be possible to have a complete list of the currencies together with their weekend/bank holiday markup rates?

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If better-than-the-competition transparency is a goal, this seems necessary. I’d add that markup should be shown for any transaction effected by Revolut’s markup.