BGN/EUR rate unfavourable

My apologies I assumed you were buying BGN either Euro

Can I ask why you’re using an amount that’s unlikely to like, matter.

That could be a little under 10 months salary for most people in Bulgaria, according to the average wage being a little over 1000 BGN/month

Use a smaller amount and see who comes out on top :slight_smile:

No we don’t - banks offer absolutely trash rates like £1 = 1.08€

Revolut offers an entirely respectable rate that only managed to differ 4€ from TransferWise over 5000+€

That’s extremely close :slight_smile:

There isn’t a fee imposed by Revolut - they give you what their FX partner gives them.

You can try and twist this into making it out like TransferWise is always cheaper - but most people don’t routinely transfer over 5000€ in BGN, those that do likely don’t care about the 4€ difference either :slight_smile:

This was replied to by Revolut already - they’re not changing it :slight_smile:

Guys :slight_smile: you have taken the tread so far that only you are reading these long posts :slight_smile:

I agree, though I really did not want to start such a discussion. I will object to seemingly incorrect statements however.

My question simply was why Revolut’s rate is/was so much off, despite the claim to offer the actual rate, which Transferwise, for example, is also able to offer. This hasnt really been answered so far, except for some vague references to mid-market, interbank, etc.


Not at all, I’m saying in most circumstances when you include the fee TransferWise is going to be more expensive at lower ends of the scale, which most will be trading at.

Revolut is meant to provide the interbank rate for consumers to give them a better rate than their bank - not for people trying to move large sums like 5K€ around every second to make money etc

You’re not getting it at all

My apologies, I didn’t notice the GBP died again after Boris took office.

Exchange places here are currently offering 1.07€ for £1.

But, they do?

The interbank rate is what banks and FX exchanges exchange money at with each other - not the Mid-Market rate you claim is the same.

As such since they are passing on the rate their FX provider (who is MorningStar - Cloudflare’s a company not even in the financial markets) they are indeed providing the interbank rate.

Revolut also provide the interbank rate.

TransferWise provides the midmarket rate :slight_smile: which is an average of the buy and sell rate.

They then charge a fee for this because it’s literally not viable without one!

You need to include the fee into the rate to see the true rate you get.

It’s stupid to compare solely the rate as that isn’t what you get in the end.

No, I’ll admit I believe their rates can be somewhat trashy at times when they claim to have the best rates you can get.

For example this is common with VND, granted this has quite a low amount of trading on the global scale.

I won’t however compare TransferWise of all places because they have a fee that cuts into their rate.

Add the fee back in :slight_smile:

Excuse me, but what are you even talking about? You are absolutely and utterly off-topic at this point. My apologies, but could you please do me the favour and not derail my legitimate question with wild and completely unrelated speculations?
You are pulling a Boris here, you realise that, dont you?

So back on topic, BGN 10,000 was yesterday about EUR 5,113. Transferwise offered that rate (and no, I DO NOT care about any well announced fees at this point), Revolut was EUR 30 well below that. What can we deduce from that? Revolut does not offer the rate it promised.

There really is not much more to discuss here, unless one is trying to twist that unfavourable rate somehow to Revolut’s advantage.

But my point was not even if Revolut or Transferwise is better, to be honest I couldnt care less. My question was why Revolut’s rate does not return a similar amount of exchanged funds. That question hasnt really been answered for 24+ hours.

Their provider doesn’t exchange at the rate on Google - there’s your answer :slight_smile:

Good, perfect, wonderful. That is an answer :slight_smile:

It is not what they advertise and I would argue - as I stated before - they should fix their rates in this case, but that is certainly a different subject.

Thanks for the answer :wink:

It is exactly what they advertise, I’m afraid.

TransferWise are offering the midmarket rate - which is the midpoint (average) of the interbank buy and sell rate for whatever currency you’re trading.

Revolut are offering the interbank sell rate - which is going to be lower than the midmarket rate as it isn’t skewed upwards by a higher rate.

I would argue that perhaps they could clarify this, but the rate isn’t particularly something that needs fixing in most cases

Nope, they haven’t replied to my statements that the BGN is actually fixed to the EUR due to the currency board and the exchange rate BGN<->EUR in both ways is 1.95583, which is the actual interbank never-changing rate.

If they don’t want to change it - its fine, but then any advertisement, that states that Revolut has better rates than local banks and other similar services, will be a false advertisement.

Even if they add some small margin for profit, eg being 1.958 or 1.96 - it still has to be fixed at all times.

To be honest, it would be fine for me to pay for premium if there will be no weekend margins and i get the correct fixed and best exchange rate + the other standard premium features.
At this point i don’t see any point of using Revolut to pay in EUR, because any bank in Bulgaria is offering a better exchange rate from BGN to EUR 24/7.

Ofc i can top-up in advance, but thats not the point, because when i need to buy something - i go to the shop and buy it - not waiting hours or days to get a better rate in order to get food or drink.

1 Like

They have, just people decide making 3 million threads for the same answer is a clever idea - so you’ve probably not went through all the right threads :slight_smile:

If you got to that thread (the one you’ve quoted), just 4 posts below, you’ll see that the last post there is the one from me, where i wait for response regarding my statements.
I don’t see any replies there.

Simple arithmetic
(0.5113 / 0.5099) x 100 = 100.27%
which means the possible difference is ~0.27% not 2%.

not only for all BGN/any currency is the same

Hello Guys,
I am new on the forum and sorry for
My message if it is wrong written.

I have a Revolut account in Euro.I made also an account in Ron(romanian currency).
My question is if I can receive Ron into my Revolut account,because few days ago someone sended me an amount in Ron,and I am still waiting for it.

Cheers guys!

No banks offer bad rate
I have to tell euronet that

Only sensible reason I could see for that is that the rate :r: applies during weekdays is closest rate to real time than the rate offered by other providers, i.e.: calculated/applied less often. What I would see here is, fees aside, those rates sometimes will be better, and sometimes will be worse, as fluctuations up and down are more frequent for :r: than for any other service.

By the time such services update their rates, the one offered by :r: will be again different, big or small, but closer in time.

Also, re-reading some pages, does :r: specify anywhere the interbank sell (ask) rate? I see everywhere “real time interbank rate” as provided by MorningStar or CloudCurrency.

I see the same mention to “interbank rate” on TW site (they also refer to mid market / spread). So for that particular case, it seems TW updated faster/more favorable than :r: did.

None of them refer to the rate as ask, bid or spread though, while they seem proper terms.

Their employees have mentioned it on the forums here before - I can’t find anywhere it’s officially stated though sadly, you’d have to do some digging into hella old threads.

Transferwise exchange with themselves AFAIK and charge a fee for the privilege of their services.

Their rate is the “mid-market” rate and is an average out of the interbank ask rate and the interbank sell rate.

Transferwise indirectly does by saying it’s the rate you see on Google, which I know is an average of both sell and ask.

That was also my initial thought when I went to :r: blog posts and help and couldn’t find any specifics. Not saying it’s not right, rather than I couldn’t find it (as this could be a differentiator between other platform rates and :r: 's).

They are rather direct in saying that they use an average between the buy and sell also known as, in their words, “mid-market rate” (there is a chart in that post) and that his one is “the real one”. Which in many other sites I have seen referred to as the “spread rate” or “bid-ask spread”.

Not linking here though to avoid any community T&C.

You know the solution, @Vebaev. Bulgaria has to join the Eurozone - then your calculations will be easier. :wink: