I’ve come across a number of instances in which payment terminals or online providers offer to ‘convert’ your payment in EUR or USD to your ‘home’ currency of GBP (it seems they assume GBP is my home currency because Revolut is based in London, eventhough I am based in Holland). Usually this is just an annoyance that you can ignore - you just decline their ‘offer’ to convert and the payment is processed in the original currency, so you can benefit from Revolut’s market exchange rates.
HOWEVER … I’ve recently come across a company that charges EURO payments in GBP on my Revolut card, without warning and without my approval! And the culprit is … Ebay. When you select ‘pay by credit card’ on checkout, and use your revolut credit card, they automatically convert into GBP without notification and without approval. And the exchange rate is outrageous - I lost over 10 Euro on a 200 Euro payment (5%!).
Of course I will be challenging Ebay on this as I’m pretty sure these practices are not only morally, but also legally dubious. Will keep you posted.
However, it would be really great though if Revolut’s legal team could back me up here as well - what is the legal framework in terms of consumer protection that is being violated here? I assume it’s the framework Directive on Unfair Commercial Practices (EU 2005/29/EC) but are there any more specific directives that cover exchange rates from a consumer perspective?
Thank you in advance from a very strong promoter and investor