EUR BGN - The worst exchange rate I have ever seen

OK, and what happens if there is an issue with BGN, the country or the region over the week end ?

worst case scenario cash is safe becase it was held at a risk calculated rate. and 100% gets settled early monday.

if BG survived the weekend without any surprise, a lower amount of base currency gets charged. everyone happy.

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You mean like 1.92 rather that 1.95583?

I agree :slight_smile:

I agree it’s not big money for Revolut, but it is for the individuals choosing revolut instead of visa/mastercard because the promise of a better exchange rate which is false during the days most people spends using card abroad.

keeping the money + risk held until monday is safe to release the funds on the other side immediately (because that’s the criteria used to define the rate in the first place)… but we will see on monday how much gets really charged… once the markets are operating… and after the morningstar :wink:

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what actually upsets me is that we wouldn’t be onto conspiracy theories if revolut wouldn’t choose to remain in silence or focus their defence on a partial argument leaving the rest up to interpretation

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this possible business model applies to all currency conversions during weekend not only LEV. so imagine as an example equivalent of 10 mil EUR transaction over weekend in “exotic” currencies charged at 1,5% is 150.000 EUR

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What risk? That’s a sloppy explanation. You think that currency can collapse overnight? It’s not RUB or UAH.

Why too complicated.

Weekend is 48 hours and rest of the week is 120 hours, why do you think if something happened it would have happened on weekend? 2/7 chance against 5/7 chance.

Just check a worldmap, you’ll understand.

And check the BGN history since its creation.

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This isn’t how it works, currency or company major planned events and annoucements are done when the markets are closed in order to avoid panicked actions.

Like this people have time to think about it and the annoucer have time to answer any questions.

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Great thread, I’m sure there is a moral here somewhere…

that makes specially stupid that :r: insists in settling weekend exchanges immediatelly

@TheTruth for your information we had 4 Bulgarian Lev

1881-1952 :

Value equal to French Franc
Gold Standards suspended from 1899 to 1906, then in 1912.
New Gold Standards in 1928
Pegged to Reichmark in 1940
Pegged to Soviet Ruble in 1944
Pegged to USD in 1945, 1947.
No coins, only banknote, after 1952

1952-1962

1 new lev = 100 old lev
Banking account rates were diferent than fiat
Goods prices rates were different than fiat and accounts
Pegged to USD in 1952, 1957

1962-1999

1 new Lev = 10 old lev
Pegged to USD in 1962, 1964
Fairly stable during 3 decades but not freely convertible for Western funds
Black market 5 or 10 times the official rates
No gold backend 1989
Pegged to Deutshmark in 1997

1999-today

1 new Lev = 1000 old lev
Pegged to Deutshmark then Euros
No Gold backend
Planned to be replaced by Euros in 2007 : No
Planned to be replaced by Euros in 2012 : No
Planned to be replaced by Euros in 2015 : No

That and the country environment :slight_smile:

Why? By doing imediate exchanges there is no risk at all for :r:

By holding exchange until Monday morning?the whole risk is supported by :r:

no risk for :r: as they have the customer funds locked anyway, including a safe-net markup that could be even higher than now as in most cases that doomsday will not occur and people would be charged the right amount instead of an speculative amount… on monday, after the doubts and questions have been answered.

most people simply wants the confidence that :r: is always at least as-good-as Visa or Mastercard, not here to invest large sums in forex.

most card spending abroad happens on weekends, leisure and business trips. :r: makes money from card usage… but informed revolut users will chose to not use revolut’s card on weekends making revolut lose money and credibility.

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Or simply convert some money into the currency you’re going to need before midnight on a Friday and have your expenses deducted directly from the equivalent currency. :confused:

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that’s not possible on most of the supported currencies and pretty inconvenient.

Depends on how you’re using Revolut, I guess. So far, I haven’t had any such issue; my base currency is EUR so when I need to spend in GBP, I just convert it beforehand. I hope this gets resolved soon for users who can’t work around this. :frowning: