EUR BGN - The worst exchange rate I have ever seen

If ATM withdrawals were not free I would not have choosen revolut in first place. I dont abuse ATM withdrawal(s), but like the fact that this feature is there for me if/when I need it.

It is a virtual issue because it’s clearly indicated in the TOS, regarding other pairs this is also clearly explained so…

How does this post relate to your other post in which you argued that Revolut is too small to cope with the risk of offering the fixed EUR/BGN rate? What is the truth now, are EUR/BGN transactions significant or not? :confused:

Even more, if the revenue on EUR/BGN is small, why piss off your customers by charging a fee nobody can understand and that is unique to Revolut?

By the way, Revolut tells a story on its website. It asks the customer to understand that the mark-up is necessary because the rate might fluctuate until Monday morning. If you tell a story, stick to it. The rate doesn’t fluctuate here. Or be honest and say you add a mark-up to cover free ATM withdrawals or whatever…

Both are true :slight_smile:

In normal days the amounts are low but we all know that in case of major event a lot of people will try to remove/exchange currency, leading to massive amounts. Why do you think Greece is limiting money withdraw? What happens in 1929?

Right, and the solution to the big crash is the 1.6% fee and only Revolut knows that, other banks haven’t found it out…

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Btw, my mainstream bank charges me mastercards rate+2.5% fx fee for any currency any given moment. So Revolut is win-win for me even in weekends :slight_smile:

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FYI

Well, the one I’m using has a free account, free unlimited withdrawals on any bank ATM worldwide (excluding the private ATM fee that is sometimes added on non-bank ATMs) and free payments in any currency across the world (except for paying in Casinos)… so maybe it also depends on where you come from, that’s for sure!

then just use your bank and be happy :slight_smile:

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Like most of the bank, but why? Because you are using their FX rates :slight_smile:

So at the ends you are no winning :slight_smile:

Well, I like Revolut for their money management features like push notifications, statistics, etc. :slight_smile: I do think Revolut offers a great product, I just think they should be honest about fees.

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Wrong, they use the official Visa rate, the one that offers you EUR/BGN for the real fixed rate :wink: Of course the interbank rate is better during the week (thumbs up Revolut!), but it’s different during the weekend.

Do you know where I can found this Official Visa FX rate?

To be honest I try to search it on Google but every time I found a new webpage :slight_smile:

Visa: https://www.visaeurope.com/making-payments/exchange-rates :slight_smile:
Mastercard: https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html

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in the UK you can get a free 0% fx visa credit cards from Nationwide, mastercard there are many more B (CYBG), Tandem and, capitalontap (business) to name a couple and debit starlingbank (personal and business) and monzo … to name a few on my wallet atm.

I assume there is similar availability on the continent.

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Same people same arguments. If you are not happy close your account and find another service. Either you like it or not this is Revolut and this is how it works.

The initial post was about weekend rates and mark up, arguing that the mark us is 1.6%, and Revolut has again explained that the mark up is/was 1%.

Users need to start looking the right rate, not the mid but the interbank bid. Why Revolut need to enter into this conversations each time that someone is looking the wrong rates?

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But printing money at will like USA does is fine?

Hey. The above statement is misleading. Pegged currencies are not “fixed” rates, and as there is no fixed rate, there is a fluctuation risk. You can always check in the rates. It’s fluctuating all the time.

Typically, with a pegged exchange rate, an initial target exchange rate is set and the actual exchange rate will be allowed to fluctuate in a range around that initial target rate.

A fixed exchange rate system maintains fixed exchange rates between currencies; those rates are referred to as official parity. A nation with fixed exchange rates must enforce those rates.

For instance, a dollar peg is when a country maintains its currency’s value at a fixed exchange rate to the U.S. dollar. The country’s central bank controls the value of its currency so that it rises and falls along with the dollar. The dollar’s value fluctuates because it’s on a floating exchange rate.

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I never said that @TheTruth !

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Actually no, the initial post was about the worst exchange rate, provided by a company that claims it’s exchange rates are “the best possible”.

Of course, everyone is free to use whatever they want. That doesn’t mean we should just pass by and not take actions regarding deceptive marketing.

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