EUR BGN - The worst exchange rate I have ever seen

I’m sure you are as tired of this topic as we all are

champion of the indefensible marketing! :innocent:

Your opinion has been noted too. :+1:

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I don’t know why it was relevant for the argument if I personally had any BGN/EUR transactions. After all, we were discussing Revoluts general policy on mark-ups, not a specific transaction.

Well, I’m not that much into that privacy protection stuff, so I’m not feeling bad about your post :slight_smile:; still, you’ve looked into my account and talked about whether I’ve been to Bulgaria or not. From my point of view, you should have asked me in private whether it’s ok to talk about it in public or not, in particular since I have not said anything about my personal account in this discussion anywhere…

Thank for your feedback again, I will take it onboard. :pray:t2:

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Oh and … I know you’re not having an easy job here, finding the middle ground between representing Revolut and talking to tedious customers that complain about everything, so :slight_smile:

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And on that bombshell (clarkson’ism)… can someone please put this thread out of its misery :sunglasses:

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There’s this question: if Revolut held all the transactions until Monday and something happened that changed the value of the currency, to the point where a transaction would cost 10 ou 20 times more, would the user be happy? Also, if the the user does not have enough balance to pay for this expensive transaction what would happen?

I kind of like that revolut fixes rate in time of purchase. Otherwise with traditional cards its a gamble - will you pay more or less later (if there is fx involved).

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Well, that is what all normal banks do! They don’t only wait until Monday, but until the transaction is actually processed, which may be up to 10 (?) days after the purchase. During all this time, the client carries all foreign currency risk.

However, there is another form of currency risk which only applies to Revolut; thus, it’s quite a dilemma: The problem is that sometimes money is just “reserved” in case it is required. For example, if you enter a hotel in the US, they usually reserve a few thousand dollars on your card. Now since Revolut executes the exchange right away, the user will get a thousand dollars back after leaving the hotel, NOT the amount in his original currency. Thus, after conversion, it may be more OR less than the original amount. Again, the customer carries the full foreign exchange risk (even though, this time the maximal loss is limited, but that’s a more theoretical point) Traditional banks do the exchange only when the transaction is actually executed; thus, reservations are completely transparent for the customer, it doesn’t affect their account at all.

Which is preferable for the user? Well, as usual: The best option is if the user can just choose one out of three (four?) options:

  • Exchange currency when transaction is initiated
  • Exchange currency when transaction is initiated if initiated during a weekday; otherwise, exchange on Monday morning
  • Exchange currency when the transaction is committed (which is always a weekday I guess)
  • Extra idea for discussion: Ask the user to make a manual choice for each big transaction
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Or just keep it simple stupid ( KISS principle ) : this is a prepaid card and transactions are processed on the fly.

I don’t really know how this is connected to the fact that it’s a prepaid card? Your KISS idea is the current implementation; however, that results in me having to use one card (Revolut) on a weekday and another card during the week or when big amounts are reserved. So it’s certainly not KISS for me…

Well, I will be more than happy to take the risk, since the outcome you mentioned is highly unlikely.

However, I don’t think anything like this will even be considered, because Revolut will have to turn down a significant amount of profit, which is likely crucial for their operations.

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I won’t give up hope. From my point of view, it’s Revolut’s mission to give the user the power to make most out of a payment card and give them really good options nobody else offers. And such options are unique and don’t require new technology or carry extra cost. The only thing that’s mandatory is that Revolut actually tells the truth when saying they only charge the mark-up to cover for their own risk. If that’s the case, they don’t loose anything.

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Appreciate your optimism :slight_smile:

It would be nice if the options you mentioned were made available at least to the premium members.

or businesses :rage:

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Erm, yes. He did! A negative confirmation is still disclosing information.

Maybe I’m just sensitive to issues of confidentiality owing to the work I do (medical). We are taught not to divulge even negative information to third parties. I assume it’s not too different in the financial world.

I have the highest regard for the difficult position Andreas has in dealing with the issues in this forum. It can’t be easy. I felt uncomfortable however with this throw away remark.

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After all Andreas has tried to help, I think it’s unfair to call this any sort of personal information disclosure.

Ahahahahahaha, your logic is so absurdly flawed that it’s actually entertaining to read your posts! Congrats for that :slight_smile:

Blockquote
> AndreasKTeam Revolut9h
> That’s interesting, because I’ve checked your account and I couldn’t find a BGN transaction that I could investigate.

AndreasK said he couldn’t find a transaction that he could, this of course may or not mean that there was one that he couldn’t :thinking:

ergo… no personal info disclosed, as there may or may not of been.

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it was a unfortunate mistake but @anon33247966 just wanted to take the abstract discussion about how bad the weekend rate is into the analysis of a concrete transaction to demonstrate the rate was “correct”

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