Exchange rate provided is not interbank!


#1

The exchange rate provided for USD-EGP, for example, on Revolut is 17.61, while the interbank rate is 17.64 (on xe.com).


#2

There’s no one interbank rate. xe isn’t exactly the same as google, yahoo, morningstar, mastercard, visa, etc. Rates also change every second. Your numbers are completely credible.


#3

The wholesale interbank rate for a day is not a single rate, but a range with a high and low over a 24-hour period, running from 5pm NY to 5pm NY. Therefore comparing with a single rate from sources like xe.com is meaningless.


Exchange rates
#4

This sounds silly to me. There has to be a reference to refer to, or else any company can provide crappy rates and claim they are interbank.


#5

How is it silly? Revolut’s rates constantly vary every second; the interbank rates constantly vary every second. There is no “daily rate”, because the market is constantly moving. You can see that Revolut’s rates for major currencies are interbank by comparing them with www.truefx.com. Note that the market is dead with no rates between Friday 5pm NY and Monday 7am Auckland, so you will see Friday’s closing rates at the weekend.


EUR transaction charged to my GBP account
#6

I think the most important thing is the rate you get compared to other similar cards. A rose by any other name…
Regards, John


#7

The fact that the rate changes every second is meaningless. I can write a script in seconds that generates random numbers that are consistently 1%-2% away from the xe.com rates.

I’m finding Revolut’s rates being consistently below the xe.com rates by around 1% for some currencies that they do not mention, which is frustrating. And, yes, other apps do provide better rates.


#8

Maybe you should use ‘other apps’ for the unmentioned currencies then. From personal experience, GBP to €, the rate has been acceptable compared to similar cards. Revo have to make a profit somewhere!


#9

The fact that I mentioned other apps means that I already have other solutions. I’m talking about a principle here!

Revo have to make a profit somewhere!

This is really funny! So you mean they should claim to provide interbank rates when they actually don’t? And btw they’ve already mentioned in the FAQs how do they make profits, and it’s not through FX rates.


#10

We have all suffered for our principles. Unless you are dealing in multi 1000’s then the difference you complain about is marginal. If you are dealing in these larger amounts then maybe Revo isn’t for you.


#11

Such replies from people such as you, are the main reason why we have in our world businesses that cheat their customers. Thanks!


#12

Do you really feel you are being cheated? As explained by previous posts you are not comparing like for like!


#13

Revolut makes its profit from the fees paid by merchants for accepting the prepaid MasterCard. I work in FX e-commerce and if I compare Revolut’s live rates to wholesale interbank platforms (to which www.truefx.com also correlates), then I can see that Revolut is making zero or almost zero profit on FX.

The 0.5% surcharged at weekends is to protect against a movement in the rate between Friday’s close and Monday’s opening; Revolut could make a loss if it offered Friday’s close as a tradable price for the whole weekend, because the chances are that the market will have moved by Monday morning, sometimes in its favour but often in its disfavour. For transactions at times when a currency has no liquidity, I would prefer that Revolut delayed the FX until liquidity returns rather than surcharging 0.5%, but some users wouldn’t like the uncertainty.


#15

The example you cited is not 1-2% away from xe.com it’s closer to 0.1% away from xe.com.


#16

Also, curious to know what “other apps” provide better exchange rates than Revolut? I know of none.


#17

Just to clarify, that the annual limit is not 30K, but the card spending is limited to £30.000.

It was always 3% fee per top up with USD, as it’s expensive for Revolut, and 1% top up with Credit card.

ATM withdrawals are free up to 200£$ per calendar month, with a 2% thereafter. Unfortunately we don’t have our own ATMs machine around the world and we’re at the ATM’s provider mercy.

Our policy aims to save users’ money where we’re in absolute control.


#18

It’s definitely not you who will tell me what to spend my time doing.

I don’t care about the other points you’ve mentioned. They were all well-documented from the beginning and I don’t see a reason why to complain about them. This is the product, if you like it use it and if you don’t like just don’t use it.

I’m complaining about something that contradicts with the official documentation. As a Revolut user I always expect to get the interbank rates (or best possible) as the official documentation says.


#19

Don’t forget to mention that you just surreptitiously lowered that ATM limit from 500 to 200 on all users recently.

“Just to clarify, that the annual limit is not 30K, but the card spending is limited to £30.000”

What are you trying to say here? That I can put in more than 30K but I can’t spend it? Who would want to do that?!? Of course “the card spending limit” is the same thing as the “annual limit”, only an idiot would put money they can’t spend on deposit with Revolut. Don’t insult the users’ intelligence!


#20

“I’m complaining about something that contradicts with the official documentation.”

No you aren’t, everybody already explained why you are wrong and you won’t listen.


#21

Of course you can top up more than what the card spending allowance is. You can transfer in 1M£ if you like, and then you can exchange it and send it to any account. Or keep it in and buy a house.

Maybe a further investigation is needed, as the annual limit can be increased. Check our FAQs