For a couple of years now I have not travelled much, meaning that I have not been doing any currency exchange either. Last Saturday however I exchanged/bought 250 USD from my GBP account. I am aware that weekends are “different” and I may not get the best rate when markets are closed but I was surprised to see I was explicitly charged 1.84 GBP fee, which I have never seen before.
Is this a thing now with Revolut? Getting away from bad rates and fees is why I became a user.
You might want to check the email regarding T&C changes, sent around June 2021.
We’ve made some changes that will take effect on August 14, 2021.
Currently, we may add a percentage (mark-up) to exchange rates or charge you a fee.
You’ll always see the real exchange rate, based on foreign market data feeds from a range of different independent resources. We won’t add mark-ups to any exchange
We’ll show you exactly how much we’re charging you in fees in the app before you confirm a transaction (if applicable)
You’ll see the total cost of your transaction, with no hidden fees
Yes Frank, thank you, looking back I did receive that email and didn’t read or did read and failed to remember it.
Have to say it’s confusing though. Revolut has always delivered the interbank exchange rate on weekdays. In the past if I exchanged on a weekend I got a worse rate, so I didn’t expect the change to fee instead.
I suppose my problem is I should avoid weekends. Have to say though working at home every day is the same and sometimes I don’t even notice that it is weekend
Fees the weekend are there since a long time I think. But it went from 0,5% to 1%.
This might be due to EU regulations. Payment providers have to inform customers about any markups in relation to currency transfers more transparently.
Anyone has any idea on which hours they apply for weekend?
Last Friday around 11pm I tried and I was getting a hefty fee (due to weekend trade according to them) so I didn’t do the exchange…
Just wondering since I haven’t been able to chat with Revolut’s support yet…
In my experience, even from 22:00 h CEST on Fridays the weekend fee comes into force, although they refer to British Standard Time or GMT (depending on summer vs winter) which is behind in T&C.
Thank you very much! Although as soon as I see the fee I’m not going to do it, it’s better to have some idea.
Appreciated the input .