I understand that you contain in your FAQ, information about the extra charge on weekend conversion however in the interests of being transparent I feel this should be listed in your charges section because it is a charge. It is not a conversion using perfect rates so therefore a charge and it should be more clear. I should not have had to go searching on google to why the rate I was getting was lower. If you make this more transparent it will allow people to make and informed decision as to whether they use cash, another card or yours on the weekend.
When there’s no market rate for a particular currency, Revolut uses the last known market rate and adds a margin of 0.5%. This applies to all currencies at the weekend (Friday 5pm NY to Monday 7am Auckland). By the time there’s a new market rate, it might have moved in Revolut’s disfavour. Therefore the 0.5% margin is to protect Revolut against a loss. Other liquidity providers, even investment banks for which a “small trade” is millions, use a similar approach when liquidity is low and they want to continue to offer a tradable price. I wouldn’t call the 0.5% a true charge or surcharge, but a markup or margin.
For transactions at times when a currency has no liquidity, I would prefer that Revolut delayed the FX until the liquidity returned rather than adding a 0.5% margin to the last known rate, but some users wouldn’t like the uncertainty. Perhaps there should be a choice for the customer.
I’m hoping this is a temp thing until Revolut figures out how not to lose money on the week-end. 0.5% is actually high enough to even generate globally a profit on a weekly basis but I assume this is not the end business model.
I love revolut but my main usage, like most people I assume, is on week-ends: most people travel for or during the week-ends.
Now, this 0.5% fee is not competitive enough anymore compared to what (my) Mastercard is offerring