How do MasterCard exchange rates really work



I’ve noticed there are quite a few people in this community that seem to know a lot about the international market.

On the MasterCard website( the transaction is explained using the terms as issuer bank, acquire bank etc.

Questions I still have:

  • Are the MasterCard settlement rates fixed for a day or do they change during the day?
  • On website that explain the payment process they only talk about the network exchange rates. How can Revolut offer different rates? Are there like 3rd parties on the MasterCard network that also give rates? How are these called?


Hi @Jeroen,

Revolut does not use MasterCard rates, we offer interbank rate provided by Morning Star.

“The interbank market is the top-level foreign exchange market where banks exchange different currencies. It is a wholesale market through which most currency transactions are channeled and, as such, offers the best possible exchange rate available. This spot interbank exchange rate typically beats that of banks and other consumer foreign exchange services by 3-5%.”


Andreas K.