Include 0.5% (1.0%) weekend fee in built-in converter


#1

Would be nice if we could see actual amount that will be taken from account during weekend purchase/atm withdrawal in built-in converter. I always check before transaction in foreign currency in converter how much it actually will cost after exchange and nothing more upsetting that seeing amount in converter and then another (higher) amount after transaction is made. The converter during weekend should show true amount with added 2% fee.


#2

What weekend fee? I have not heard anything about such a fee, previously there was a currency exchange fee on weekends, but it was never 2% and I though they got rid of it at some point?


#3

Check FAQs! They changed that for some currencies lately.


#4

I thought the markup has already been included in the rates you can see… I periodically, just for fun- just as stated in the UAH thread- check the rates and the ones one the weekend are clearly worse than the weekday ones.

So I guess the markup’s already included, but- just as in the UAH thread :wink: - you never know what to expect of Revolut.

So are you saying that you actually exchanged some money inside the app and the rate you got was different to the converter?


#5

Yes, during weekend exchange rate I got was different to the converter. Checked converter 2 minutes before transaction and 1 minute after transaction.


#6

can you link the faq article where that is stated? The only thing I could find is this:


#7

Search for “weekend” in the FAQs:

Our rates mirror the Spot Interbank exchange rate. 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%.

For a few illiquid currencies, we provide the best rate we possibly can. For THB and RUB, we apply a small 1.5% markup on the exchange rate. For UAH we apply a 1% markup.

At the weekend (Friday 23:59 - Sunday 23:59) we apply a small mark up on the spot rate as the Forex markets are closed. We take the rate from Friday 23:59 and apply a 0.5% mark up on major currencies and 1.0% on other currencies to protect the company from potential losses due to a large fluctuation in the rate. For illiquid currencies like Russian Ruble and Thai Baht, there is 1.5% mark up on weekend.

Our rates are provided by Morning Star © 2016. All Rights Reserved.


#8

So that is 0.5% 1% or 1.5% still not the mentioned 2% ? Because this is what confused me, I’ve never seen 2% fee in relation to weekends anywhere on the faq.


#9

+1 % for UAH
+1 % for weekend
=2%

?


#10

Sounds logical, however the title of this topic says “2% weekend fee”


#11

My mistake, of course I meant 0.5%, 1.0% or 1.5% whatever it is. Title edited.
@complexxL9 sorry for mistake. However idea of this topic is not to find out what mark-up revolut adds on weekend but to make them inform customers of actual exchange rate during weekends when using converter before transaction.


#12

Yes sure no problem, it just attracted my attention since I was pretty sure revolut got rid of this fee at some point (when they reduced free ATM withdrawals I think), however I can no longer find that info, probably they re-introduced the weekend fees without separate notice.


#13

I can’t remember that they said good by to the weekend markup. Was that wishful thinking?


#14

Yeah I dont remember it either. I think nobody would kill feature that makes them money. Since a year limits getting lower and fees geting higher, wouldnt expect anything else like scraping fees lol :slight_smile:

Anyway - this topic is not about fees but informing people how much actually they will pay BEFORE currency exchange occur, in built-in converter.


#15

Yeah it might have been false memories, if no one else can remember anything similar :slight_smile:


#16

@larysa.stachowicz will we get weekend fee included in converter? almost 4 months and converter still not showing true amount that you will be charged.


#17

This feature is helpful as I got bit confused with discrepancy between the amount charged for GBR in EUR and what’s shown in converter.
This can prevent new customer who is not familiar with weekend fee from being confusing.


#18

well… any news about this?


#19

the weekend markup fees are already included in the converter :slight_smile:


#20

I am not using the card for transactions in weekend due to 1% fee, instead I am using my regular bank card.

Why Revolut does not put the converssion on hold until Monday and perform the exchange then.