Trying to get the best exchange rate ahead of your holiday or protect yourself from market volatility? Meet Auto-Exchange
That’s a cool feature! But I have a question: when will the Auto-Exchange be triggered? Will the autoexchange be triggerd when the target is reached, or is there a way to say “wait until the ER climbs again and then exchange for best rate”?
Eg. a currency drops - and eg. 1CHF now equals 1EUR (hypothetical numbers!). I’ve set a target for autoexchange to convert x CHF to EUR when 1CHF is 0.90EUR or more…
Will the autoexchange do its magic when 1CHF equals 0.9EUR, or will it allow some “fluctuations” based on the recent development of the exchange-rate (and exchange when ER is 1CHF=1EUR?
I’ve used this feature actually and it’s pretty good.
You mark when you want to exchange (for example I did £1 = 148.2円) and when it meets that target, it’ll exchange.
Itd be nice if you could set this to happen from a set date though, or to autorenew the auto-exchange on a certain date. Could this be considered as a feature @AndreasK?
P. S. Can you respond to my DM?
I’ve a quick question for you guys. Will this be treated like forex trading when it comes to taxes?
They’re not legally allowed to give you tax advice as it will depend on your financial status and a bunch of different variables.
If you want this, you’ll need to find an independent advisor.
Two thoughts: even with auto exchange being introduced, T&Cs still state that it is not permitted to „use the Revolut Services to trade FX for speculative purposes or for FX arbitrage“. Secondly, I don’t see how tax regulations won’t apply.
Thank you for your thoughts. ;o))
In foreign exchange trading (and trading of other asset classes), this is known as a limit order. They are very commonly used, typically to take profit or stop a loss on an existing position. They can also be used to open a position, which most closely reflects their purpose on Revolut.
With uncertainty over Brexit, there is a potential for a repeat of the flash crash of 7th October 2016, whereby GBP/USD plummeted for a few seconds from 1.2600 to 1.1491, a fall of 9%, before jumping back up towards previous levels. You can use a limit order (or “Auto-Exchange” as Revolut calls it) to take advantage of such flash crashes.
If you you need to buy GBP to spend in future and would prefer to wait for a better rate, then you can set a limit order to buy GBP at perhaps 6% away in your favour from the current market rate. If there is another flash crash caused by market volatility, then you will receive your desired currency at the favourable rate that you chose.
You are not allowed to use Revolut for speculative purposes, so you should use this method only if you need to buy GBP to spend, not with the intention of later selling your GBP to make a profit. If you want to trade FX for speculative purposes, then an FX margin trading platform would be much more appropriate.
I decided to give this a go. Put a rate of 1.17 GBP-EUR and allocated £20. The rate (unexpectedly) hit 1.17 and suddenly I had EUR23.38
I have now set it to go the other way when the rate drops (guaranteed) to 1.14.
I’m off to Amsterdam next week and intend taking £250 so assuming that happens It will be good for reverting anything that’s not spent at the best rate. Cool feature.
Hi, I put in an order for auto exchange. Where can I find it to make some changes to it?
In the exchange menu tap the graph sign with the arrow head top right to get into the “rates” menu, then switch to the actions tab.
Once confirmed it’s only possible to delete auto-exchanges
How do I edit or delete an auto-exchange order?
Tap on it, then delete.
Perfect. Found it. Thx a lot.
Hi before I can use this for example to trigger GBP-EUR exchange?, do I need to have EUR account?
Firstly welcome to the Revolut community, nice to see a new member.
Regarding your post I already opened a EUR account before trying the exchange system so I can’t honestly answer your question but gut feeling, and the fact it only lists my active accounts when I set a trigger, is that you have to have a EUR account to use the system. No problem though as it takes just a click to open a EUR (or any other currency) account. If I’m wrong I’m sure someone else will correct me. It certainly wouldn’t hurt to open one anyway.
I think it’s fantastic, I’ve used to 5/6 times always hit my mark, Easier, Quicker than an exchange.
Well done Revolut.