Testing my card, I exchanged £5 into euros. I then exchanged it back and in so doing lost 2p.
Well, I had to change £5,000 into USD yesterday, and I was given a rate that was USD $9 LOWER than what was being quoted in the app at the time I tapped. At first I was upset, but then I realized that the difference is only 0.15% of the amount I was changing, and could easily be accounted for by a minute fluctuation in the exchange rate between tapping and completion. Still, Revolut is lacking transparency: they should offer a rate when you tap and give you a chance to confirm or decline what you are offered, and then GIVE YOU THE RATE they offered when you accept. You could be given 5 or 10 seconds to decide or else the deal doesn’t complete. This is how most brokers operate, e.g., with shares or currency trades.
Yes I get that, Geoffrey. Some sort of confirmation of rate acceptance
would give you a little more control over the process.
If the commission is in the order of 0.15% I think it’s acceptable but I agree with @Geoffrey that more transparency would be welcome.
There’s no commission here. It’s the difference between the “sell” and “buy” interbank rate that caused this 2p lost.