Option to disable GBP transactions to block dynamic currency conversion


#81

Sorry, where is that “disable currency” option You mentioned?

I also hope @AndreasK will follow up with ideas from developers.


#82

Settings, account details, swipe left.


#83

Or… on the Accounts tab, click the icon in the top left corner to reveal the list of currencies, then swipe left any currency (other than your base currency…), + click Deactivate.


#84

@jdp - You’re giving very misleading advice. Removing a balance currency in the manner you describe does NOT block the currency for spending. You can spend in many more currencies than the supported or configured balance currencies.


#85

True, deactivating the account does not avoid spending in that currency. But it avoids that money is taken out of that wallet.

In fact, it can make DCC even worse.


#86

Well, I found only @jdp suggested method and I thought @Frank wrote about the same, as I was unable to find it. It says I can deactivate account to prevent spending funds on this account when paying with Revolut card.
As my main account is Euro, I was successfull to block GBP, which might help me avoid DCC (I hope so).

About “Too complicated product” - lots of software products have “Advanced settings”, which are advised to be used by people, who know what they do. So this “blocked currency” things should go there.


#87

Be careful. If you are in Japan for example, having sufficient funds in the JPY wallet but you accidentally fall for DCC while GBP is deactivated, you might end up with this:

JPY amount --> GBP at bad merchant DCC rate --> EUR at Revolut rate (because EUR is your base currency)

I am just guessing here. I haven’t tried that out and I am not aware that someone else did. But as far as I understand this, it does not prevent spending in a certain currency, only withdrawing from a certain currency wallet.


#88

I cannot deactivate the GBP currency as you said. I can only make the account “inactive”.


#89

Deactivating your base currency, it won’t help, as DCC means the conversion is done by the ATM/Merchant and we just received the converted amount.

We’re looking for a solution, I will keep you posted.


#90

NFH1d
jdp:
Or… on the Accounts tab, click the icon in the top left corner to reveal the list of currencies, then swipe left any currency (other than your base currency…), + click Deactivate.
@jdp - You’re giving very misleading advice. Removing a balance currency in the manner you describe does NOT block the currency for spending. You can spend in many more currencies than the supported or configured balance currencies.

NFH, yes I was just giving a path to deactivate the currency as per Frank’s post, I was not suggested this would help with DCC (I should perhaps have stated this and kept a closer watch on the thread’s subject). I also was just very happy to have found a way to block funds being taken from a particular currency, as this was my main concern, but I recognize we’re on a DCC thread here!


#91

I very much support this idea

In an ideal world, we’d be able to specify exactly which currencies we can pay in (and set it to "the currency of my geographical location). But as a minimum, we should be able to disable GBP.


#92

I support this idea! But declining payments in certain currencies might not be in alignment with the policies of the network providers Mastercard and Visa. I don’t know this, but I can see why they would want to guarantee both card issuers and merchants full interoperability of currencies at all times.

Ironically, from time to time a payment in GBP was declined when my GBP balance was too low while I had plenty of EUR. That happened twice since 2015, before the option to deactivate certain currencies was implemented. My base currency is EUR, though.


#93

This is a very good idea, and assuming Revolut has its own systems to handle reject codes (i.e. as long as it’s not entirely down to their current partner banks/payment processor), seemingly trivial to implement.

Literally all they would need to do is check the charge currency, run a DB look-up on user settings, and elect to accept/decline the charge.

Even the UI is simple, Just the same ‘switch’ checkboxes already being used for ‘block this card’, etc.


#94

I am not sure if MasterCard / VISA would allow this.


#95

I am not sure if MasterCard / VISA would allow this.

I’m not either, but it’s worth Revolut exploring.


#96

Well, I suppose, in fact - it’s not Mastercard / Visa’s concern. Revolut can return “no funds in card or account” reply to GBP currency request, so it will be absolutelly legal from MC/VISA point of view…
It’s just my own opinion, I’m not fintech worker :wink:


#97

Very good point, so should be easily doable.
However I suspect Revolut won’t implement this as it might lower their revenues - blocking conversions (especially on weekends) would be bad business for them.
Call me cynical if you will… but I doubt we’ll ever see this feature.

My most recent experience with DCC was at a café, they brought out the wireless payment terminal, I selected to pay in the local currency, was asked for my PIN, transaction approved, showing up on Revolut and I assumed all was fine. However the waiter wouldn’t give me the ticket, I didn’t understand why. After a few minutes I left, and the waiter ran after me asking me to sign the ticket, which I did standing up. It was only later that I relaised that it was a new ticket, with the price in GBP this time.
They actually reversed the local currency transaction (which I can see on Revolut now too) and created a new transaction in GBP.
It’s only pennies, but it’s very dishonest and annoying to fall victim of their 4% exchange fee.


#98

@jdp - How would this reduce Revolut’s revenues? Can you give an example?


#99

An example, sure.
I’m travelling to Turkey, and in anticipation I convert some currency to Turkish Lira, during the week at interbank rates, which I will spend in Turkey.
On Saturday night I pay for dinner or a round of drinks, and a DCC occurs and I am billed in GBP.
My base currency is the EUR.

Desired situation: Dinner is paid in TRY, from my TRY balance. Revolut make nothing on the exchange transactions.
DCC situation: Dinner is paid in GBP, and if my GBP balance is insufficient a conversion will occur from my EUR (primary currency) or other balance, and Revolut will apply their weekend mark-up of 0.5%, 1% or more depending on which currency is being converted.


#100

@jdp - You’ve misunderstood the purpose of the weekend markup. It’s not to make extra profit for Revolut but to protect Revolut against movement in the rate before Monday 7am Auckland when FX markets reopen. It allows Revolut to give you a tradable price while the market is closed with no tradable prices.

Revolut would prefer that you pay TRY from your TRY balance. Revolut makes most of its revenue from merchant fees, not FX.