Many holders of payment cards issued in the UK, including Revolut, have experienced dynamic currency conversion, whereby a merchant converts the transaction currency and amount from the local currency to the currency of the card’s country of issue, in this case to GBP, because Revolut is issued in the UK.
This malpractice is particularly prevalent in Spain, where merchants often disingenuously change the transaction currency and amount from EUR to GBP with a markups of up to 7% after the cardholder has entered their PIN. I have seen this happen several times and it has happened to friends to whom I have recommended Revolut. Unfortunately, the Spanish authorities, MasterCard and Visa do little to curtail the malpractice. On the other hand, American Express for example doesn’t allow it at all.
Although the malpractice of dynamic currency conversion is by no means of Revolut’s making, Revolut is better-placed than other card issuers to block it. Here’s how:
All that is needed is an option within the Revolut app to block any transaction denominated in GBP. If Revolut receives a transaction authorisation request in GBP while this option is activated, then Revolut would reject the transaction and send a push notification to the user informing them that a merchant has attempted a transaction in GBP. The user can then ask the merchant to process the transaction again in the correct currency.