Rate changes by the time I get to the end of a payment


#1

I started to convert EUR 1,000 to USD, accepted the displayed rate and fee at 16:29, hit “Exchange” but on the confirmation timed at 16:30, the exchange rate had changed (dropped) and I received less money.

I appreciate “live” rates but surely you should get the Rate you have displayed when you hit “Exchange” to ensure you get what you have chosen to progress with?

Any thoughts @AndreasK or anyone else???


#2

Was that today?
In weekends there is a .5-1.5% markup – depending on the currency.

If so, @falcon7, it’s not a surprise: https://www.revolut.com/de/help/getting-started/exchanging-currencies/what-foreign-exchange-rate-will-i-get?lang=en


#3

Well, sometimes you’ll obtain less money, sometimes more :slight_smile:


#4

And we are notmally talking small change anyway.


#5

I presume the given times were yesterday under CEST, right?

At that point the rate fluctuated between 1.17678 and 1.17701, which would be a difference of ¢23 based on EUR 1000. And of course the weekend surcharge applied.

I understand that it can be generally risky and tapping the exchange button might be a gamble but in this particular case I’d assume the loss was tolerable. Nonetheless, however, it would be nice if one had the chance to lock a fixed rate at which the exchange should happen or fail otherwise. A few months ago I suggested that at


#6

Many thanks for all the responses, and I agree it is only small change however, I like to control the Rate I select and this means I can’t. Good suggestion @alessandro, hopefully they pick up on it.

The other thing I raised with them today was that their margin GBP>EUR is currently at 0.8% if you review a conversion to a same view of Morningstar. They agree this is an issue and I need to get back to them next week as the Technical team don’t work at weekends - worth watching though.


Weekend Mark ups
#7

Update: Revolut advised that they don’t just get their rates from Morningstar (website to be updated shortly) and on this occasion, it was the alternative. They have assured me that the correct margin would have been applied.


#8

Thanks for coming back to us. :ok_hand:t3: