Totally agree. However, we have to give some credits to Revolut here for explaining & clarifying how it works also, for their transparency as some people here repeatedly doubting it.
Oh yes, of course, by all means. Rate is changed mid-weekend to the one worse by 2,5% and thereâs no doubts at all and everything âhas been explainedââŚ
What I am sure of is that Andreas does have a history of weekend rates and hopefully will be able to troubleshoot this major issue with weekend rates multiple users have genuinley observed throughout the last year. Itâs not that hard if you try.
No-one is questioning transparency now that Andreas has responded. Itâs about troubleshooting a likely technical problem more than anything else.
Sorry but let me disagree with your intentions. I donât think the tone of voice of your messages aims to help Revolut to improve their services due to technical issues you have noticed.
So far, you posted like 10 times in this thread only with no meaningful information at all, apart from trying to tell other users that theyâre âwrongâ.
Not sure how this is helpful and what voice tone it uncovers.
Anyhow, please let @anon33247966 decide whether he appreciates this discussion and can tell my intentions or not, can you.
Technical issues are to be discussed thoroughly if you want them to be addressed.
Extensive weekend rate discrepancies have been here for quite a long time- around a year or so- and itâs only a couple of days since Revolut team really looked into this and started a fact-based discussion- and the latter is awesome.
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I think you really havenât yet understood that difference between bid, ask, and mid-market rate. Revolut does not give you the mid-market rate plus 0.5%, but the current bid/ask rate (depending on your point of view; itâs always the worse one of the two) plus markup. During the week, those three rates are very close together, so it doesnât matter. During the weekend, liquidity is low and, thus, the spread is quite significant. As a result, there is an extra discrepancy between the mid-market rate and what you get from Revolut.
I donât think there is any bug; adding a markup to an already quite big spread is a bit expensive, but thatâs a different discussion.
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weekend spread and liquidity wouldnât matter if :r:evolut would do like credit cards and just leave all weekend transactions âpendingâ (after doing a safe reservation) until Monday.
Curve goes beyond this and puts every payment to hotels on hold assuming they are just deposits
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This would be a much better solution, in ny opinion. But probably Revolut wants to profit on those 0.5%-1.5% on the weekend as well.
Unfortunately your opinion is not correct here. Of course I do understand the difference between bid, ask and mid.
I also have a calculator and some memory though⌠
The whole point is that these rates do flucuate on the weekends and so sometimes are just fine- 0,5% above Fridayâs bid rate for âmainâ currencies, and roughly around 1% for other ones.
BTW, ironically, this is what Andreas tried to point out, too.
In my example of May 5th-6th, USD/PLN, Saturday rate was just fine. Fridayâs close rate + 0,5%, pretty much.
The rate plummeted on Sunday, prompting it to be Fridayâs close rate + 2,5% or so.
Anyway- another weekend will start tomorrow. If the rates are fine, Iâll show the Fridayâs bid + 0,5% to you pretty soon. You can see it very clearly on the charts inside the app.
Iâm really sorry but this is not true. Iâve explained twice that you have received the correct mark up to all your weekend transactions.
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This is true, Andreas.
Before this transaction got technically ârevertedâ- b/c it was $0- it was âpendingâ for some time with the same rate: 0,2751. This was also the rate showing in the converter throughout Sunday.
Iâm quite sure you have tools and means to confirm this.
I guess my fault for not buying more instead of just singing up with Starbucks for âcontrolâ amount. And of course- markups for other transactions are usually fine, b/c I tend to periodically check rates.
When I see a weekend rate with a markup around ~2%, I contact the support and use another cardâŚ
Will you stand up for further discussion next time I perform a purchase or exchange on the weekend when the rate markup is higher than expected?
Of course itâs not true and this has been extensively explained above. Youâre repeatedly referring to a transaction that never happened, it was by then end of day and ignoring the different time zones, instead of concentrating on the tangible examples that prove that the right mark up applied. Itâs not about winning an argument, but the fact speaks itself. Iâm afraid you choose to see what you want to see.
Regards,
Andreas K
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@anon33247966 can you comment on the possibility of automatically âreservingâ instead of âimmediatelly debitingâ weekend transactions? like normal cards do.
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Andreas, itâs not the first time weâve discussed here.
With my contribution to the forum and to this wonderful company- not to mention the no-longer-unsignificant amount of money I spent with Revolut- I do feel a little, just a little disappointed by you even remotely suggesting any bad intentions and caring for âwinning an argumentâ, instead of actually addressing the issue.
Clearly that is not true- I just want to bring your attention to extensive weekend markups and rates fluctuating far beyond the declared markup.
And this issue has definitely been there, with multiple users willing to confirm that.
I was not the one who started this thread- for the record, I think I started the other one about EUR, and someone posted evidence of extensive markups on weekend exchanges. Noted and acknowledged by Larysa, never answered.
The dreaded $0 Starbucks transaction clearly is an example not-good-enough, as it got reverted and it was $0 control authorization. But just for facts:
-
I performed this transaction while talking to Pawel from technical support, so it was not 20 hours later than I checked it. I checked it spot on.
BTW I wanted to actually charge my Starbucks account on-line, but it wouldnât let me. It just pre-authorized the card for $0. -
Do time zones really matter here, if I performed the transaction at 9:12PM CET?
Why do you bring it up at all?
It was still Sunday early evening when I talked to the support, so markets were still closed. -
I saw the rate of 0.2751 throughout in the converter throughout Sunday, roughly around 14:00 CET - 23:00 CET.
My question is:
Provided you havenât performed any fixes to weekend rates, I am sure the extensive markup will happen again. I am willing to perform exchanges or purchases during that time so that we have a clear evidence of it.
Will you discuss it with me further, when that happens and I provide you with loads of screenshots from the converter and actual transaction details?
Test it again and send us screenshots. Then we could be able to investigate if thereâs an issue. So far I assured you that the right mark up was applied.
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@anon33247966, thank you very much for keeping this on a professional level and staying prepared to discuss that issue if needed.
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My reply is not about KES, but about weekend markups in general. I have added currency pairs like EUR -> VND in revolut app under ârates & conversationsâ and I have noticed that sometimes in weekend exchange rate does change. Which I found a bit weird. Should it not stay contant whole weekend? (beying fixed when fx market closure starts).
the previous answer to that is that the markets arenât really closed on weekends but that the âliquidityâ is too small so the markup is added to deal with the associated risk
Thank you for your feedback. It means a lot to me!
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I think the biggest dissatisfaction from service comes when pricing/rates are not transparent.
My first disappointment came when âfree bank transfersâ turned out to be âfreeâ only on Revolut side which has itâs logic. But I would prefer it clearly stated on a main page before I sign up.
Same comes here: why not show bid/ask rates and weekend markup in the app?? Then you wonât need to bully a guy whose figures doesnât add up.
To understand Revolut logic you really need to dig deep, write in forums, test. Letâs say what are major currencies (answer to be found only in forum)? If transaction includes one major currency and one non-major what markup will be applied (answer: 1%)? And the main question: why the hell in FX market some currencies are major and some not? 
(and liquidity is not a reason for a PLN, CZK, etc)
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