Revolut misleading conversion


#1

Has anyone had problems with the exchange rate from Revolut?

I checked the currency conversion amount immediately before buying an iPhone from Apple UK on Sunday.

£799 GBP was €898.82 EUR and I made the purchase immediately after checking but the amount charged was €908.19.

I’ve been on to Revolut but they’re claiming there’s a weekend rate levy due to the markets being closed but I don’t accept this - the in-app calculated amount should apply.

I just have a euro balance and let the prevailing exchange rate apply, which has never been a problem before now. I always check the conversion rate before making any purchase and the same rate is applied.

I also checked the reverse - allowing the default € currency on top and £ below and entered the sterling value.

Why didn’t the realtime rate apply? And how can the rate be checked in advance if it’s ultimately wrong?

I’m getting nowhere with online support so thinking of making a formal complaint.

Has anyone had similar issues?


#2

The app has two different sections where one can get rates: “Exchange” and “Rates & conversion”. “Exchange” should show you what you really get at a given moment. “Rates & converter” show rates more traditionally. The graphs for historical rates would be distorted by fees and markups, for example. Where exactly in the app did you check the rates?

Keep in mid also that EUR —> GBP and GBP —> EUR are two different rates and not the same rate applied in reverse.


#3

I calculated using Exchange only.

Exchange is supposed to be a realtime rate actual rate rather than a rate before additional charges / theoretical rate.


#4

Hi @Juan1

There is no market/interbank rate available on weekends hence the weekend rate is based off the closing price on Friday with a markup of 0.5%. A weekend is a long time and rates may change drastically between market close on Friday and market opening on Monday, so as we provide live rates (not like other companies that provide daily rates that include spread to protect against daily fluctuation), by adding the small markup we protect ourselves as a company against the risk of sudden fluctuation.

As I can see this payment was made on the 12 of November (Sunday).


#5

Your reply doesn’t make sense. Please re read my post.

I used Exchange immediately before making the payment on Sunday November 12th and £799 GBP was €898.83. I then proceeded with the purchase but was charged €908.19!

Why was the Exchange figure not accurate? How can anyone find out what the rate is if it’s wrong??


#6

When you pay for something in GBP but you have only EUR, you have to buy GBP for this purchase. And you looked up the price for buying EUR with GBP. That is a different rate.


#7

@AndreasK is right. If you had read the FAQ you would have known that.

Also, the difference is only 10€. It’s not a big deal when you’re willing to spend 900€…


#8

Known that the price I see is not the price I will pay?

!


#9

Seeing it’s only €10 I’ll be happy for you to send it to me


#10

I’d like $10 as well.


#11

Just remember, the exchange rate is not the same when you would like to sell or buy different currency.
In this moment, in the app I can see:

  • -799GBP=+890,72EUR
  • +799GBP=-900,25EUR

As I understand, you had EUR and want to pay in GBP, so in my example, it is the second line.


#12

Hi @kylo32, almost. Your second example is right but maybe misleading. Currency pairs are usually written Iike this

EUR/GBP

You have EUR and you want to buy GBP. So the question you need to ask is: How many Euros do I need to buy 799 Pound Sterling? (And not: How many Euros would I get if I have 799 GBP.)

What you need to do is use exchange in the app like this: EUR on top, GBP on the bottom, and then enter the GBP amount at the bottom. Then the App shows you the price for buying that certain amount of GBP in Euros with the right rate applied.


#13

No, @Juan1 you get the price you see, but you have to pick the right price. Your screenshot does not show how much 799 GBP cost in EUR but how many EUR you get for 799. Two different things. :wink: