Suggestion: confirm the FX rate after converting

After an amount is exchanged from one currency to another, it would be most helpful for the app to confirm on screen what exchange rate was used (and its inverse) so that business users can enter that into their accounts software, in our instance Sage 50 Accounts.
eg “You exchanged £100 for €110” followed by “At a rate of £1=€1.100000 and €1=£0.9090909”

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Open the info by tapping in the transaction. It should give you the amount of money exchanged and the rate as well.

edit: sorry, don’t know of that works for business accounts, too. But I can’t imagine that this is missing.

Wot Lorenz said.
Definitely shown in personal accounts👍

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@ChrisMurray !

Thank you for the suggestion! You can view rate at what funds have been exchanged by clicking on the relevant operation on your transactions list. Hope this helps!

Rafael

It just shows the fx rate one way though. Would be mighty handy to have the inverse of it too.

I would find this a bit misleading.

When exchanging 100 GBP into 112 EUR, the same amount of 112 EUR do not give you necessarily 100 GBP back, but less. On Revolut’s platform, different rates with a spread for buy and sell are applied, not a midmarket rate.

it has nothing to do with that. the currency pair’s rate can be expressed as either for example GBPEUR or EURGBP. it just so happens that our accounts software requires the entry of the number of pounds per euro to be entered for a conversion transaction rather then the number of euros per pound. Sure, easy to calculate it, but it of it was on screen it’d save me 30-60s per day, or around £1 a day.

@ChrisMurray @Frank to obtain the rate for the reverse transaction, you would need to perform that operation and check the rate that has been applied. GBP/EUR rate is, of course, different compared to EUR/GBP, therefore, only relevant one is shown on the transaction details.

I see. Looks like your software is assuming you’re only exposed to mid market rates. Otherwise, a swappable expression of EUR/GBP and GPB/EUR is not precise.

I can see how displaying a “fake” inverse rate would make it easier for you. On the other hand, I am skeptical because it would make it even harder to explain the unique feature of Revolut’s exchange platform where EUR/GBP and GBP/EUR is not, compared to regular business credit cards, exchangeable.

There are numerous complaints about “wrong” rates here in the forum, where customers just assumed it is mid market rates and weren’t aware of the spread. I am not sure if I like the idea that Revolut would display rates in a way that makes this even more difficult.