I understand that currency exchange rates have been discussed a lot already, but I do not find the information I need. I have read the FAQ, as well as many forum posts, but none answer my questions.
Basically what I’m wondering is why certain currencies seem to really have a markup even though Revolut claims there isn’t one (at least during week days). To make this statement, I ran a few tests, during week days, and also during weekends (again, I’ve read the FAQ).
Because there is no such thing as a daily interbank rate, I chose to simulate immediate roundtrip exchanges. By this I mean that I used the Revolut converter, and went from 1000 EUR, changed them to whatever currency I’m interested in, and changed the obtained amount of whatever currency back to EUR. I did that several times in a row, at different times, with different currencies.
Example: Changing 1000 EUR to USD right now gives me 1097.62 USD, and in turn, this gives me between 999.85 to 999.99 EUR. The slight difference might just be that within the few seconds I ran this test, the interbank rate had changed a little bit, which is fine. This basically shows that there’s no markup between EUR/USD on a week day.
Below is a link where you see the results of the few tests I ran:
During the weekend, the results seem somewhat consistent to me: 1% roundtrip markup on EUR/USD (0,5% per transaction), and 2 to 2.1% for either EUR/JPY and EUR/PHP (I suppose JPY and PHP are not considered major currencies, which I find kinda sad for the japanese yen…).
However, during week days, I see no markup for EUR/USD, but for JPY and PHP, it looks otherwise, doesn’t it? Is there an explanation why 0.56% to 0.6% of the money is lost per roundtrip?
Is it possible the interbank rate itself include a markup?
Else, why does it seem like there’s a 0.3% markup on JPY and PHP?