Weekend extra fee (Times & Timezone?)


#1

According to the FAQ, in the weekend (Friday 00:00 - Sunday 23:59) a mark up is applied to the exchange rate as the Forex markets are closed.

Is Friday 00:00 - Sunday 23:59 the GMT/UTC (UK) timezone or in the timezone where the actual transaction was made (e.g. ATM withdrawal or Purchase)?

And, why is this Friday 00:00? Shouldn’t this be Saturday 00:00? Otherwise the markup is applied throughout all of Friday.

Furthermore, read that the FX markets close at 17:00 New York time on Friday (22:00 UK time), does this impact the mark up in anyway?


#2

well, whats the answer to the authors questio?
bump


#3

I asked a similar question here: Weekend exchange-rate surcharge clarification

It appears it’s UK time, according to the answer I got.


#4

Correct. They re-open at 07:00 Auckland time on Monday morning, which is Sunday evening in Europe.


#5

I am sure it is a typo @AndreasK


#6

Indeed, it was a typo and thank you for letting us know. It has been corrected.



#7

“At the weekend (Friday 23:59-Sunday 23:59)” but what time zone does that apply to? GMT?


#8

Local London time, UTC +1


#9

Just to clarify: so the weekend markup will be applied strictly from Friday 23:59 until Sunday 23:59 UK time, even though the FX markets close earlier on Friday and open earlier on Sunday?