Weekend markup on in-app currency trades?


#1

I’m not sure if this is a bug or intentional, but I’ve lately noticed that trading between GBP, USD and EUR in the app also gets a 0.5% markup on weekends. I know that’s the case for spending on the card in other currencies, but I didn’t think it applied to the in-app currency trades.

In the app when doing trades on weekends it says that I’m getting the interbank rate and there’s no mention of a markup, and the rate is dynamically updating every second, just like on weekdays. Still, moving a sum of money from e.g. EUR to GBP and back will result in 1% loss on the two transactions.

So, is this intentional or a bug? If it’s intentional, I feel it’s very poorly communicated…


#2

@AndreasK
And right before taking these screenshots (when entering the exchange function) I was presented with a popup telling me to take advantage of Revolut’s interbank rates…


#3

Also, something’s wrong with that second screenshot above: It claims the rate is 1 USD = 0.9365 EUR, but if that was the case, that exchange should result in 99.99 USD, not 98.96 USD.

So what is it? Bug, or deliberately misleading your users?

I also think this widget on your front page has a well ballsy claim:


Funnily enough, that widget reflects the interbank rates, not the rates available in the app at the same time.


#4

I’ve run into a related issue, which I described here: Weekend exchange-rate surcharge clarification

I agree with your observation that how the weekend markup works is “very poorly communicated.”


#5

I have forwarded your feedback to the relevant team. We will have solved this soon. I will get back to you once I have an update.

Than you for providing your feedback.

Best,

Andreas K.


#6

@AndreasK Revolut should reconcile weekend FX transactions on the Monday.

Also, note that of today, Revolut website still shows “Always get the real exchange rate” which is a clear lie. This should be fixed.