Why is the Rate & Conversions different to rate I get for Bank Transfer?

Hi all,

I’m trying to understand why the exchange listed on the Rates & Conversions tab is different to the rate I get when I make a payment from GBP into my Canadian Bank Account (CAD$).

I understand that rates are Live and fluctuate second by second, but normally that means the amount is also constantly adjusted as a result.

The Rates & Conversions tab shows me a rate of £1 GBP = $ 1.7542 CAD, so $17,500 costing me £9,971.85. But when I go to make the actual payment it is showing that cost as £10,007.80… so where is this additional charge of £35.95 coming from? It’s not the transfer fee, cos that is shown in the next screen (additionally approx £25). The original rate is also what is listed on the Revolut website if you check conversation. It’s also not the weekend rate since it was outside that time window and the amount of not 0.5%…

Now, I don’t care what the rate is, it is what it is. But the Rates & Conversions showing a different amount to what I actually get when I go to do the transfer is both misleading and annoying. It’s not a huge amount compared to the original sum, the rate is still obviously better than bank to bank, but ever so slightly worse than transferwise with the total fees included, marginally so by $20 (again, not big comparatively, but still…)


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It seems missed the Exchange option, i thought that was only to switch between GBP/EUR/USD on my account… but that still matches up with previous figures… also note the CAD exchange amount is including the fee but the earlier amount was without the fee… so question still stands. The info states the amount is higher than the free transfer allowance per month hence the charge, but thats what the $43.88 is for…

The time listed on the screenshot is EST btw (GMT +5hrs).

Full stop! This is not revolut related, instead you should ask your bank about their exchange fees / rates. What you should have done is transfer GBP into your revolut GBP account and then use revolut to exchange into CAD$.

Now you had your bank exchange your funds from GBP to CAD and then send them to revolut and i suppose your local bank isn’t cheap for that kind of transaction?

The money was transferred from my UK account to my Revolut in GBP. There has been no conversion done by my bank, maybe you have misunderstood.

Above you wrote so not strange you could have fooled me :wink:

Did you exchange now on the weekend? Revolut adds 0.5% on weekends so this could be the explanation if you sent GBP to GBP account and then converted in revolut.

My bad, poor choice of words from my side maybe.

This wasn’t the weekend rate, and I am aware of the 0.5% on weekends and I can see a different rate as a result.

So maybe I am doing this wrong. Should i be doing an Exchange from GBP to CAD using Revolut, and then making a Payment to my account in Canada?

If I try to do a Payment directly to the Canadian account it seems to give me a lesser rate and/or charges a higher fee… maybe this is my misunderstanding…

Not sure what you are trying to do?
If you do not have funds in a currency you can’t make a transfer in that currency out from revolut. Do you mean a payment by card to a company - this should use the rate you see (+ markup on weekends).

I’d do conversion in revolut in a weekday before a transaction if i knew about it coming, seems to be the cheapest option.


It’s a payment/transfer to my own bank account in Canada (I said payment cos that’s what it is labelled as in the app).

Revolut seems happy enough to make a transfer out to a CAD bank account I set up without me exchanging it first, but the rate seems different than if I did the exchange first and charges an extra FX fee (and this was essentially my badly worded question, why is it different :stuck_out_tongue: ) From a different thread:

So it seems by not doing the Exchange myself there’s there’s some weirdness going on… Thanks for your help, this was my problem and lack of understanding that I need to do the Exchange myself first.

So, I’ll do the Exchange first and add the currency to a CAD wallet (during weekday)…



I actually didn’t even have in mind ever to transfer funds i don’t have in that currency - now i understand, i guess revolut does the conversion when you hit pay and the rate you see will always differ somewhat.

1 GBP to CAD will not have the exact same rate as CAD to 1 GBP, buy and sell rates differ slightly - might this be the explanation to the gap you have identified?


yeah it’s probably the difference in the buy/sell rate you mention and would explain the difference… a little bit strange but least i understand where my problem is now. thanks for your help.


You still can check the rate with the conversion tool. You just need to use it in the right direction. This might be counter intuitive. When sending CAD, you need to ask “how much GBP do I need to buy XY CAD”. This differs from “How much GPB do I get for my XY CAD.”


Thanks. The issue was not the checking the rate vs exchange, but checking the rate and then directly trying to transfer from GBP to CAD bank account with doing an Exchange to CAD first. The Check Rate => Exchange seems spot on. The Check Rate => Transfer seems different though (i.e. no intermediary exchange).

As you can see from my screenshots, regardless of which way you look at it, the rates do not match up, I have both GBP <=> CAD rates listed on the rates screen. I believe I was correctly thinking along the first train of thought, i.e. “how many GBP will it cost me to buy XY CAD”

If you compare the same direction in both places you will have proper results. This is easy to see during weekends when prices don’t fluctuate.

Difference between directions is based on difference between “sell” and “buy” ratio.