Why is your Moroccan Dirham (MAD) exchange rate is so bad?


#1

Hi ,

You are currently exchanging 1 EUR for 10.54 MAD while the current interbank rate is 1 EUR for 10.84MAD. You are currently charging almost 3% more than the interbank rate!

Why is that?

Thanks for looking into this.


#2

Hi,

Could you please let me know where did you check the rates?
Please note that Google rates are mid marker rates which means that no one sells or buys at such rate as it’s only an indication.

Thank you


#3

Hi,

I checked the rate on Aug 30, 7:20 PM which the time I posted my message. Same thing happened on the 22nd of August at 9:54am.
The rate is back to normal now on revolut, with not much difference between your rate and google, but I noticed that many times your rate for MAD is worse by 3% during weekdays for a couple of hours before reverting to the correct exchange rate on the same day.

It would be great to know what suddenly triggers the extra 3% , especially that it doesn’t happen on the weekend.

Thanks!


#4

Hi,

The issue is still there.

Rate now:
Xe 1EUR =10.88
Revolut 1 eur = 10.58

Even my credit card is giving a better rate including their currency exchange rate.


#5

This is still happening.
Revolut’s rate 1 eur = 10.53 MAD for the past 5 days.
Xe 1 eur = 10.92 MAD.

Sadly this is still not fixed. I’m now only using my N26 which is proposing a much better rate for MAD.


#6

Hi @Anouar, I will soon be going to Morocco and was wondering if you could tell me if there are some banks whose ATMs won’t charge me withdrawal fees?

Also, is the issue of unfavorable MAD rate still relevant?

Thanks!


#7

Yes the exchange rate is still bad, and even worse during weekends, therefore I’d strongly advise to not use Revolut in Morocco in the weekend.

All bank ATMs in Morocco don’t charge withdrawal fees, in fact I never came across an ATM that charges withdrawal fees in Morocco.


#8

Hi, you can check the FX rate you will get in the exchange section of the Revolut App. All the rates you see here come directly from source and are used for all transactions. We moved FX rate source late 2016.


#9

Good Morning! It’s not the weekend. It is outside "business hours so I’ll have a look after 9am"
However I totally agree that GBP MAD is below what it should be.
Yahoo finance at 07:48:00 was showing GBP/MAD at : Bid 12.377 and Ask 12.402
Revolut was showing 12.0565.
That’s means Revolut marking up 2.69%

This is on the Bid price…NOT THE MID MARKET price as you like to keep telling us.
But a quick look at the price over time shows the Revolut price is nowhere near the bid or ask price EVER!

Come on Revolut don’t say you give interbank rates if you clearly do not.
Tell us your interbank source so we can check for ourselves.
GBP/EUR and GBP/USD are correct but GBP/MAD, no way jose!

As a shareholder i demand to know why you are saying that GBP/MAD represents Interbank rates when it clearly does not. By giving customers this information you are breaching a whole set of rules and putting my shareholding in danger.
Customer Service or transparency will keep the old customers, both will win new ones, neither and its bye byes.


#10

I’m in Morocco Now.
I travel here a lot.
BMCI and Banque Populaire don’t charge for using Revolut or Monzo (or Mastercard)
Attijari Wafa Banque (the bank with the yellow and black zigzag logo) charge you 23 MAD without even telling you! Avoid this bank at all costs. Theiving ****s
Other banks I’ve tried in Morocco at least tell you they charge before you use them.
My advice stick to Banque Populaire and BMCI (not to be confused with BMCE!!!)
AND CHECK YOUR RATE WHEN TRANSFERRING TO MAD, AS STATED In THIS POST REVOLUT MAKE 3% Markup A LOT OF THE TIOME EVEN WHEN NOT WEEKEND. DOn’t beleive their BS answer about spot rates and Google/XE etc, the difference between buy and sell rates is not that much.


#11

There is not “one” single interbank rate. Different market makers make different rates, like stock prices for the same stock vary between stock markets. Revolut stated in the FAQs a while ago that their rates are provided by Morning Star. To get the full picture, one would need to know who is providing the rates you found on Yahoo.

If a certain currency pair is not traded a lot at a certain exchange market where Revolut gets its rates from, the size of the spread could be bigger. This could explain why Revolut’s rates for some currencies are closer to what you see (USD, EUR, … ) on Yahoo and not so good for others.


#12

Maybe this practice is not allowed by MC/VISA and we should escalate it to them? I was under the impression that ATM’s MUST disclose any fees to customers before charging them.