It doesn’t make sense to charge exchange fee during weekend for pegged currencies like AED. The exchange rate of AED to USD is pegged at 3.6725 always. Revolut should review their policy and make it applicable to only those currencies that fluctuate during weekend and expose a risk to them.
Wondering why Revolut charges exchange fee during weekends for AED currency which is pegged against USD!!!
No doubt Revolut doesn’t want to spend resources building functionality to apply the markup differently for each currency pair. Whereas USD/AED might merit a much lower markup than GBP/AED or EUR/AED for example, Revolut’s markup functionality is currently based only on a list of individual currencies as opposed to a list of currency pairs.
A far better solution would be to implement the solution that I have suggested:
In any case, the markup for AED is totally avoidable because AED is a Revolut balance currency, so you can buy AED before you transact in AED. The markup is unavoidable only for non-balance currencies, e.g. BHD or OMR. Therefore I don’t understand why you are even complaining about this.
Please read my question again. When I tried to convert USD to AED, I was charged 1% yesterday (Sunday). Hence, I posted this question here.
You didn’t say that you were transferring between currencies as opposed to making a card purchase transaction. You referred only to an “exchange fee”. Card purchase transactions likewise involve foreign exchange (FX), for which Revolut charges its 1% fee at weekends.
Why didn’t you carry out your transaction from Monday to Friday when there’s no fee?
Really a valid question . I did exchange some funds into AED with the expectation of spending it during the weekend. But the actual expense exceeded my estimation and the balance amount was converted from USD .