Curve Feedback


(Ben) #908

I got an email from Curve today reminding me I’ve not used them in a while… And saw a few comments about the Dynamic MCC thing and other bits about ATM issues.

I wondered if anyone here has used Curve to withdraw Cash from a foreign ATM, linked to their Monzo account - and how this comes up in the app?

Would this still prompt Monzo to charge a fee if it’s over the £200 monthly limit?


#909

Yes, Curve have changed their transactions to pass along the code. It used to register everything as an online transaction, which it no longer does obviously. If I remember right some people were salty because of cash recycling (which is rumoured to have made Amex pull out), but Curve said those people aren’t who they wanted anyways


#910

Just withdraw a tenner and see! Or, better still, just read all those mystical T&Cs that will tell you exactly…


#911

Just got this mail from Curve…


(Kolok) #912

Also just got it, the mark-up during weekends is 0.5 on GBP EUR USD and 1.5% on everything else.

On weekends, which we count as Friday 23:59 - Sunday 23:59, the UK foreign exchange markets are closed. During this time, we take the rate from Friday 23:59 and charge an additional 0.5% for all transactions made in GBP, EUR and USD and 1.5% for all other supported currencies.

Revolut add-on between 0.5% and 2% during weekends depending on the transaction.


#913

From what I’ve experienced and read about Revolut - when you make a foreign transaction on a weekend, they spin their numberwang wheel to decide that you’ll be paying numberwang percent extra for the transaction in case of currency movements (which have a net impact of 0% on them).

If you work out that it was wrong and call them out then it was definitely a glitch and they will look into it :cowboy_hat_face:


(Is Santa here yet?) #914

image


#915

got that, but use Curve all the time, so don’t think they are sending out selectively other than selecting customers!!


#916

but then with Revolut you can covert your Stirling into Euros before the weekend if you want to avoid arbitrary markups.


(Graham - Mental health professional) #917

I’ve been using Curve a lot this year, problem-free. With the announcement around FX spend I had a query which, although answered speedily by Curve’s CS, leaves my wondering about the card currency feature which applies to each underlying card.

Perhaps someone can elucidate…

I asked whether, in using my Curve card (with the Monzo card selected) I should change the card currency from £ to €. (In my mind it would negate the risk of being charged for conversion by the merchant).

Curve said leave it as £. So I will.

But what’s the point of being able to change the currency?


#918

At weekends so you can use monzo’s conversion rather than the loaded curve rate?

Also, I have a euro denominated debit card so I set it to euros in curve.


(Graham - Mental health professional) #919

I thought that the rate with curve would be the same as Monzo’s. The interbank rate?


#920

Monzo and starling both use the MasterCard rate, which is slightly worse then the interbank rate. However, they don’t add an additional percentage at weekends


(Graham - Mental health professional) #921

And there’s a difference between the Curve rate and the Monzo/ Starling rate?


#922

Yep - Curve are using the interbank rate during the week, with additions at weekend, same as Revolut. Monzo/Starling use MasterCard rate all the time.

The difference is tiny though. Would have to be spending big to make any noticeable difference


(Graham - Mental health professional) #923

Gotcha (knew about Revolut - not Curve). So would I be better just using my Monzo card and not Curve for purchases during the week?

(Clearly I will for weekends for the reason you give).


#924

Monzo through Curve (or any card through Curve) would get you the best mid week rate. Interbank better than MasterCard


(Graham - Mental health professional) #925

Great - thanks for that @frankysnr.


#926

Hope I’m right now!


(Ben) #927

Just to demonstrate that - if you look at rates for last Sunday USD/GBP:

Interbank -
1 USD = 0.764995 GBP
$1000 = £764.99

Mastercard -
1 USD = 0.768507 GBP
$1000 = £768.51

Difference - about £3.50 for every $1k.

If you add the 0.5% weekend fee on the interbank rate - you’re looking at about £3.80 in charges.

(Obviously will vary on day to day and currency, but…)