Exchange rate query

Currently discussing this in chat but taking forever so thought I’d ask here in case I’m missing something obvious.

Since Saturday my purchases are getting confirmed at an exchange rate of 1gbp=1.08 euro however the MasterCard site has been between 1gbp=1.09/1.10 euro for the same time period? I thought monzo used MasterCard exchange rates?

Usually I think you get an estimated rate when you make the transaction, until the day it clears when it updates.

When the transaction clears it should then match the rate you see on Mastercard for the day you made the transaction.

I usually find a few cents discrepancy between what Monzo estimate and the cleared transaction by the time it is fully cleared.

Yes I’m talking about confirmed transactions where the exchange rate has been confirmed.
I’m seeing a different rate to the MasterCard site (for the same day it has been confirmed) but I’m sure I’m missing something obvious because I can’t believe that I’m getting charged an incorrect rate.

I’ve noticed similar things with a different card , the rate being lower than MasterCard but I never chased it up with them so please let us know here what monzo say.

The MasterCard page may update once per day but in reality the rates can fluctuate quite a lot especially when the markets are closed.

The Revolut rate over the past week has a low of 1.0794 for the past week although I believe they use the interbank rate.

Ok will let you know what they say. I usually wouldn’t query it but the difference in my transactions is about £20 so thought I’d raise it with them. I also checked the graphs which has the minute by minute exchange rate and it’s never been as low as what I’m getting with monzo.

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Got a screenshot of the transaction showing the amounts?

Is the exchange rate listed next in the transaction the same as what the actual numbers are? I know there was a bug a year or two ago when the exchange rate was wrong, but the numbers still right.

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Also download a bank statement and see if the numbers differ at all.

these are the exchange rates over the last 4 days. All very similar but I’ve looked at the MasterCard site the last 4 days and the rate has never been below 1.09 euros

But do the amounts in Monzo match those exchange rates? Or are the exchange rates just displayed wrong in the app?

The amounts match those exchange rates. I’ve just done another purchase and the exchange rate matched the MasterCard rate today.