Forex rates in Monzo App


(Jonathan) #1

Hi,

Apologies if this has been mentioned, but it would be great to have the daily forex rate and graphs so we don’t need to go into the MasterCard currency site, I can see Revolut have this and I think, for me personally, it would be the icing on the case (except getting a current account ) :grin:

Thanks in advance and good morning! :joy:


#2

Would you want them everyday or just when you are abroad and relevant for the country you are in?

To me having them all the time seem like and unnecessary overcomplication of the app but maybe I am missing something?

Regarding being abroad so far, for me the “welcome in x country” notification has been enough especially as the transaction are not definite until a fe days later so they fluctuate a bit. However if the rate changed significantly it might be useful to receive another notification?!

What are your thoughts?


#3

I agree - receiving the notification on arrival gave me enough of an idea of the forex rate and unless there was anything majorly political or business related coming up, I could assume it wasn’t going to change THAT much.


(Alex Sherwood) #4

Revolut set users FX rate at the time when they make a transaction so it makes slightly more sense to include the graphs, to enable users to see why their bottle of water cost more when they bought it in the morning vs the second bottle that they bought in the evening.
Their CEO used to be a currency trader too (& apparently still enjoys a bit of speculation), which might have something to do with the decision to include them :wink:

Monzo uses the MasterCard rate which is updated once each day on their website so there isn’t much to put in a graph. And since the rate is applied when the transaction settles, rather than when it’s authorised, the current rate at any given time isn’t that important because it won’t be the one that’s applied.
So as Tink says, the rate that’s shown in the ‘welcome to [country]’ notification when you enter the country should generally be sufficient, as a rough point of reference.

I can totally see why you’re asking but I wonder whether including the information would give users something new to worry about? Presumably most don’t think about the FX rate’s movements having travelled somewhere & I’m not sure they need to.

For the power users like yourself, there’s always Google or the app’s that show the FX rates..


(Michael Jenkins) #5

I think one of the benefits of having the Mastercard rate is that you know you have the best rate possible at all times and do not need to check the rate.

Initially after getting my Monzo card I checked the Mastercard website a few times, but after using my card in a few countries it gave me confidence that I was getting the best rate and I decided to take a deep breath and not worry about Forex rate ever again.


(Jonathan) #6

Even if say I went to Japan or/and South Korea, I would like to know the rate I am going to pay as not everyone would have inclusive mobile internet beyond the UK and the EU; even if it is a box from within the help tab that would be great as you can search for the currency in question and do the maths yourself using a calculator, or better like an in app currency calculator. Something like “£1 =” then a search bar for the country you’re in which will give you the results - which stops people from having to go online and use the MasterCard website;'ideally would like to check rates from the app (hope this makes sense!)

I get the welcome to the country notification which is fantastic, but when you go to a place where your best friend is Wi-Fi then there could be potential issues

On note the note about Revolut, i got persuade by a world colleague in giving Revolut a try and got to say I’m regretting it as they’re not as good as Monzo and their community is like a ghost town…


(Drew sanders) #7

I found the in app estimate enough for me. Rarely did it change & as my purchases were never £1000s I don’t think it would benefit me.