(Mastercard) Currency Exchange Rates

[webbski9 (DAVID WEBB)]

What is the current Mastercard Euro v GBP exchange rate ?
Where can I find it on a Daily Basis

[alexs (Alex Sherwood)]

Monzo gives you the MasterCard wholesale conversion rate which you can find here.

[webbski9 (DAVID WEBB)]

Brilliant Alexs…how does it compare to,say ,Revolut rates?

[alexs (Alex Sherwood)]

I’m not a Revolut user I’m afraid but there’s been some feedback on that in this topic, from this post onwards -

Competitor update

Interesting so they’re offering a wholesale rate to individual consumers A couple of things worth noting - From the Money Saving Expert Article There are no spending fees, and no ATM fees on withdrawals up to £200 or equivalent per calendar month, but a 2% fee applies above that. Whereas Monzo doesn’t charge for ATM withdrawals (although it does limit withdrawals). I also did a quick Google search & found this blog with compares the MasterCard rates (N26’s) with Revolut’s & fou…

[webbski9 (DAVID WEBB)]

Thanks again alexs.Looks like Monzo has the edge ,all things considered

[webbski9 (DAVID WEBB)]

As the Monzo card is in Beta form I do wonder what will happen charges wise when it properly ’ Open "

[tommy5dollar (Tommy Long)]

There won’t be any charges even when it leaves Beta. Tom (the founder) has stated that the currency rate is one of his favourite Monzo features.

[webbski9 (DAVID WEBB)]

Excellent news ,thanks Tommy

[priyesh]

As @alexs mentioned, the MasterCard website enables you to check the foreign exchange rate for a specific transaction date. It’s worth noting that when the transaction “settles” a few days later, the rate may have changed ever so slightly. We also currently absorb the MasterCard Currency Conversion Assessment Fee, so there are no fees for our customers .

[webbski9 (DAVID WEBB)]

Many Thanks Priyesh.
I note you say that , currently Monzo absorb Mastercards Conversion fee. Do you intend to charge customers at a later date ?
Best Regards
David Webb

[Naji (Naji Esiri)]

@webbski9 Hey David, we’ve no plans to charge customers this conversion fee in future

[webbski9 (DAVID WEBB)]

Excellent news indeed … I love Monzo

[Usualwill (Dave)]

Question please.
I believe the MasterCard Fx rates go to at least 4 decimal places but the transaction on the app only seem to show 2 (at least for EUR). Does Monzo give customers the full exchange rate or only the rate to 2 decimal places.
Doesn’t make a huge difference on a single transaction but if I look at my total EUR spend whilst on holiday the effect is more noticeable. For example EUR 1200 at 1.09 is £1100.92 but at 1.0944 is £1096.49. Multiply that by the number of Monzo users and that’s quite a lot of money!
By the way I still love Monzo!

[edison]

Hi Naji,
How does this go along the poll about the fees abroad? Does it still applies?

Thanks,