(Mastercard) Currency Exchange Rates


(DAVID WEBB) #1

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


(Alex Sherwood) #2

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


(DAVID WEBB) #3

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


(Alex Sherwood) #4

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


(DAVID WEBB) #5

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


(DAVID WEBB) #6

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


(Tommy Long) #7

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.


(DAVID WEBB) #8

Excellent news ,thanks Tommy


(Priyesh Patel) #9

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 :tada:.


(DAVID WEBB) #10

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


Current account debit card exchange rates
What We Know About the Current Accounts & Debit Cards / FAQ :bank: :credit_card: (open Wiki)
(Naji Esiri) #11

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


Current account debit card exchange rates
Current Accounts
(DAVID WEBB) #12

Excellent news indeed … I love Monzo


(system) #13

This topic was automatically closed 179 days after the last reply. New replies are no longer allowed.


(Alex Sherwood) #14

(Dave) #15

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!


#16

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

Thanks,