It would be great to have the Mastercard exchange rate appear in the app when traveling, and explain that it is only an estimation. The app could tell that the user is currently not in the UK and next time the app accesses the web to download the current rate and cache it for when traveling without Internet (with a timestamp)
Or always display a second notional value in the currency of your choice wherever you are…i.e. even if in UK have option to display approx equivalents of your GBP transactions and account balance in say US$ or €UR
Once you’re signed up for the early access to travel reports, you do receive a feed item with the MasterCard exchange rate when you arrive in a country & the message mention’s that the rate is an estimate -
I see, I think your request is slightly different to Dean’s in that case. It might be worth posting it separately. My guess is that the functionality that you’re looking for would be developed once Monzo expands into Europe.
I know there’s only £0.08 difference, but as the pound is faffing about so much at the moment, I’d been working on the basis that there was 24 hours between Exchange Rate changes. Probably exceedingly naive, but intriguing nonetheless.
BTW: Mastercard also quotes a slightly different rate, but I’m assuming that’s down to the highlighted text. Is this the actual rate which will ‘settle in a few days’ according to Monzo, and will that change in my app?
I think you’re probably right, but I’m just wondering if there is at least an hourly graph view we can see. I’ve probably just not done enough research, I just thought it looked a bit odd in my feed mostly, especially if the amount is definitely going/subject to change. (Which, if it is, I’d like to know whether this will also change my balance and feed as well.)
The graph shows seems to be from MasterCard US not MasterCard Europe so not sure if they handle things differently, but that page seems to be not real-time but historic and perhaps shows daily averages or midday rates? but of course they don’t explain that
@iansilversides, that is also one hell of a blog post. I’ll need to read it again (and again) to actually get to grips with it, but I’m still not sure whether it answers the question as to whether there is somewhere we can view the history of “exchange rates… Fixed based on a 60 second sample at a given time of day” or their Mid Rates, and if that’s even what Mastercard and Monzo use.
Genuinely, I don’t actually care, but I’ve started down this rabbit hole, so I’ll keep having a look until the oven beeps.
Turns out that page is the one that’s been referenced throughout the community, MasterCard have just redesigned it within the past week or so. I’m pretty sure it’s the midday rate that they’re showing us there.