I’ve just started using the product and I’m happy with it
I just had a question regarding the exchange rate used. Monzo states that they use the mastercard exchange rate without any mark ups yet by checking against the mastercard currency converter there is a discrepancy.
Below is the rate from 26 April 2021 on the mastercard website
1 GBP= 3688529.76
And here is the exchange rate within the Monzo app
1 GBP = 3332548.28
That is a difference of about 10% between the two.
Why? I’ve reached out to customer service regarding this- No reply.
Since that time the exchange rate has changed again but still the same rate in Monzo. Monzo hasn’t updated their currency pair here since November 2020