Monzo rate inconsistent with Mastercard rate

Monzo Chat Travelling with Monzo
22

Ok so Mastercard have sort of fixed their foreign transaction calculator now for the VES/GBP pair but they need to use scientific notation to do it.

2e-7

This works out to be 1 VES = 0.0000002 GBP

From this I could work out that Monzo is just using the Mastercard rate.

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So my issue is with Mastercard, not with Monzo.
This currency pair has remained the same ever since 14th May 2021 yet during that time the VES has devalued more than 100%.

I think what Mastercard does is change the rate in “blocks” spanning several months so early after the change things are really cheap but as the weeks pass by due to hyperinflation factors things gradually become more and more expensive.

Don’t have the same problem with Visa. In fact the Visa rate as of today is about 12% better than the Mastercard one.

24

This is a funny one, and the reason is specific to VES: The currency has devalued so much the exchange rate is pretty much at Mastercard’s limits. Their exchange rate data format is 8 digits before the decimal, 7 digits after, and for the VESGBP pair its currently 00000000.0000002

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26

Only a temporary necessity.

Next month the government will slash 6 zeros off the currency with the new currency called Bolivar digital.

Then it all starts again

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