Monzo Vs local exchange rates


Recently I’ve been to Budapest and noticed the commission free exchange rate locally was better than I got on my Monzo card.

Currently I’m in Krakow, locally I can get 5.05 zloty to the pound commission free and my card payments are tracking at around 4.93-4.95

Not a massive difference but I’m curious why there is a difference.

Can any one explain how a small local bureau can do better rates ?


Hi Tom,

Welcome to the Community.

I would have thought that like all Banks, Monzo will still have to make money somewhere along the line??

They’re making a loss for some reason

I would expect Monzo to want to make money :grinning:

Just curious how several small back street shops offer better rates.

Maybe they are street rates to get people through the door, then the rate goes down or cost goes up unless you change above xxx pounds.

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-.- they’re not making a loss because the google rate isn’t ‘the real’ rate. It’s just an estimate of the middle of the market cost.


I would say that probably what is is in my opinion.

It is unusual that local places are giving better than mid market rate, it’s hard to find a place that gives the mid rate at the best of times.

Revolut is giving 495 which is meant to be the interbank rate.

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Xe is tracking at 4.90
Edit: I assume it’ll be at what time the MasterCard rate settles

I was offered a favourable exchange rate in Bali a few years ago. Handed over £100, and the “officer” at the exchange place counted the equivalent money in front of me. As I reached out for it, he asked whether I wanted an envelope. I said yes, and he took and envelope from a draw beneath the counter, then grabbed the cash he’d placed on the counter and proceeded to place it in the envelope. The cash was out of my sight for around 2 seconds. However, when I counted it later that day, around 20% of it was missing.

I learned a lesson that day.:exploding_head:

(Not saying that’s necessarily what those exchange rate places we’re doing in Budapest, though!)


When I was in Poland recently, I didn’t see a single “Kantor” that offered better than the Monzo/Revolut rate. I’d be hightly dubious of those that did.

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We don’t mark up the exchange rate, and just use the Mastercard rate at the time you make the purchase :money_with_wings:

You can find details of the current rates here and select 0.00% as the “Bank Fee” to get the correct rate.