I thought that Monzo would offer me near real-time exchange rates on foreign currency transactions, however, when I just checked my first FOREX transaction the app reports “the … rate is not final yet and will settle in a few days”.
I have a Revolut card and I can see the exchange rate at the moment of the transaction.
The tentative rate shown in the app is £1 = ZAR15.87.
The actual rate (also shown by Revolut) is £1 = ZAR16.14 so this tentative rate from Monzo is hopelessly uncompetitive and more in line with my high street bank!
Can Monzo explain why the rate cannot be immediately confirmed and why it is so uncompetitive?