Just had a transaction round up by 18p from £84.57 to £84.75.
Whats going on here?
Do you expect us to know? We can’t see your account and you’ve given the most minimal of detail about the transaction.
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I expect someone to be able to say whether this is known or expected behaviour not to debug the whole thing.
What other relevant information could I have given? Afaik the only relevant information for round up is the amount.
Okay well in my experience as both a user of the account and having been on this forum from practically the beginning of time, and definitely since this was introduced, I would say that the behaviour is very much out of the ordinary.
However I would ask if it were a foreign currency transaction, in which case variations do happen (although this is normally when the transaction settles, not at the time it’s initially presented)? Was it possibly multiple transactions merged into one single debit? Could the retailer have submitted the transaction and then re-submitted it after noticing it was erroneous, in which case the name of the retailer would be useful, if only for people to say they’d experienced similar. Perhaps there was a tip included?
I mean, any information is of use here. The amount in of itself only helps in the sense that transactions that are below £1 (or that will use the overdraft) would not result in a round up being actioned, to my knowledge.
Aside from that, I’d certainly pass it on to COps to identify any issues from their end, as they will have access to greater detail than you.
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Foreign yes.
30 Dec so I think not settled yet (although I could that make such a big difference?) What’s correct behaviour with round up before and after settlement?
Not multiple transactions (would that not make the round up usually bigger rather than smaller?)
ATM so I doubt it was resubmitted.
No tip.
Overdraft not coming into play.
Roundups don’t work properly with foreign transactions.
Iirc they round up on presentment and not on settle.
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Is this going to be fixed then?
(assume you mean non-GBP transactions)
Okay so a foreign ATM withdrawal.
The round-up will happen on the converted value at the time of presentment (as @anon99402360 states), and won’t change on the settled value.
Is it possible it’s already settled, but you didn’t notice the difference at the time of the original transaction happening? i.e. it was originally say £84.82 (hence the 18p round up) and now it’s been settled so has been altered to £84.57? That would certainly explain it.
I’m not sure if clicking the transaction to see the detail will include info about settled status or not, alas.
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Unfortunately I can’t find a way to see the settlement history for any of my non-GBP transactions. Is there a reason why we don’t get access to this?
Oh and as I understand it, it’s not a case of roundups not working properly, it’s just that because the original/linked transaction value changes on settlement Monzo have decided not to subsequently adjust the roundup to cope and make it all neat and tidy, because it introduces all kinds of other issues.
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What issues?
And then surely the most logical behaviour would be to only round up after settlement?
How much was sent to the Pot, and what was the value of the transaction?
You only really need to know how much you withdrew in the local currency and what that resulted in being deducted from your bank account. It may be that Monzo retain more info, but by default it’s not shown/available.
It’s only really foreign transactions that are impacted, but it’s to do with the logic of what happens if you have no money in the account at the time of settlement etc from memory. I’m sure the whole decision process is available somewhere on the original topic for the feature, if you’re interested.
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How does that give me the date and time of settlement and the original rate used?
Of course it’s only transactions that get resettled.
Having no money doesn’t seem relevant. Why do you say it’s relevant?
I’ll look for the reasoning.
You’re welcome.
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Sorry - I meant the value of the transaction in the local currency.
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It was 6630 ARS.
Ah, OK. So based on historical exchange rates over the last few days, ARS has actually been on a slight upwards trend, meaning your original GBP exchange rate would have gotten you more ARS in between you authorising the transaction and it settling.
Roundups are based on the authorisation, so it would seem that the original value of your transaction was £84.82 in GBP at the time of authorisation, thus triggering a roundup to £85, or 18p.
Because the ARS value has gone up, the GBP base amount of the transaction would have decreased and the value of that transaction is now £84.57.
Because we don’t generate a separate feed item here for the settlement, this will show as a £84.57 transaction and an 18p roundup based on the £84.82 auth.
We could potentially add some more meta-data here to show the auth amount somewhere, but I doubt we’ll change the trigger point for the roundup from auth to settlement, because the timeframe of the settlement is out of our control.
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