Allow to use GBiT with same card, but without currency conversion

Because Curve currently forces us to use their conversion rate even when underlying card can do the conversion without any extra fees, I think it would be useful to extend GBiT a little.

Current GBiT rules state following:

You can move transactions in different currencies to a card which has the same currency as either the original funding card or the currency originally billed for that transaction.

Technically the enhancement I’d like to get is not competing with this statement :slight_smile:

Here goes an example, in case it’s hard to understand what I mean.

  • I have a Curve card with currency set to GBP, same as underlying card
  • I make a payment in EUR, it’s being converted on Curve’s side and some amount of GBP taken from underlying card
  • I’m using GBiT and selecting the very same underlying card, but opting out from conversion, hence Curve passes the original EUR transaction without changes to my underlying card

Hi Andrey :wave:

If your underlying card has a better conversation rate than Curve, you can pass the transaction through and bypass our exchange rate.

You can do this by changing the currency of your underlying card to match the currency that you are paying in. This is easily done in the app by selecting the card settings ‘cog’ underneath the image of your card, followed by ‘card currency’.

Let’s taking paying for dinner in Spain as an example:

  • You’ve change the currency of your underlying GBP card in the app to EUR.

  • You pay your dinner bill in EUR using your Curve card.

  • Curve will pass through the EUR transaction to your underlying card in EUR - without performing any currency conversion at all.

  • The transaction will be charged to your underlying card in EUR and the conversion from EUR to GBP will be performed by your bank at their rate.

The same process applies when you pay in any of our supported currencies https://support.imaginecurve.com/hc/en-gb/articles/214121389-What-do-you-mean-by-supported-currencies-

Always remember to change the currency of your underlying card back to GBP when you’re back in the UK :uk:

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Yeah, this way it perfectly works. But what if I have Dory’s memory? :slight_smile: For my case, how I come up with this idea, — I have some recurring transactions in different currency.

Sure, but it would be nice to be able to do that after the transaction (via gbit) rather than having to remember to do it before :slight_smile: great idea!

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I agree with @podgib that this is a great idea @andrey_yantsen and I’m sure that you are not the only customers that could benefit from this feature being available.

I think that implementing this into our existing GBIT processing & payment authorisation framework will require some major infrastructural amendments that will take a lot of time resources. However just because it doesn’t exist yet, it doesn’t mean that it is not possible :rocket:

I see this type of feature being implemented as a personalised ‘Smart Rule’ that a customer can set on their app (perhaps including some geolocation trickery if overseas).

For example, there could be an option to request that all EUR transactions from ‘X’ merchant are charged in EUR to underlying card ‘X’ (without currency conversion).

In the example of being on holiday, it could be the case that Curve recognises you are in Spain and asks if you would like transactions to be charged in EUR, without current conversion. Alternatively, there could be an option to select dates between which you would like all EUR transactions to be charged to ‘X’ card in EUR, without currency conversion by Curve.

These are all hypothetical suggestions and scenarios of course but it certainly does raise some very interesting points for customers being able to have more personalised control over currency conversion.

I will of course pass your idea & potential use case onto both our Product and Commercial Team respectively. When proposing an idea, providing a real world example of how you would use it, helps us massively when we are trying to explain it to our wider team :smiley:

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This sounds intriguing. Very interested in seeing things like this! I currently don’t use Curve for subscriptions, but I might if some sort of smart rules were available…

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Does this mean that any transaction with unsupported currencies will be done in GBP? I just used an ATM today in an African country where they use XAF which has a fixed rate with EUR. I withdrew 50.000XAF which is equivalent of 76.22EUR, but I was debited 78.67EUR despite my underlying card was in EUR. Meaning I paid an unnecessary 2.45EUR charge, which I can only explain with a bad GBP rate. Is there any way to force Curve to use EUR for unsupported currencies?

Was it in a weekend?

Another use case
Then using the card in a weekend you get a markup 0.5%
Then on monday you can use it to charge your revolut card, and save 0.5%
If it EUR, USD, GDP
In another currency it even more to save that way

@bobzr said it was today.

Oh i see
Sorry its begin to be late here, my bedtime :upside_down_face:

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Welcome to the community @bobzr :wave:

Supported currencies mean that currencies that we can charge underlying cards in. As your selected card was a EUR card, this means that we will have converted from XAF to EUR and charged your card in EUR.

We can’t access your account via the community, so I would advise you to contact our Support team in app or on support@curve.app. Our team will be able to look into the transaction and advise how the conversion was made. Apologies that I can’t go into more detail!

I hope that you are having a great trip :sunglasses:

Thanks for replying and yes, that’s the behaviour we expect from Curve, but unfortunately it’s not. It seems that Curve does not convert from XAF to EUR, but from XAF to GBP and then to EUR.
Last week it was 100.000XAF from ATM and was debited 152.40EUR instead of 152.45. That time I ‘gained’ 0.05€, the official fixed rate for 1XAF being 0.00152449EUR.
I noticed the same behaviour with XAF ATMs using Revolut. Despite I have euro as main currency, I never get the official rate when withdrawing XAF. Revolut support was unable to explain. I’ll contact Curve support and see whether they’ll do better :wink:

This seems like a great suggestion, especially in a world where smart rules for billing certain trasnactions to certain cards don’t exist. The use case I can think of is to periodically go in and triage subscriptions in multiple currencies across different cards.

@bobzr - when you say the offical spot rate, are you referring to the master card rate? I believe curve uses the prevailing MC rate to convert currencies.

@jayant There’s no EUR/XAF ‘rate’. XAF was originally the colonial money of French African colonies. Before euro came out 1 French franc was = 100 XAF. Now with euro, France keeps to exploit most of its former colonies with this fake money that they call Franc CFA (XAF & XOF). The rate has not changed and is still: 1 former French franc x100.

Ah okay! Sounds like something I should read up on.

I think that we should be able to simply specify for certain cards that curve passes the payment currency directly to the card instead of a fixed currency for that card. I have some card (Revolut among them) that have good conversion rates without fees. I would still like to use them with curve, but without currency conversion by curve.

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I agree with salim, we should be able to set it to just pass the transaction through regardless of the currency.

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