Thanks for clarifying, @Curve_Ivo. Given that the FX markets are effectively closed (no liquidity) between Friday 17:00 New York and Monday 07:00 Auckland, this means that Curve is taking on market risk between Friday 17:00 New York and Saturday 00:00 GMT, and is unnecessarily adding a markup between Monday 07:00 Auckland and Monday 00:00 GMT. Almost nothing in the FX markets is based on GMT. Therefore why does Curve not align its weekend markup times with the closing and reopening of the FX markets?
Why not use the national bank, and time from the country where the company operate?
This is seeing to be weird, and confusing
Unlike the equity markets, the FX markets are global with market makers physically located very often outside the country of the currency. For example, a German bank might manage its USD/JPY liquidity in Tokyo, London and New York, depending on the time of day, whereas a Spanish bank might manage it in Hong Kong, Madrid and Chicago. I expect that Curve uses one liquidity provider for all currencies.
Could be formulated better
On weekends, which we count as Friday 23:59 - Sunday 23:59, the UK foreign exchange markets are closed.
Say UK, but not UK time
That’s not a true statement. The foreign exchange market is global. FX traders in the UK generally stop quoting by 17:00 UK time (GMT or BST).
Its from curve own website
To my mind the simplest solution would be Revolut-style to give a live indication of what exchange rate you’ll get and let you know if any markup applies
It would be nice if I could see the exchange rate at all times and not only after making a transaction. It would make everything that much better.
You can already vote for that here:
Unfortunately, as has been documented (by Curve) here, Curve dynamically alter their exchange rates to hide fees - so this might not be possible.
If it was you’d have to have multiple rates like -
- cash withdrawal below X
- cash withdrawal above X
- card transaction below Y
- card transaction above Y
(And more? It’s terribly complicated)
X and Y being amounts that would meet thresholds Curve sort of tell you about, but not in a way that’s fair or transparent.
Just one reason that manipulating rates to hide fees is bad.
Yesterday night my friend got about 2.5% higher rate than the mid-market one. They were still using the 7 am rate 12 hours later.
Rates will always go up and down, and in the long run a lag by Curve is as likely to be as good for the customer as many times it is bad.
Hiding fees will always be bad for the customer.
By displaying the current rate offered by Curve, users could take advantage of the lag in their rate calculations and use Curve only when their rate was advantageous (vs any number of other free cards offering less laggy rates).
Another reason why Curve won’t do this, I’m afraid.
Well, an hour lag would be acceptable, but the 12 hours lag is not that at all.
Agree - seems excessively laggy to me (and in times of volatility like we’re seeing now, this seems high risk for Curve…)
Also worth a reminder for newer users - FX fees were one of Curve’s original revenue streams. They initially offered a flat (1%?) conversion fee on all foreign spending - and this was often better than people’s underlying cards.
But with many other - often free - cards offering no fees, this stopped being a good selling point for Curve - so they made FX ‘free’ within limits…
One could be forgiven for thinking those fees were merely hidden, rather than removed.
It would be great if there was a FOREX converter on the app for a transaction simulation.
You can use google or duckduckgo