Curve FX Community Feedback

Curve FX Community Feedback

Hi everyone, my name is Anna and I’m the UX Research Lead at Curve. :wave:

My team are looking into gathering information for the possible refresh of the Foreign Exchange (FX) proposition at Curve and are looking to learn what is and isn’t working well with our current FX rates and features.

To help us gather this information, we’d love for you to answer some questions on how you spend when you travel abroad:

  1. Do you use Curve abroad or not?
    1A. If you do, how does your set up change, if at all?
    1B. If not Curve, what else do you use abroad?

  2. Also, why do you choose to pay in that way when you’re travelling?

  3. Lastly, within Curve’s current FX offering, if you could change just 1 thing about it, what would that be?

If you’re not familiar with how Curve can currently help you while travelling abroad then you can find these details in our FAQ here.

Your feedback today will help to shape the future of this feature so don’t miss the chance to give your say!

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1 - No. I use a combination of Monzo debit card and Nationwide credit card. Same applies to purchases I make in foreign currency from home (e.g. overseas services/websites).

2 - Both methods have fee-free FX with no weekend surcharge.

3 - Remove the weekend surcharge.

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I have occasionally used Curve. I am a Curve Black customer but I don’t want to think about f/X limits or if it a weekend etc.

Otherwise, I will use a variety of cards which don’t charge any f/x fees at all including Halifax Clarity, Aqua Reward, Starling, Monzo, Dozens and going forward Chase UK - especially where I get cashback or other rewards in addition to no f/x charges.

Like @o99 ,I suggest Curve ditch the weekend surcharge, especially since I understand Curve no longer uses the interbank rate.

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  1. Yes, but most often I use Curve FX :currency_exchange: in my home country :house_with_garden: for my cards :credit_card: that are not in my home currency (EUR :eu: cards for CZK :czech_republic: payments)
  2. Curve FX seems to be pretty competitive in my eyes compared to other solutions I have available :+1:, like Revolut, ZEN.com, Crypto.com’s own FX, don’t mentioning standard Czech banks with awful FX rates (3-5 % usually :face_vomiting:) - see my real-world test here (E-mail about) No more FX weekend fee/surcharge in terms (but still in fee schedule) - #61 by Petr_Andel
  3. No more weekend FX fees! :no_entry:
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  1. It depends, if I have to use it for a long time I use other cards which give better rates or at least the same rate without the weekend fee (like N26). If I have to use it for a short period of time then I continue to use Curve for simplicity, since it’s the main card I use.
  2. Is already answered with the 1.
  3. Get back to the interbank real time exchange fee instead of the daily mastercard rate. The weekend fee does not make sense if the mastercard rate is used.
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Hello @anna.livingstone

I’m glad to hear that you are looking at this. It’s a recurring hot topic amongst the Curve community.

  1. No, I do not use Curve abroad. In the past I have used Tandem Reward cc, Halifax Clarity, Aqua Rewards cc. I use Monzo/Revolut/Starling for cash withdrawals at ATM’s. Currently, I’m using Chase Bank debit card with MBNA Horizons Visa cc as backup.
  2. Simple - no fees, good exchange rates and cashback.
    At ATM’s, I want to be sure of avoiding any (and all) fees! It’s relatively easy to get recommendations within the neobank’s communities about fee-free ATM networks in dozens of countries.
  3. The “weekend fee” has been totally off-putting and so by now I’m already in the habit of using other cards when abroad. I have to wonder how much business Curve has lost because customers want to avoid fees or the uncertainty of fees. The website FAQ’s still contradict an email sent to customers saying the weekend fee had apparently been abolished. My preference is still an in-app option to toggle FX for my multi-currency cards.
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  1. I used Curve almost exclusively abroad with live F/x rates before the change. Now I use Revolut or Amex cards.

1b & 2. I save a decent amount with Revolut or get benefits with Amex with the same rates as Curve nowadays.

  1. Live rates without high fees. The new fixed Mastercard rate is bad, especially between scandinavian currencies. +3% easily, often more, on weekends. I tried it several times after the change before changing my habits abroad where I spend 1/3 of my time and money.
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1A, I use Curve abroad but I use Revolut for exchange
2. Better control on the exchange process, real time display of exchange rates
3. Real time exchange rate display

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Thanks so much for your feedback.

You said that you use a wide variety of cards for the FX travel rates- curious to know how you juggle/manage all those cards?

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Thanks for your super detailed response!

All very good reasons, how would you rank these in terms of importance to you when making the decision of which card to use?

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Thank you for linking this previous chain as well- some great insights to add in there too!

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Thanks for your feedback, which change is it that you are referring to here?:

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Curve used to have excellent live exchange rates on weekdays. I used it for almost everything then both at home and abroad.

Now they use Mastercards fixed rates that gets settled att 10pm everyday. The problem is the mark-up from Mastercard that is high except €. Even Amex rates are better, have tested them several times.

So now it’s Curve, still big fan, at home and other cards abroad. :slightly_smiling_face:

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Hi Anna,

  1. Yes, I do. I use it with cards that would normally charge me an FX fee. Otherwise, with cards that don’t charge an FX fee, I’ll change the cards currency and let Curve pass the transaction through to my bank.

  2. To be able to use cards abroad for rewards that would normally be negated by the FX fees they charge.

  3. Remove the weekend surcharge. And at the very least remove it for widely used, stable currencies (USD, EUR, GBP etc) This is the biggest pain point to Curve’s current FX offering. Especially since you are now using the Mastercard exchange rate, it does not make sense to upcharge on the weekends. Any other cards I have which offer no FX fees do so 24/7, not just certain days of the week.

Thanks for reaching out.

2 Likes

Hi Anna,

  1. Yes, if it’s in a country where Curve supports the local currency in the app (e.g. EU), with a notable caveat of the US due to the extra fees there (because Charge underlying US cards as domestic US transactions hasn’t been implemented there)
    1B. I use either local cards if I have them (USA) or a 0FX / multicurrency card (e.g. Revolut).
  2. Cheaper. Points / earnings on underlying cards do not cover FX 1-3% fx rates these days.
  3. If I could change 1 thing, it would be implementing Support for Multi-Currency Cards This is a feature request open since 2019 with 113 votes! If I could just let Curve pass though the original transaction currency to the underlying card, I’d use it a lot more. E.g. during my recent trip to Sri Lanka and Dubai I didn’t use Curve because I would’ve lost a huge amount on FX compared to just using underlying 0 FX cards directly.
3 Likes

1.Do you use Curve abroad or not?
→ Yes

1A. If you do, how does your set up change, if at all?
→ When paying in other currencies I only use Curve during the week, on the weekend I either use directly my backup card or change the underlying card to the currency where I’m currently at to avoid the weekend charge or try to see if I can pause the payment til Monday.

  1. Also, why do you choose to pay in that way when you’re travelling?
    → Curve is very convinent for me to use, however, the extra weekend fee sucks

  2. Lastly, within Curve’s current FX offering, if you could change just 1 thing about it, what would that be?
    → get rid of weekend fee or go back to interchange rate, but don’t use MCs rate + weekend extra fee, that doesn’t make sense

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1. Do you use Curve abroad or not? - Yes, I do, but not all the time.

1A. If you do, how does your set up change, if at all? - Sometimes I bypass Curve’s exchange by simply setting the selected underlying card’s currency.

1B. If not Curve, what else do you use abroad? - Revolut, since it offers better FX rates.

2. Also, why do you choose to pay in that way when you’re travelling? - Because the better rates.

3. Lastly, within Curve’s current FX offering, if you could change just 1 thing about it, what would that be? - I would switch from Mastercard’s FX to something better, more up to date.

I made the comparison below a few weeks ago:

MC’s/Curve’s rate was ~2% worse than Revolut’s back then. Huge difference. :man_shrugging:t2:

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Hi @anna.livingstone,

Well, I would never use a card that charges fees. Any cards I use at home that would charge a fee on FX txns, I simply leave at home.

That aside, good exchange rates are the most important factor with clear information about how the rates are determined and applied. I feel this is an area where Curve falls down but it should be easy to address. It would certainly be helpful if up-to-date FX rates could be displayed in-app.

The cashback is a “nice to have” but not a game stopper. At the moment, my Chase card is hitting all the right notes with good spot rates and 1% cashback.

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Its quite simple really.

I carry the cards with favourable f/x rates with me overseas.

Spending on the credit cards is automatically paid via direct debit each month. Similarly, if it’s a debit card, the money is taken from my account automatically.

If I take money out of an ATM via a credit card, I simply make a transfer/faster payment to the card afterwards so not too incur any charges.

2 Likes