(E-mail about) No more FX weekend fee/surcharge in terms (but still in fee schedule)

This reduction in fees is now confirmed, the leak in the advert is correct :+1:t3::+1:t3:

The fee schedule hasn’t been updated yet but an email to customers says

Foreign exchange rates. We’ve simplified our terms on foreign exchange. We’ve removed the distinction between weekday and weekend rates and we’ll always give you the latest available exchange rate from our provider.

Which is great, as Curve was the most expensive card on the market at times when used abroad by the time you added up all their fees.

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This change has been applied in the UK terms, no more mention of any difference between weekdays and weekends. But as mentioned in the opening post the fee schedule has not been adjusted (yet).

What about foreign currency transactions?

In case of withdrawals or purchases using your Curve card where the currency of your selected payment card is different to the currency of the transaction - Curve will perform a currency conversion for you.

If, when making a transaction, you have set your payment card currency in the Curve app to a different currency than that of the payment card itself then your payment card issuer may charge a fee for using their currency conversion services. This might be in addition to any fees that Curve charges you.

If we have to convert the currency of a payment made using your Curve card we’ll use the latest exchange rate from our rate provider.

Please check our Fee Schedule for any additional fees that may apply to your currency exchange transactions.

Exchange rates can fluctuate between the date you made the transaction and the date it’s actually processed by the merchant to your account, please note that changes in the exchange rates will be applied immediately and without notice. The rate applied to a transaction will be shown in the Curve app.

If you use the Go Back in Time feature in relation to a foreign currency transaction, it’s possible that a different exchange rate to the one used for the original transaction will apply. If the merchant subsequently refunds the foreign transaction payment, the exchange rate used will be the one at the date the transaction was settled, not when the refund is settled.

You can find the exchange rate that was applied to your transaction in your Curve app.

We’ll not be responsible to you if you’re charged fees or lose any money if you ask the merchant or any other third party to make the currency conversion.

The change has not (yet?) been applied in the EU terms.

So they are using the MC rate for all transactions as from now?

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Looks like it. Help page is updated now.

We use a wholesale fixed daily rate provided by Mastercard® which stays the same throughout the day.

But very weird on this help page the weekend surcharge is still mentioned.

I still didn’t receive the e-mail.

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Thanks. MasterCard’s calculator reveals, for example, a bid/offer spread of 43 basis points on EUR/GBP. This is quite expensive, given that the interbank spread is just under 1 basis point. It suggests that MasterCard’s markup is around 21 basis points (0.21%).

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Unless I’m transferring £100,000 then that’s a good rate. And now no .5% markup on weekends or 1.5% on SA Rands

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Since a fellow Dutchy pointed me to this tweet by Curve in which they are denying they are dropping the FX weekend fee :point_down:t2:

could @Connie or someone else please post a screenshot of the email, including the fine print. I still did not receive this email.

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Seems like it has gone but Curve as clear as mud as usual.
Simplified to me means no weekend rate. The weekend rate was there to protect them when giving the interbank rate but as they are giving the MC rate now then there shouldn’t be a hit now. Happy to stand corrected. I’d rather pay .25% markup and have no weekend rate tbh

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Thanks for posting @anon18053982. To me it now looks like the weekend FX fee is not going to be removed. The email is just very poorly formulated.

Since their Twitter account is denying they will get rid of the weekend fees, what I think Curve says/wants to say in their email is that they have removed the distinction between weekday and weekend FX rates from their terms, but they have left this distinction with the corresponding weekend surcharge in their fee schedule.
If this is indeed the case Curve is the only Fintech I am aware of that uses the MasterCard/Visa exchange rate, but does still apply a weekend surcharge/mark-up/fee.

I now also understand why I didn’t receive the email (yet). The email was sent to inform the UK Curve customers about changes in the UK terms. I live in the Netherlands and the EU terms have not changed (yet).

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Just when it looked like there might be a use for my Curve card, it goes away again. Lucky I spotted the tweet and didn’t believe the email they sent me.

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That email also read to me how it did to most people. I assume this is because most people think the ‘weekend’ thing is a bit daft.

I don’t understand why that charge is made at weekends and although it’s not a massive deal it stops me recommending Curve because once I explained how much I like Curve and its services I’d need to finish the conversation with “Also, at weekends things are different because…”.

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To me the weekend FX fee isn’t a big problem.
The problem is that Curve’s FX rate is a complete black box.

I found that many times I was charged with a very higher FX rate with no reason.

I am scared to use it now.

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Yup, looks like we lost again.

I still like Curve and use my card constantly.

This change could have been done in a smarter way I belive. Use the MC rates in weekends and the old great live rate without f/x during weekdays.

I will still use the card as much but use a card with the currency spent. To bad it’s hard to use GBIT with my national cards within 30 days.

I will just do it if my currency strengthens 2-3% because of the >2% f/x with them

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Just tried again.

EUR/CNH is 7.15, but curve charged me 7.20!

I have no idea where the 7.20 is from.

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So you sold EUR/CNH at at a price that was 70 basis points above the market. Lucky you.

Why do you mention CNH (Hong Kong offshore CNY) as opposed to CNY (onshore CNY)?

Could you please post a screenshot of the transaction from the Curve app?

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Yes. Here is the screenshot (I masked the merchant name)

Because the onshore rate is only for China mainland.

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Ok, so you have spent €100 and had Curve let this convert it for you to CNY.

Since Curve is using the MasterCard exchange rate nowadays

We use a wholesale fixed daily rate provided by Mastercard® which stays the same throughout the day. You can use the Mastercard® Currency Converter Calculator to check the rates of your transactions.

I can see where this rate is coming from:

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