Any reason why Curve have an international weekend charge when Starling and Monzo don’t? I travel daily and it’s the one thing putting me off going all in on Curve considering it’s something I haven’t seen anywhere else!?
Revolut does have a weekend surcharge (a 0.5% mark up on major currencies and 1.0% on other currencies).
Just FYI, Revolut also have a weekend fee, the same as Curve, but you’re correct in saying that Monzo and Starling don’t.
As for why, I believe it’s because Monzo and Starling take the daily MasterCard rate, where as Revolut and Curve do the conversion themselves. This means that Revolut and Curve are exposed to a currency risk when the markets are closed at weekends.
I suspect that the reason Curve and Revolut do it this way is because the conversion is dependent on your settings - ie what underlying currency you want to be charged in. MasterCard therefore can’t simply be told to convert everything to GBP like with Starling or Monzo.
I completely understand the whole point of the weekend fee and its purpose.
And for clarification I use both Revolut and Curve.
What I would like to see is if the currency moves in the company’s favour this 0.5% fee to be refunded to the customer as the company in that case effectively makes profit both from the customer and the currency markets.
Of course there would be cases that the markets would move against the company and then I would be more than happy to pay the 0.5% fee.
Completely agree. Take the fee initially over the weekend but refund if feasible when markets reopen to make it fair all week round. Anyone from Curve who can elaborate on here? It literally is the only reason I’m nervous about going all in!
What I’ve suggested to curve is to charge a preauth during weekends on the underlying card and on Monday they release the correct amount…
Would definitely prefer that. At present though I only use Monzo (mainly) and Starling (rarely, don’t find their interface as good) at weekends when travelling, then potentiality Revolut or Curve during the week - however I’m more likely to stick with Monzo than switch rather than have to keep remembering, so it means Curve are losing out on potential transactions as a result.
Couldn’t agree more. Curve must have something in the pipeline surely? Weekend spending for some, particularly abroad, amounts to a significant amount more. The other issue I find is that even though the fee is told it’s not very clear so some don’t realise the fee exists over the weekends!
@ediflyer Best thing in your situation is to manually change the currency to the transactions currency on the Curve app during the weekend and change it back to GBP during the week.
@Canadianspruce I don’t follow, how would that help? I’d then be hit with a 3% fee from the underlying card. Using Monzo at the weekend seems an easier option!
Yeah I was referring to you using Monzo as Curves rate is better than MasterCard s during the week.
Interesting, not noticed that much of a difference - Monzo seems to have pretty decent rates. Regardless weekend fee still make Curve not much use at the weekend when I’ve got other options.
If you have a 3% fee from the underlying card, curve would still be much cheaper
Sure, but Monzo is cheaper still as no weekend fee
MasterCard have around a 0.3/4% difference on their exchange rate over the Interbank rate (Visa is slightly higher at 0.5%). It’s much better than MasterCard in some other currencies though. For example, when Canadian MasterCards are used in another currency (with the exception of USD or GBP), MasterCard converts it into USD first and then into CAD (usually meaning the MC rate is around 0.7/0.8% above the interbank rate). This happens with some European currencies as well (with them being changed into £ or Euros first).
I’ve found that about a third of the times I checked, MasterCard is actually cheaper than interbank as interbank updates in real time.
Nice tip on MasterCard sometimes converting to other currencies first, didn’t know that. When making bigger transactions I’ll start to also check Visa, tough I need to check if I even have an fx free Visa. Most cards nowadays seem to have gone MasterCard
+1 vote from me to do a pre auth during weekend and then use Monday rate, but I can understand that many customers might not understand this.
Yep, it could be an option to be activated by the user itself (weekend fees or preauth)
Would you be happy to pay more than 0.5% if it went the other way?
That’s the thing, the fee is clearly aimed to be an average amount to cover costs and still let them have a bit of margin on the deal.
I’m intrigued though, with this concern about getting the absolute best rates each and every time - what kind of foreign transaction values are some of you doing that makes it worth worrying about?
No one likes to pay more than they should, but I was happy with Curve’s previous 1% as it would still easily beat the rate that I’d get on my Barclaycard VISA (and no FTF to pay, either!)
For me it’s not vast sums, I just don’t like paying fees if I don’t need to I could use MBNA Horizon with no forex fee and 0.5% cashback, so that tends to be my benchmark comparator.