Remove the weekend rate or at least charge the same for all currencies that is revenue neutral. I.e 1% for all currencies on the weekend.
You have my vote for the removal!
Harmonizing doesn’t make any difference for me, because, now Curve uses the MasterCard rate, I will not use Curve for any FX transaction (I will let the underlying card do the conversion) in the weekend anymore, as long as there is any (regardless of the percentage) FX fee in the weekend.
A post was merged into an existing topic: Support for Multi-Currency Cards
Now that Curve has moved to use MasterCard as rate provider, I cannot under the justification of still charging a weekend fees!
I get that why Revolut or Wise will need that to protect against the fluctuations. But MasterCard already factored that in!
Or at least the Metal or Black subscribers should have a fairer rate if no more weekend fees!
I appreciate that paying customers like Black and Metal subscribers are given more FX limit in the year.
However the weekend fees are not quite justified in my opinion when trying to compete with other FinTech brands like Monzo, Revolut, Starling, or even high street banks like Halifax and Chase
So at least for paying subscribers, I think Curve should do better by crapping the weekend fees.
To remove the weekend FX fee, Curve would need to delay the FX to the next working day when the FX markets are open. The weekend FX fee is to cover any potential movement in the FX rate in Curve’s disfavour between Friday’s closing rate (typically 5pm New York) and Monday’s opening rate (typically 7am Auckland). The same applies to Revolut and other fintechs that use a real-time FX rate, unlike conventional credit cards which use MasterCard or Visa to carry out the FX a day or two later.
Curve has been using Mastercard’s FX for a while.
It’s not about whose rate Curve uses but when the FX is carried out. If the FX is carried out using MasterCard’s old rate while the FX markets are closed, then there’s a risk that the market will move against Curve between the transaction time and the next working day, hence the additional percentage.
For Saturday transactions, do Curve use Mastercard’s rate on Saturday, or on Monday?
Even when they used CurrencyLayer, the risk of moving up and down over the weekend would work either in Curve’s favour or against it - it would balance out over time / currencies.
All companies need to make money somehow, this is just one of Curve’s profit streams.
Well, based on MasterCard’s crappy rates, the risk would be pretty low.
If the purpose of the fee is to generate a profit as opposed to protecting against a market movement on Monday morning, then why not apply the fee for the whole week as opposed to only at weekends?