Very high exchange fee charged on weekday as a metal member (twice)

Hey there,

In the last week, I was charged on two different occasions with the high (~2%) exchange fee on a normal weekday as a metal member. I’m really tired of this. The CS is non-existent, even for “priority” members. That’s not what I’ve signed up for. I do not want to double-check every transaction if I was scammed again or not. They charge 2% and give 1% cashback (if you are lucky) to their top members. What a deal!

Anyone else experienced this?

Where can I make an official complaint (since Curve just doesn’t give a damn at this point, I just want my money back and leave)?

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If compared to the MasterCard exchange rate of that day, Curve’s FX rate is slightly better. So, I don’t see the 2% exchange fee you are talking about.

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I had the same last week:

The rates are totally unpredictable unfortunately. :man_shrugging:t2:

For you the Curve FX rate was just slightly worse than the MasterCard FX rate. For both of you there seems to be nothing wrong with the FX rate Curve has applied.

Both of you have paid in HUF, so if you for some reason don’t want to compare with the MasterCard rate, you should at least look at the HUF to EUR rate and not to the EUR to HUF rate. You both ‘bought’ EUR with HUF not the other way around.

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Curve doesn’t use MasterCard’s rate, so it’s not relevant.

I know Curve does not use the MasterCard rate, but it definitely is relevant in this case to compare Curve’s FX rate with the MasterCard FX rate. Curve used to advertise with “better than MasterCard FX rates”.
So if you want to check if Curve offered you a good rate one of the best ways to check is to look at what you would have paid with a card that would have applied the MasterCard FX rate.

If Curve would apply a 2% fee (according to the opening post), than MasterCard would as well and I can assure you that’s not the case. So you both had a pretty good FX rate on your transactions.

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you know i’m also from hungary and i can also confirm there’s something wrong with both eur/huf and huf/eur rates. totally random what rate you’ll get and that was the case already in 2019. maybe it’s because huf rates are constantly changing on the market, maybe it’s something else, but hungarian users all have these experiences. on certain days curve rates are so bad it’s better not to use the card for fx transactions

Ok, but I don’t think that’s the case on both transactions that have been posted in this topic.

:thinking:

How does the Curve FX rate compare to MasterCard FX rate on those days?

i also agree that’s irrelevant. for instance eur starts the day on 370 (huf), midday it’s 360, evening 370 again. maybe mastercard rate will also be 370 calculated at the end of the day, but when i make a transaction midday i’d expect a real-time rate around 360. but it’s possible curve will charge 370, like a “stuck” rate from the morning. the real problem is the lack of transparency, you never know what you’ll get

You should only expect that if Curve would use (close to) real time rates. But they don’t!

https://help.curve.com/how-does-curve-save-me-money-abroad-HyquHdnUu

When you make a transaction in another currency, we use a wholesale fixed daily rate to make the conversion.

So just like the MasterCard rate Curve will use the same rate throughout the whole day. So comparing to the MasterCard rate is very relevant…

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Interesting, this must have been a change in the last year or so because I’m pretty certain Curve used to advertise live FX rates. Curve should really publish these daily rates, I think they are actually legally obliged in the EU.

Anyway, using Curve for FX transactions is way too complex with the weekend markup and the monthly limit (at least on the free plan), who wants to keep track of that? Just use an underlying card that charges MC or Visa wholesale rate with no additional fee and set it to the local currency in Curve. No need to worry about weekends and limits.

this article was updated end of october this year. this is something new and wasn’t communicated properly

if curve uses a fixed rate absolutely unfair not to publish it

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The lack of transparency makes it really shady. It would be REALLY EASY to show the current rate in the app in advance. They don’t show it for a reason. All other fintecs are upfront about these rates and all the hidden costs (as they should be in 2021). Not to mention I haven’t experienced such a huge difference the other way ever compared to real-time mid-market rates. If you compare the service to Revolut, the cost difference could be enourmous over a course of a year.

The “unlimited great FX rates” is considered a false advertisement without any transparency (by me). Sure I could look into the fine print, but come on, it’s 2021. Old banks do this, and this is the exact reason they’re losing market share (too slowly tho). I don’t want to sweet it every time I use my card. Maybe that’s just me, but it’s a deal-breaker for me. I’m downgrading asap.

I don’t think it’s a great business model, therefore I put my money where my mouth is. Somewhere else.

This! I’m wondering too if this is legal at all. (I think it is not)

As far as I know, financial institutions are obliged to show used FX rate compared to ECB’s rate for every EUR FX transaction… :money_mouth_face:

Well, the rate is still pretty bad:

:man_shrugging:t2:

Still pretty good.

Definitely. It’s only 2.7% below the current interbank exchange rate.

When you keep comparing a

to live interbank rates, that most of the times keeps being the case.

wholesale ≠ interbank

And what exactly is a wholesale rate?
Think of a wholesale rate as a happy medium between the interbank fees mentioned above and the normal rates that Mr. Smith would be charged if he wishes to send money from two different bank accounts.

I would only agree with you that the FX rate Curve uses is pretty bad, if you would also argue that the MasterCard FX rate (used by many other FinTechs e.g. N26, OpenBank) is pretty bad.

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