Is the foreign transaction 2% fee being waived for transactions £500/month currently

Hi all,

I’m finding the info about foreign transaction limits on this page confusing:

First it says “As of the 20th of September, Curve does not charges foreign transaction fees on spend and ATM withdrawals abroad, subject to our terms of service.”

Lower down it says “Curve (free) customers: Up to a spend of £500 per month - no currency conversion fees will be charged. From £501 and above (cumulative) a month, you will be charged an additional 2% as currency conversion fees.”

My question is: does this first para above mean that the 2nd para above isn’t being applied currently? I.e. is there no spend limit for ‘free foreign transactions’ currently?

This is important to me as I’m in Portugal most of this year and using Curve (registered to my UK address) as my primary card for day-to-day spending. Don’t want to be hit by 2% extra on all transactions. If the 2% is applied is this shown on the transaction detail?

Thanks - Jon

Curve indeed charge fees, the ‘subject to our terms of service’ means you need to read 13000+ words (this is not a joke!) to work out what is going on. The fees are not itemised in the app - I was hit by a 1.5% fee when I expected to get a 2% fee, but you can only sort of work out what is going on as the FX rates aren’t shown anywhere.
Somehow Curve are exempt from the legislation that makes other financial firms itemise the fee - Curve just adjusts the FX rate by 1.5% / 2% / 3.5% as appropriate.

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Thanks Connie. Gah that’s disappointing. Looks like I’m retasking another credit card then for day-to-day here. Thanks.

Hi @jaycee :wave: welcome to our Community :grinning:

What this means is that prior to September 20th 2018, we charged a 1% flat fee for FX transactions. From then on we stopped charging fees for all FX transactions and only for transactions that exceeded your spending limits; these limits differ depending on your card tier.

Curve Blue customer have up to £500 per rolling 30-day month of fee-free FX spend, while Black and Metal (UK only) customers have unlimited fee-free FX spend, subject to our fair use policy.

You will only be charged an additional 2% (or £2, whichever is higher) on your purchases that exceed your fee-free limit. For example, if you’re on Curve Blue and have already spent £400 in a given month and spend another £200, you’ll only be charged a 2% fee on the £100 that exceeded the limit.

On weekends, which we count as Friday 23:59 - Sunday 23:59, the UK foreign exchange markets are closed. During this time, we take the rate from Friday 23:59 and charge an additional 0.5% for all transactions made in GBP, EUR and USD and 1.5% for all other supported currencies.

That’s because we use a wholesale rate called Currency Layer that’s sourced from a broad base of commercial sources and banks around the world and is refreshed every hour. It’s much cheaper than high street banks - you’ll save around 3-5% on each transaction using Curve. It’s refreshed every hour so it will change when compared to a rate that is only updated once a day (like the MasterCard rate). We will be more expensive for some transactions and much cheaper on others.

As mentioned in this Ideas post it would be great to see that rate live in the app, like Revolut offer - Currency exchange rate

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Does rolling month starts in day when user registered in Curve app or is it something else, for example, if today (or any given day) I spend 500gbp in fx, then if I spend more in next 30 days fees will apply?

Rolling month term is somehow confusing. :thinking:

Could definitely do with making it clear within the app (a bit like current spend limits) - feel free to add your vote to Make Curve FX free limit visible in-app

Is this accurate? According to the terms the fee is 2% with no mention of the £2 minimum. As far as I can see the £2 minimum is only for ATM withdrawals.

Also, the “as of 20th September” should probably be removed from the FAQ - it’s confusing now that it’s nearly September 2019

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Ah, thanks - I don’t think the fact currencylayer was your source was shared before :wave:

Just a heads-up though: it’s not much cheaper than high street banks, you will never save even 3% on a typical transaction (read this thread) and the latest FCA guidance says firms must be fair, clear and not misleading. If you haven’t been advised on this, read https://www.fca.org.uk/publication/finalised-guidance/fg15-04.pdf and https://www.fca.org.uk/publication/policy/ps19-03.pdf as it’s pretty important to be FCA compliant.