Why does Curve charge markups?

As Mastercard is responsible for the conversion, why is Curve charging a markup for this service?

0.5% for EUR/GBP/USD on weekends (which wouldn’t actually clear until Monday anyways, as authorizations take a few days)

1.5% for everything else that could actually make Curve more expensive than every other card I carry in my wallet :thinking:

I’m also not sure why Curve charges fair usage fees of £0.50 on ATM’s for U.K. users considering ATMs charge about 22.5p per withdrawal here.

I’m also curious as to why Curve is insistent on calling things unlimited and then slipping in fair usage fees, just say you get 15k a year of markup-free foreign spending and call it a day. Misleading your customers isn’t good for retention.

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MasterCard isn’t responsible. Curve do the conversion themselves using an “interbank” rate from Currency Layer.

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Ah, makes me wonder why they aren’t using mastercard then tbh

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Same reason as Revolut?

Revolut do it because you can hold and exchange between multiple currencies, where as you can only use the MasterCard rate for card payments. So if Revolut were to use the MasterCard rate for card payments, they’d have two different rates, which would be confusing. Besides, you can exchange money during the week to avoid the fee.

Curve, however, only do card payments, don’t allow you exchange ahead of time, and charge a higher markup.

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Yeah that’s crazy, it feels like they just want an excuse to add a markup to it lmao

To be fair, Curve would have far less holdings in other currencies, so their exposure is higher - I can understand the desire to have a higher markup. Does make them very uncompetitive though - I rarely takey Curve card when travelling.

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The £500 a month limit is also crazy. Can’t market Curve as a travel card when you easily spend £100 a day on stuff abroad

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I couldn’t agree more with this.

0,5 currency equivalent per withdrawal seems perfectly reasonable and fair to me, though. We can’t expect to always have everything for free!

For what concerns the markup you can just go back in time later and charge another card in that currency, I believe (but I’m not sure).

I totally agree with this. There should be no £500 per month limit.

However, with respect to all the other points you’ve made, Curve operates exactly the same as using Revolut where the funding currency differs from the transaction currency, except that Curve’s mark-ups are higher.

Because MasterCard’s rates are applied a day or two after the transaction. Curve needs to finalise and fix amount in the currency of the underlying card at the time of the transaction. Therefore Curve can’t wait for MasterCard to carry out the conversion a day or two after the transaction.

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Perhaps Curve could put an authorization charge and claim it after MasterCard has finalized their rate?

Yes, or to minimise any delay, Curve could follow the logic I suggested for Revolut.

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This would be great for curve too

Are Curve team thinking anything about this?

I doubt it as Curve isn’t profitable and they don’t want to compete on that aspect, not even for paying Metal customers :thinking:

True. Good FX is not Curve’s USP (unique selling point), whereas it is very much Revolut’s USP and its original raison d’être.

I would argue that it should be, actually :thinking:

Curve wants to be the one card in my wallet, everywhere.

So they need to cut the downtime to 0% or very close to it. Any downtime needs to be done in peak time for non-touristy destinations like Nepal daytime, not Seoul’s midday.

They need to offer great FX, not good.

They need to support 3DSecure or equivalent.

Curve sound like 0 fees
And the best rate, but then you go deeper, it except weekend
I agree cut it to 0 would be perfect

From curve website

The Right Way to Pay

Connect your cards to Curve and enjoy a whole new banking experience. One Interface. One Curve card. A whole new world - real-time notifications, Zero Fx, 1% Cashback, and even time travel (Seriously!).

Save on travel with Curve.

Spend your money on adventures, not fees.

Use any of your cards when you travel, and save up to 5% on hidden bank fees.*

Curve definitely needs to be more transparent with their fees and product offerings

Unlimited FX? But it isn’t.

Zero FX fees. But it isn’t.

£600 a month withdrawals for Metal. But it isn’t if you were to withdraw £10 60 times a month :thinking:

Electronic gadget insurance. Capped to £800 so your iPhone isn’t covered and neither is your new Galaxy. Oh and it doesn’t even cover mobile phones unless you’re on Metal. Doesn’t actually mention a cap within the app either.

Rental Car Collision Damage Waiver Insurance. Up to £25000 which won’t cover it entirely when it’s an expensive car.

Worldwide Airport LoungeKey Access. Forgets to mention the charge though within the app, like at all.

Someone would have half a mind to report Curve for misleading advertisement actually, I think they’d probably win that complaint.

Unlimited 1% cashback at 6 retailers. For free. Forever. But it isn’t free- it’s part of the subscription. It isn’t forever as if I cancel my subscription it ceases to apply.

Someone just needs to change the wording really, @Curve_Marie could you have this done?

Also can you go and remove the AmEx Wallet stuff from the T&C. I was reading it the other day and it still makes out as if I’m entitled to use an AmEx Wallet - when I’m apparently not.

Someone at Curve really needs to be dedicated to ensuring your offering is clearly presented before it gets Curve in trouble with the FCA.