@Sam-Turquoise-Wolf#274352 and in addition to what Jakob said; you're looking up the wrong transaction for comparison. Your ZeroFX transaction with the mastercard FX rate is buying 3.08 CHF for 3.13 EUR; what you look up on the currency conversion is selling 3.08 CHF and buying 3.05 EUR.

@Jakob-Y#274362 We'd be happy to drop the 0.5% if you can live with us limiting all exchanges to operating hours of the currency market :). I don't have recent numbers but I recall the first 3 months after launching the average blended variance was 0.42%; not significantly deviating from 0.5%...

@Jakob-Y#274467 The difference is that CurrencyCloud conversions only take place during office hours. Outside of office hours exchange rates fluctuate (both up and down) and we need to offset that risk. On average this amounted to 0.42% which is right in line with the 0.5% we charge; therefore we charge no markup on FX (-> ZeroFX).

Now if we change providers or CurrencyCloud starts doing realtime settlement we could reconsider, because then we no longer run the risk/pay for the fluctuations.

If I compare our offering to the market then we are best in class regardless; Amex charges 3.5%, paypal and amazon around 3, and Revolut which is often hailed as free actually charges 1% in weekends/night times if I recall correctly (and the free plan only does so for the first 1k).

Hope this helps!

I totally get that with CurrencyCloud there might be a need for a blended uplift (network fee) in order to not make the pricing sheet even longer and more complex by adding time/day-of-week dependent fees.

What I don't understand is why it is necessary to charge the network fee on a standard MasterCard FX transaction. / If the CurrencyCloud rates are so cool why not push everything through CurrencyCloud instead of adding a fee on top of MasterCard rates?

Personally I do not mind paying 0,5% but thinking you pay 0 and discover you pay 0,5% feels like a hidden fee when the only way to know it is going to the table fees.

The zerofx make you think you pay no fees while you need to read carefully to discover you do not pay the « fx fees » that traditional bank surcharge. It’s might be me but I feel if you ask new users majority will think they convert 100 and get equivalent of 100 while they get 99,5 (which is still great)

Imo if a clarification would be good such as a small thing under transaction and explanation as Revolut does

@Bogz#281686 Hi Geoffery 👋 Thanks for contributing here! The 0,5% is a Network Fee. In order to maintain the complex network of branches, entities, and partnerships that allow us to offer ZeroFX, as well as cover the risk of currency fluctuation while FX markets are closed, this fee is necessary. While this ultimately saves users money, I do see how it could be construed as a 'hidden' fee, and a small explanation could go a long way to addressing this. Thanks a lot for your feedback, it's great to hear how our users interpret our services and communications! We will be sure to consider this moving forward 🚀

It’s not like if it was bad beside Revolut outside weekend everyone charge for it. Just be transparent.

@sander2#286250 Hey Sander! Thanks for your suggestion! We will redirect it to the responsible department 🙌 In the meantime, you can read more about our Network Fee and where it applies here 🌈

I had the same experience when opening a usd savings account thats promises 3.71% interest. I am a "casual" customer with little experience in banking. I wasnt aware of any network fees and lost money because of this. The 3.71% interest doesnt make up for normal interest, not in the short term anyway. You'll be better of putting your money in a 1 year deposit. Just a heads up for anyone thinking about opening a USD or GBP savings account.

@New-Mauve-Woodchuck-897354373#287008 yes you need to withdraw 0,5% for convert to devise and 0,5% back if you plan to convert again in euro. Bunq is still does not displaying it properly. I don’t get why Bunq does not it’s easy to do, wise and Revolut are displaying it clearly.

Now that we're out of the zero interest rate environment I really hope we can at least include some base-level of 1k or 2k EUR in "real" ZeroFX on mastercard transactions again one day...

They added a banner which states "Network fees apply".
For everyone's information, I filed complaints last year with the Dutch Advertising Code Foundation and the Belgian FPS Economy regarding false advertising. I don't know whether they actually handled my complaints, because they are not willing to provide that information.
Anyway, it took bunq one year to add that banner. Inexcusably negligent.

@sander2#288468 Only on the website, nothing in the app. I still don't know how they think it's ok.
I don't know why more people aren't mad that Bunq say at same time that we have the real exchange rate while they hide their 0,5% fees in it.
And worst is if you ask how much you paid fees for a transaction or in total for a period they say they don't know.

I am reconsidering usage of Bunq because of this because if they are doing this shady thing what else could they do ?
So you call a product Zero fx fees, hide a "network fees" in the exchange rate that only way you are aware is going in terms. And then you need to calculate your self the amount you paid on each payment. But it's not an hidden fee 💀