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N26 “markup” fees

  • 20-06-2023 9:00am
    #1
    amecullen
    Registered Users, Registered Users 2 Posts: 42 ✭


    I have both a N26 and Revolut cards.

    I have used both to pay foreign currency transactions.

    I recently paid online (weekday) for a hotel in Norway with my N26 card. For the first time I see a ‘markup’ fee. I was very surprised as N26 specifically market themselves as having no currency fees. I am still waiting for an official reply, (I expect this will take some time). 

    There was no “markup” on a USD transaction in March. So far I have been told it is a variable % that is the difference between the ECB exchange rate and the MasterCard rate. The percentage on my transaction was 1.53178% , which I consider high.

    The only mention of “markup” on the N26 website is 

    “Say goodbye to exchange rate markups  N26 never marks up foregin exchange rates. This means we pass along the real exchange rates provided by Mastercard to you—no hidden fees or confusing small print to ruin your holiday.”

    Where can I find out what the markup on the “real exchange rate” is for MasterCard and Visa? Is there much of a difference between them? My N26 card is MasterCard, but my REVOLUT is Visa. Is it better to use one over the other ?



Comments

  • #2
    Yggr of Asgard
    Registered Users, Registered Users 2 Posts: 5,259 ✭✭✭Yggr of Asgard


    It is my understanding that N26 is required to show you how much difference there is between the rate they use (Mastercard) and the official EZB Rate.

    Take yesterday for example:

    In this case Mastercard charges you 0.0860431 euro per Norwegian krone as per

    Mastercard Currency Converter | Currency Exchange Rate Calculator

    However, the EZB has set the standard rate to 1 euro being 11.7155 Norwegian Krone as per

    Norwegian krone (NOK) (europa.eu)


    This is because N26 is not using the EZB rate for their conversation but a "private" rate, i.e. the Mastercard rate.

    But note, at this point it's an estimate rate because the real rate will only be charged when the actual transaction completes with N26, so they will use the Mastercard rate on the date the transaction is finalized.


    So marketing is correct, there are no fees or markups because they promise you the Mastercard rate, not the EZB rate.



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