Revolut vs AIB, EUR to GBP FX rates

ATC110 · 23-05-2025 03:30PM #1

I purchased £1000 GBP today via Revolut, at cost of €1193.19 EUR.

I then mistakenly added £1000 GBP from my AIB EUR account (rather than €1000 EUR) and it cost €1190.85 EUR.

I checked with AIB that no additional fees will be levied.

Has anyone else experienced a preferential FX rate from a high street bank versus Revolut?

coylemj · 23-05-2025 04:49PM

I then mistakenly added £1000 GBP from my AIB EUR account (rather than €1000 EUR) and it cost €1190.85 EUR.

Can you explain exactly what you did there? It sounds like you asked AIB to transfer GBP 1,000 to your Revolut account from an AIB account denominated in Euros. I'm not aware that that was possible with AIB.

If I ask the AIB app on my phone to transfer money to my Revolut account, the currency field (beside where you type the amount) shows an EU flag and 'EUR' and I cannot change that field to another currency.

That rate you got from AIB is pretty close to interbank. The XE app is quoting me EUR 1,190.37 right now. Which doesn't sound right.

ATC110 · 24-05-2025 03:57PM

https://www.boards.ie/discussion/comment/123478385#Comment_123478385

I added the funds via the Revolut app, effectively "pulling" the transfer from AIB. I have always selected EUR as the denomination but this time it was GBP.

I am assuming the FX conversion would be carried out by AIB, however, perhaps this is done by Revolut?

coylemj · 25-05-2025 03:24PM

I can see that, in the Revolut 'Add money' screen, you can select a currency other than Euros. Which begs the question: 'who does the conversion'?

The Revolut help screens on their website suggest that the conversion is done by the bank i.e. in your case, AIB converted the money to sterling and transmitted it to your Revolut account.

The line I have emboldeded below suggest that the money has already been converted by the time it arrives to your Revolut account. That line is advising you that you're better off sending the money as Euros and using Revolut to do the conversion.

Add money with a card

Go to 'Home' on the bottom menu
Tap 'Add money'
Enter the amount
Under the amount, choose your payment method
Set the currency to your card's local currency to avoid exchange fees
Select a saved card. If you want to add another card, tap 'Add card securely'
Follow the prompts and tap 'Add money securely'

How to add money with a card

coylemj · 25-05-2025 03:37PM

The GBP 1,000 you transferred from AIB cost you EUR 1,190.85 That's a rate of 0.83974.

The official ECB rate for GBP at 3 p.m. Irish time last Friday was 0.83820 Converting GBP 1,000 at that rate yields EUR 1,193.03 Which means you did better than the ECB rate. There was some turbulence on the FX markets last Friday after Trump announced a 50% tariff on EU goods landing in the US. So you probably got a better rate in the morning than would have applied in the afternoon.

But you still got a very good rate which means that, contrary to what they told you, you will probably see an FX charge as a separate line item in your AIB statement next week. Once a bank does an FX transaction at interbank, it's almost certain that they will bill you a separate charge for the transaction.

Mellor · 26-05-2025 12:37AM

https://www.boards.ie/discussion/comment/123480905#Comment_123480905

Did you pull from your bacnk account, or add with a card. Two very differerent things.

I was to pay for something overseas currency, I could choose to process it in overseas currency (bank does the FX via mastercard) or my local currency (vendor does the FX). I always opt for the later as Mastercard rates are much lower than the back.

coylemj · 26-05-2025 11:53AM

I was to pay for something overseas currency, I could choose to process it in overseas currency (my bank does the FX)

This is always the best option.

or my local currency (Mastercard do the FX).

If you pay in Euros, the vendor will do the conversion. Because you will be quoted a Euro price when checking out. And it will be a bad rate. Never accept a price in Euros if you can pay in the vendor's local (non-Euro) currency.

ATC110 · 26-05-2025 02:05PM

https://www.boards.ie/discussion/comment/123485763#Comment_123485763

Pulled from my bank account using Apple Pay

Mellor · 26-05-2025 04:00PM

https://www.boards.ie/discussion/comment/123486495#Comment_123486495

This is always the best option.

I agree. When paying my wedding deposit. The hotel ran the card in my local currency. I rang them up the next day and asked them to cancel and run it in euro (which overseas for me). The difference in what I was charged on my end was significant.

If you pay in Euros, the vendor will do the conversion. Because you will be quoted a Euro price when checking out. And it will be a bad rate. Never accept a price in Euros if you can pay in the vendor's local (non-Euro) currency.

Yup.

I made a slight correct to my post too. When bank does the FX, mastercard or whoever process actually do it. And you can check those FX rates with mastercard. If you are offered a rate in store, it's the vendors POS system that does it. And the rates are never good. Same a 3rd commercial ATMs in convienience stores and the like.

Revolut vs AIB, EUR to GBP FX rates

Comments

Add money with a card