A POPULAR bank with 10million UK customers is making a change to fees ahead of summer and it’s good news for holidaymakers.
Revolut has unveiled a new pricing structure meaning those on certain plans will pay less to exchange money into different currencies on weekends.
Revolut has unveiled a new pricing structure for customers exchanging currency on weekends[/caption]
The online-only bank offers five plans that come with different perks and advantages, costing up to £45 a month.
Currently, customers on all five plans are charged an additional fee of 1% on weekend days if they want to exchange their cash into a different currency.
However, from April 22, those on paid plans will pay a smaller percentage or no extra fees at all.
Those on standard plans will continue paying 1% of the amount of cash they’re exchanging while Plus customers will pay 0.5%.
Meanwhile, Premium, Metal and Ultra customers will have to pay no additional weekend fees.
The new pricing structure applies to any exchanges made on the Revolut app between 5pm Eastern Time (ET) Friday and 6pm ET on Sunday.
Customers are traditionally charged additional fees to exchange money on weekends because markets are closed.
Customers on Revolut’s Standard and Plus plans will continue to be charged additional fees Monday to Friday if they breach their monthly exchange limits, which are £1,000 and £3,000, respectively.
All three other plans come with no such limits on week days.
A spokesperson for Revolut said: “The removal of weekend currency exchange fees for our Premium, Metal and Ultra customers – and reduction for Plus customers – is the latest in a long string of benefits for those who love to travel.”
If you’re a Revolut customer and not happy with the upcoming changes you can opt out by closing your account before April 22.
You can do this by clicking on the profile icon in the app, then tapping “account” and “close account”.
Revolut customers can exchange their hard-earned money into 36 currencies via the app, which is free to download off the Apple App Store or Google Play.
Some of these include US Dollars, Euros, Indian Rupees and Swiss Francs.
To exchange any money, you go to “home”, tap “more” then choose “exchange” and choose your currency.
You can choose whether you want to buy or sell, then pick the desired amount and hit “review order”.
This will then show any fees that will be applied to your exchange.
OTHER BANK CHANGES
Chase this week dropped the rate on its standard Saver account, which is tied to the Bank of England base rate.
Customers were getting 3.25% interest but the rate has now been reduced to 3% after the BoE slashed rates from 4.75% to 4.5%.
A slew of other banks have been cutting savings rates following the BoE’s decision earlier this month.
HSBC and NatWest and NS&I are also lowering rates for accounts holders.
The Sun analysed banking data to uncover that returns on more than 180 accounts are scheduled to be slashed in March and April.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “It’s so disheartening to see savings rates chopped in the last few days, but it just proves why savers are at the mercy of base rate cuts.
“Not even challenger banks have been able to escape making cuts as the market sentiment for lower interest rates has taken charge.”
Savers facing interest rate cuts can shop around for a better deal to maximise their nest eggs.
You can do this by checking out comparison websites like MoneySavingExpert.com, MoneySupermarket or Moneyfactscompare.co.uk.
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