We strongly recommend that you always choose to pay and withdraw in the local currency when abroad as some merchants and ATM machines will charge you in your base currency and then apply their own foreign exchange fees on top, making it so that the funds get technically exchanged twice. First, in Revolut in your base currency and then, on the ATM level to that country's local currency. ATM providers are trying to make a profit on each transaction. When they recognise that you are using a card from a foreign country, they use this opportunity to apply their own exchange rate.
We use the real exchange rate for money currency exchanges, and don't add any markups to it. The “real” rate can mean different things to different people (and can be given different names, like the “interbank” rate). Here at Revolut, the real exchange rate means the buy and sell rates we have determined based on the foreign exchange market data feeds we consume from a range of different independent sources.
When exchanging currencies with Revolut, fees might apply. If any fees were charged on your card payment or cash withdrawal, you can see it by tapping on the specific transaction in your transactions list. Please check your allowance and plan details on your billing page.