Currency exchange comparison

Our currency exchanges are up to 10x cheaper than those offered by popular high street banks

Our team looked at the cost of exchanging currencies with 3 popular high street banks in Spain (BBVA, CaixaBank, and Bankinter) between June 3, 2024 and June 5, 2024. We found that using Revolut to exchange money is on average up to 10 times cheaper (and in reality, sometimes even more) when exchanging 1,000 EUR to 5 other currencies.

Research methodology

The data for the research was collected between June 3, 2024 and June 5, 2024, using various data sources including: the currency exchange rates available publicly on the websites of the banks listed, currency exchange calculators (also provided via those banks' websites), and where neither of these were available, customer accounts which we used to simulate a currency exchange. We calculated the “cost to exchange” 1,000 EUR to GBP, USD, CHF, JPY, and RON using each of the other providers. The “cost to exchange” includes any taxes, fees or commissions applied by the provider, in addition to what we'll call their “currency exchange markup”. The “currency exchange markup” is the amount added to the mid-market rate by each provider when completing an exchange. Ideally, a buyer would exchange money at the mid-market rate, which is the midpoint between the buy and sell prices of any two currencies. This is the best scenario because providers usually have different buy and sell prices, and the further they are from the mid-market rate, the less money the buyer gets from the exchange. We then compared the average of the other providers’ “cost to exchange” 1,000 EUR to GBP, USD, CHF, JPY, and RON with our own. We should note that the data was collected on weekdays. During this period, no additional fees apply to our exchanges as long as customers are within their plan’s fair usage limit. On weekends a 1% fee applies, regardless of a customer’s plan.

Research results

On average Revolut was 33x cheaper when exchanging 1,000 EUR to GBP, USD, CHF, JPY, and RON on weekdays. By quoting 'up to 10x cheaper', we can be confident that this remains true, even when rates fluctuate.

EUR GBP
EUR GBP
EUR USD
EUR USD
EUR CHF
EUR CHF
EUR JPY
EUR JPY
EUR RON
EUR RON
Cost to exchange, on weekdays, in GBP

BBVA

44.67
48.3
39.97
84.02
99.72

CaixaBank

38.75
39.75
37.28
92.63
131.75

Bankinter

64.4
65.34
62.95
102.87
119.32

Revolut

1.39
3.32
1.28
2.2
2.98

Times cheaper

35
15
36
42
39