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 5 popular high street banks in the UK (HSBC, Barclays, Lloyds, Natwest, and RBS) between 13 November 2023 and 16 November 2023, using their 'standard-equivalent' account offering (the one most comparable to our Standard account). 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 GBP to 5 other currencies.

Research methodology

The data for the research was collected between 13 November 2023 and 16 November 2023, 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 GBP to EUR, USD, AUD, RON, and PLN 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. So what is the mid-market rate? Well, in an ideal world, you'd exchange money at the mid-market rate, which is the midpoint between the buy and sell prices of any two currencies. Hypothetically, 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 someone gets in exchange. We then compared the average of the other providers’ “cost to exchange” 1,000 GBP to EUR, USD, AUD, RON, and PLN 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 23x cheaper when exchanging 1,000 GBP to EUR, USD, AUD, RON, and PLN on weekdays (we've only quoted ‘up to 10x cheaper’ in our marketing so that we can be confident that this remains true, even when rates fluctuate.)

GBP EUR
GBP EUR
GBP USD
GBP USD
GBP AUD
GBP AUD
GBP RON
GBP RON
GBP PLN
GBP PLN
Cost to exchange, on weekdays, in GBP

HSBC

45.56
49.01
65.77
96
63.52

Barclays

46.41
49.44
57.53
83.93

Lloyds

29.7
33.08
27.97

Natwest

23.73
26.94
21.96
21.03

RBS

23.73
26.94
21.96
21.03

Revolut

1.88
1.47
1.83
2.41
3.15

Times cheaper

18
25
22
39
13

Any blank entries in the above table represent where data was not available.