Revolut Launches 'Auto-Exchange' Foreign Exchange Service

Challenger bank Revolut announced the launch of its new Auto-Exchange feature this Tuesday.

Playing on one of the bank's core strengths, its foreign exchange solutions, Auto-Exchange allows users to immediately exchange funds - fiat or crypto - at a preset price.

For example, if I am going to America on holiday and want to exchange £100 for US dollars, there may be a specific exchange rate that I want to get.

In order to get that exchange rate, I go to the Auto-Exchange feature in the Revolut mobile application. I then set the exchange rate I want and, if and when the market hits that rate, the Revolut application will automatically convert my £100 into US dollars.

If I have some dollars left when I am returning from my holiday, I can then convert the funds back into pound sterling by switching the equation around.

Having returned from said holiday, I may be terrified of Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term and think the pound is going to collapse. If that is the case, I could then use the Auto-Exchange system to convert my pounds, as sterling goes into free-fall, to dollars or euros so that my money doesn't lose all of its value.

Back to basics

Foreign exchange is Revolut's bread and butter - as it is for most other challenger banks.

Like Monzo and Starling Bank, Revolut started out by providing cards that could be used abroad without paying exorbitant fees and high spreads.

In a statement released on Tuesday, Revolut did say that it may not always be able to fill orders that have been set using the Auto-Exchange system.

"If the rate moves more than 0.75% on either side of your target value for fiat currencies, or more than 5% on either side of your target value for Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, we won’t carry out your auto-exchange," said the firm. "Once your target value hits again, we’ll re-attempt the auto-exchange."