Interbank rates explained
Exchange rates displayed online may vary from the actual rates that you can get when transferring currency.
Interbank rates are essentially banks’ wholesale rates; the rate that banks use to buy and sell currency between themselves and other banks. Only banks have access to these rates, although they are used as a comparison by us, and lots of other financial institutions to provide customers with a good indication of how different currencies are moving against each other.
It is important to remember that these interbank rates are different to the rates that both individuals and companies receive when buying or selling currency from any provider, including the banks themselves. The rate you will receive is a commercial exchange rate, rather than the wholesale “interbank” rate.
For up to date information on how the markets are moving and how this may affect your currency transfers, Open your free account with Smart Currency Exchange today.
Once you have opened your account, you will be allocated a dedicated trader who will discuss the different products and services available to you and find the best fit for your requirements. They can also keep you updated as the exchange rates go up and down. Even small rate movements can make a big difference to the amount you pay or receive, so it’s even more important to be kept informed on the implications of rate movements on any large transfers you are planning, such as a property purchase or deposit.
For more information or if you have any questions, please get in touch with our team on: 020 7898 0541 or email firstname.lastname@example.org.