When comparing currency exchange services online, the logical thing to do is check rates on various websites by entering your amount and your to/from currencies, to see who offers the best value. However, some companies still choose to simply use the interbank rate for their website currency exchange calculators, which can result in customers believing they can get better rates than those really on offer. With that in mind, we’ve listed some of our competitors’ methods of using the interbank to display rates, while subtly indicating these rates are not available to you. The interbank rate is essentially the rate at which banks exchange currencies with one another. Wikipedia calls it the “top-level foreign exchange market where banks exchange different currencies. The banks can either deal with one another directly, or through electronic brokering platforms.”
At CurrencyFair, we believe rates, fees and charges shown should be real, accurate and available to customers at that moment. Hence, our currency exchange calculator only shows live data, and the exchange rates that our customers are actually getting.