Comparing exchange rates offered by both banks and FX providers can help you identify the most cost-effective and suitable option for your international transaction needs.
Comparing exchange rates offered by both banks and foreign exchange (FX) providers can be beneficial for several reasons:
Cost savings: Different banks and FX providers may offer different exchange rates, so by comparing rates from both, you can broaden your options and potentially find a more favorable rate.
Specialized services: FX providers may offer specialized services that banks do not, such as better rates for large transactions, more competitive rates for certain currency pairs and risk management. By comparing rates from both types of providers, you can identify the provider that offers the most suitable services for your needs.
Speed: FX providers may offer faster transaction processing times than banks, which can be advantageous if you need to send or receive funds quickly.
Comparing exchange rates from both banks and FX providers can help you make more informed decisions when it comes to international transactions and potentially save you money and reduce risk in the process. Here is a full list of the Banks that we cover on BestExchangeRates, click the links to compare each bank's exchange rates to check how much you can potentially save.
The primary role of central banks is to keep inflation low by setting the interest rate at which commercial banks can borrow. This activity impacts both the inflation and also the relative value (exchange rate) of the domestic currency. The exchange rates published by central banks are interbank mid-rates, we use these mid-rates to calculate the rate mark-ups charged by regular banks and FX providers.