Bank Exchange Rates is a currency based website which provides you daily updates on how the currency exchange rates is moving and where to get the best foreign exchange rates. Subscribe to Banking Foreign Exchange Rates by Email to get Daily Interbank Rates.
How Much Do Banks Charge on Exchange Rates?
On an average £150,000 foreign exchange transfer you could be losing over £5000 that's how much banks make when you are exchanging currency with them?
In addition there will be transfer charges and in most cases it will take longer to send your money using a bank especially if you are buying exotic currency which you will get anywhere from 8% to 10% less currency.
More InfoNeed to transfer over £5000 overseas? Open a free personal account and get a better exchange rate.
More InfoFree business account with advice on how to make the most of your currency transfers.
So how do currency exchange firms stack up to the banks?
Minimum 3% better exchange rate (improved depending on amount)
No minimum amount to be transferred
No currency fees when you exchange over 5k
Currency transfer can be done in 24 hours in Europe and 2 to 3 days Worldwide
Today's Interbank Exchange Rates
The interbank exchange rates shown on this website are updated daily after 07.15 AM onwards. All interbank rates shown are purely for indicative purposes.
Currency transfer rates for today are displayed on the right hand side of each page of our website, the currency transfer rates are updated every 15 min. This rate as well as a live rate is an indication only as the rate changes constantly.
Once you are ready just open an account then you can trade currency.
See our new exchanging rates tables which are one click away from opening a new currency trading account.
Banks have a wide range of transfer methods to choose from, including:
Relay where you can transfer up to £2,000 in local currency single or regular payments. Arrival usually takes up to 5 working days subject to local variations. You will need the Recipient's bank name, account number, banking Bic, sort code and swift number. The average transfer cost is £10 per transfer.
Standard money transfer where you can transfer any amount, any currency pairs to any country. Arrival usually takes up to 4 working days subject to local variations. For a standard transfer you will need Recipient's bank name, account number, sort code and the cost is £20 per transfer.
The foreign exchange bank will also make a charge. You can choose to pay only their charges, to pay all the charges or to have the recipient to pay all the charges.
Urgent money transfers where any amount and any currency to any country which will be delivered within 1-2 working days. Alternatively a chaps payment can be paid for and you pay £20 a transfer. (In countries with electronic banking systems) you will need Recipient's bank name, account number, sort code and arrival usually takes up to 4 working days subject to local variations.
Foreign bank draft which is a single payment, but post payment so less secure where you order a few days in advance from your branch. You should allow 5 days to order your draft where you must then deliver your draft to the recipient. Recipient's name, the country you are sending the money to. The currency of the payment (more details on form) which will cost £8 a draft for amounts up to £100 or £18 per draft for over £100.
Standard money transfers where you can send any amount, but must be in currency of the country. With regards to timescales this depends on where you are sending to so it can take from 48 hours up to 7 working days.
All types of currencies are traded on the international currency markets 24 hrs a day.
Billions of pounds as well as other currencies are traded every hour. Currency transfers range from personal use like buying a property abroad to businesses transferring money ranging from hundreds of pounds to millions also servicing the needs of governments.
All types of businesses need to pay for overseas suppliers for example, a French supplier sending goods to the UK and payment is made in euros
Consumers buying currency before taking a trip or holiday overseas.
A business that requires a currency conversion from payments they have received from a customer which wants to be converted into pounds before putting it in their account.
A business transfers any profits made from their overseas office to the base currency
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