Sometimes when you look for currency, you’ll see the interbank exchange rate displayed. This is the rate that banks and other financial institutions buy and trade currency at between themselves. When you get a quote from a currency provider, you’ll be offered an exchange rate, but it won’t be the interbank level.
The difference between the price we pay for the currency, and the price we sell it for, is known as the spread or margin. We’re confident in the value we provide our customers, and even have a Best Exchange Rate Guarantee to help you get closer to the interbank rate.
Here are the details:
If another foreign exchange provider is quoting you a rate, then call us on +44 (0)20 7989 0000 and we guarantee to beat the quote using our Best Exchange Rate Guarantee*. This applies only to personal transfers, and not corporate transactions.
You have got nothing to lose by reaching out to us; even the call is free and there is no obligation to trade. Get in touch with our team today to find out more.
*All quotes from other providers must be verifiable, bonifide, detail all amounts involved together with any associated fees relating to the transaction that may impact the ‘effective exchange rate’ i.e. the net sum, in real terms, that you receive. You must have an active trading facility with the provider who has quoted and they must have provided you with the quote in writing (email is fine) for you to pass onto us. We must also receive your other provider’s quote within four hours of you receiving it or before our close of business for that day, whichever is earlier. Due to the fact we buy and sell in a live market we cannot alter any rates or transactions after they have been agreed with us. The Global Reach Best Exchange Rate Guarantee does not apply to an ‘off-market quote’ i.e. a rate equal to or better than the interbank rate at the time of quoting. For the avoidance of doubt, we reserve the right at all times not to match or better the quotation you have received in the event of a significant market move or in the event that we are unable to obtain such a price from our counterparties and/or the market.