Why Do Exchange Rates Not Match What's In The News?

14 February 2017, 16:20

House money box

Why is there a difference between the reported exchange rate in the news and the exchange rate you get at the back when you go to change money?

Mystery Hour Question

Why is there a difference between the reported exchange rate in the news and the exchange rate you get at the back when you go to change money?

Dave, Sussex

Answer

Name: James O’Brien

Qualification: Know it all

Answer: The banks have to make a profit on the exchange. It’s like the cash points that charge you 1.50 to take the money out. The reason there is a disparity between the official exchange rate and the one that you get when you go into change money is because the person who is changing money gets to keep a bit.

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