Question: Exchange rates explained. Why Google Currency Rates and the actual amount you receive differ?
Answer: Exchange rates on XE, yahoo finance or other currency exchange sites will show the interbank or mid-market exchange rate. This is effectively where the banks trade between themselves, and unfortunately retail clients can’t access these rates. A currency broker’s role is to get as close to that exchange rate as they can, and beat the exchange rate offered by the high street bank by up to 5%.