Banks and MTOs (Money Transfer Operator) quote rates off the interbank exchange rate. These are rates at which banks are willing to buy or sell large volumes of currency. The rates provided by www.xe.com are a good indication of the current interbank exchange rates.
Why is the rate I am quoted different from the interbank exchange rate?
A bank or MTO will quote you with a specific margin off the interbank rate. This is how they make their money. The margin will vary between 1-15% (or more) off the interbank exchange rate, depending on the amount being transferred. Some banks and MTO's may also charge transfer fees and commissions to send your money.
Exchange4free charge no fees or commissions and make money purely off the exchange rate margin. Our pricing allows it to achieve a satisfactory margin on all transactions while at the same time ensuring that our clients receive value while using our services.