Can Anyone tell me if there is more than one exchange rate between £ Sterling and Euro's ??
A UK firm based in the UK has a site in France. The French site bill's me in Euro's through the head office in the UK. The head office bills me in £'s. When I use the rate on XE.com I get the bill to £ 314 less so is there another rate ?? or am I being cheated.
Answers:
currency is supply and demand and people charge what they can get away with. There is no 'official rate' for pounds/euros.since that implies gov't caps or floors. There is a live quote btween the largest banks.but that is supply/demand/expection..NOT govt intervention (as opposed to China for example).
Why do rates differ? Well, some groups charge more because they can. Usually the kiosks at airports and train stations in W Europe are more expensive than the places in town.simply because people show up and need the currency.and don't even have enough to take a taxi into town..so they pay whatever they need to.
Hi Sailor
Bank/Trade exchange fix the rate (Fluctuates all teh time) So essentially there is only one rate however ! Depending who deals with your transaction . They may charge you more in commission than others!
I get that everytime i go home to Scotland (Live in the south of Ireland now) so it really depends where you get your money changed as some places have much higher rates and you lose out. I think it's scandalous personally!
Money markets are traded on many exchanges, however they emulate one another. It's kind of like the price of gas, when one station is up, they're all up.
Unfortunately there are dozens of rates.
There is the one official rate, but then any operation (bank/bureau de change/credit card/etc) can set up their own buy and sell rates around that rate.
e.g. If the rate for a currency is 5.0 to the pound they could say that they will sell that currency at 4.8 and buy at 5.2
They can set their margin at whatever they want. Normally they will choose a standard of, say, 5% on either side.
And then of course, on top of that they can charge you commission.
When you import something (or buy the goods) with another countries and it will be beneficial for you when the exchange rate is lower than normal exchange rate (say 1:1.44 become 1:1.38). Otherwise, there is a little loss between you and seller.
If you are exporter or seller, the situation will be different and it is beneficial for the seller if they sell their product or service when the exchange rate is higher (say 1:1.44 become 1:1.56).
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Answers:
currency is supply and demand and people charge what they can get away with. There is no 'official rate' for pounds/euros.since that implies gov't caps or floors. There is a live quote btween the largest banks.but that is supply/demand/expection..NOT govt intervention (as opposed to China for example).
Why do rates differ? Well, some groups charge more because they can. Usually the kiosks at airports and train stations in W Europe are more expensive than the places in town.simply because people show up and need the currency.and don't even have enough to take a taxi into town..so they pay whatever they need to.
Hi Sailor
Bank/Trade exchange fix the rate (Fluctuates all teh time) So essentially there is only one rate however ! Depending who deals with your transaction . They may charge you more in commission than others!
I get that everytime i go home to Scotland (Live in the south of Ireland now) so it really depends where you get your money changed as some places have much higher rates and you lose out. I think it's scandalous personally!
Money markets are traded on many exchanges, however they emulate one another. It's kind of like the price of gas, when one station is up, they're all up.
Unfortunately there are dozens of rates.
There is the one official rate, but then any operation (bank/bureau de change/credit card/etc) can set up their own buy and sell rates around that rate.
e.g. If the rate for a currency is 5.0 to the pound they could say that they will sell that currency at 4.8 and buy at 5.2
They can set their margin at whatever they want. Normally they will choose a standard of, say, 5% on either side.
And then of course, on top of that they can charge you commission.
When you import something (or buy the goods) with another countries and it will be beneficial for you when the exchange rate is lower than normal exchange rate (say 1:1.44 become 1:1.38). Otherwise, there is a little loss between you and seller.
If you are exporter or seller, the situation will be different and it is beneficial for the seller if they sell their product or service when the exchange rate is higher (say 1:1.44 become 1:1.56).
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