difference between interbank exchange rate and tourist exchange rate - HotUKDeals
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difference between interbank exchange rate and tourist exchange rate

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whats the difference between interbank exchange rate and tourist exchange rate. and why is there a difference between the two. Thanks in advance for answering this Read More
bullet9t9 Avatar
2y, 7m agoPosted 2 years, 7 months ago
whats the difference between interbank exchange rate and tourist exchange rate.

and why is there a difference between the two.

Thanks in advance for answering this
bullet9t9 Avatar
2y, 7m agoPosted 2 years, 7 months ago
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In a nutshell the interbank exchange rate is used for huge quantities of currency - as used by the banks eg when converting your debit or credit card spend into your home currency -The Tourist rate is what you get when you change your £500 for holiday spending money (along with thousands of other transactions ) . The Tourist rate is therefore always worse by 2-3 % .


Edited By: rogparki on Dec 16, 2014 20:35

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#1
Tourist exchange rate will have an extra margin. Interbank will be cheapest.
#2
In a nutshell the interbank exchange rate is used for huge quantities of currency - as used by the banks eg when converting your debit or credit card spend into your home currency -The Tourist rate is what you get when you change your £500 for holiday spending money (along with thousands of other transactions ) . The Tourist rate is therefore always worse by 2-3 % .


Edited By: rogparki on Dec 16, 2014 20:35
#3
As above. If you have a card which doesn't charge a fee for overseas transactions this will be cheaper than converting cash. If you're looking for one I'd start with Nationwide or Capital One although I haven't checked for several years.
#4
devette777
As above. If you have a card which doesn't charge a fee for overseas transactions this will be cheaper than converting cash. If you're looking for one I'd start with Nationwide or Capital One although I haven't checked for several years.



Halifax Clarity Credit Card is the best option, it gives full Mastercard rate without any commission charges, it does charge interest from date of transaction, until paid off.

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