The Interbank Euro rate offers Bank customers the chance to convert their British pounds into Euros based on the exchange rates and the charges of the Bank. Typically the banks are handling the currency exchanges through each other and the transfers end up incurring charges and the result for the customer is transfer fees, commission and a large margin on the final rate.

The banks are unfortunate enough to have to maintain this lengthy and expensive process to they end up adding the charges together. The Euro rate today is 1.53 to the Pound. An example bank would be Nationwide who are offering 1.094 which equates to €105.59 to a £100 through their charge system. It should be nearer €115 for £100 but the charges really take the value out of the transfer.

HSBC are similarly inadequate in the interbank market as they only bring a rate of 1.075 to the table giving you €107.50 for £100. Much of this process relies on the customer turning up to the branch in order to purchase the currency. This high cost system really doesn’t maximise your value for money so you will really need to look around for a good rate.

The best alternative to this flawed system is the online Euro rate transfer services. They do not rely on the interbank rate system and they run much cheaper transfers that don’t pick up as many charges. These online exchange sites provide a much better service that is much more cost effective, giving their customers a much more valuable return on their currency purchases. They do not charge transfer fees and have a 0% commission on all the rates. Their competitive nature will also ensure you are getting the best deal on the market.

The low cost, flexible online services are a fast and easy way to purchase foreign cash at an excellent rate. On the Global Exchange Market, the online companies offer a viable and more productive alternative to the banks exchange rates. The simplest methods are the best and using the online services really is simple.