Get the Interbank Rate

February 7, 2010 1:48 pm admin Miscellaneous

There are a million foreign exchange agencies out there whose sole purpose is to get as much money out of the customer as possible. This can be a huge frustration not only when the customer walks out with a small amount of money compared to how much they had when they walked in, but also when they find out they could have gone to a commercial foreign exchange specialist and gotten the wholesale rate. These banks have what they call an interbank rate that is only available to a network of banks. This gives them buying power to give their customers the best deal.