Currency Exchange
 
Why is the foreign exchange rate different from what I see in the newspaper?

The foreign exchange rates quoted in the newspaper or online news sources are almost always the inter-bank rates that are available only to the largest international banks purchasing currencies in quantities of US$ 1,000,000 or more. A more applicable comparison for consumers is the exchange rates quoted at airports or other consumer currency exchange shops.

The 2.5% spread that MonsterPay charges is competitive with most multi-currency credit card transactions, in which Visa or MasterCard charge a 1% spread above their wholesale exchange rate, and the card-issuing bank typically charges an additional spread of 1-3%.

Related Topics:

  How much does it cost to convert currencies?

  Can I see the exchange rates used?