Dollar rates at banks

Why every bank quotes a different rate

Each bank sets its rate according to its own currency holdings, its customers' demand, and its appetite for risk. A bank sitting on surplus dollars will sell cheaper, while a bank that needs dollars raises the rate it buys at to attract them. On larger amounts, the gap between the cheapest and dearest bank is real money.

Banks versus exchange houses

A bank usually offers the better rate with clearer fees, but asks for an account, paperwork, and time. An exchange house is faster and more widely available, though its spread is generally wider. On a large amount the better rate easily covers the extra paperwork. On a small one, speed may be worth more.

When bank rates update

Banks update during official working days and hours, and most hold a rate for the whole day unless there is a large move. On Fridays, Saturdays, and public holidays the rates stay as they closed on the last working day. The timestamp above tells you when these particular numbers were last refreshed.