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What are spreads? How do they affect the cost of sending a payment?

April 26, 2017affect COST payment spreads

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What are spreads? How do they affect the cost of sending a payment?

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The spread is the difference between the bid and ask price of a currency pair. When you send a money transfer, the spread determines the exchange rate that you are quoted. Basically, the lower the spread, the better the exchange rate, and the less you pay in hidden “fees” to your broker. Find out more about FXTrade spreads.