What is the difference between spot/interbank rates and tourist/travel rates?
Usually when searching for a foreign exchange rate you are presented with the ‘interbank’ rate this is the official rate for deals equivalent to millions of dollars between banks and large financial institutions. This is also known as the ‘spot’ FX rate. The tourist/travel rate can be significantly different as volumes are much smaller and involve the physical delivery of cash. FairFX provide exceptional rates for both large and small transactions which are usually much closer to the spot rates than those offered by our competitors.
