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Why are the exchange rates I’m quoted not the same as the ones printed in the newspaper?

April 26, 2017exchange I’m newspaper printed quoted rates

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Why are the exchange rates I’m quoted not the same as the ones printed in the newspaper?

1 Answer

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The quotation found in the large daily newspapers are the rates used by the correspondent banks for transactions involving millions of dollars. Except in a very general sense, the bear no direct relationship to a transaction that involves, for example, 20, 200, or even 2000 English pounds.