January 26, 2012
Unlike banks; broker’s base their rate on the live interbank data
The currency market is continually changing; it is crucial to stay as up to date on these changes as possible, which can be hard. A solution to this may be to employ the services of a Currency Exchange (Internationaler Geldtransfer) Broker. Although some feel tentative about moving away from more conventional currency exchange providers such as banks, using a broker has significant advantages; for instance most brokers offer typically higher exchange rates than banks. They are able to do this as unlike banks they do not set one exchange rate for the day; instead they base the rate they offer on the live interbank data at the time of your call; making their offered rate far more competitive.
