Best Australian Dollar / Nigerian Naira Exchange Rate Today: 969.6387
Our comparison table and live data feed show the top euro rate you're likely to achieve for international payments is 966.7298, and the most competitive travel money / cash rates start at approximately 960.9120.
Live rate: 1 AUD = 969.6387 NGN (+0.0583% )
Inverted: 1 NGN = 0.0010 AUD
Click here for our full travel and holiday rates comparison tool.
Comparison Results:
Provider | Exchange Rate | Fee | You Get | Service | Notes | Action |
Live Market Rate | 969.6387 | 0 | 959.9423 | |||
969.6387 | 0.9% | 960.9120 | Best Multi-Currency Card | The UK's leading payment provider | ||
Best Bank Rate | 942.4888 (upper range) | Variable | 942.4888 | Payments, transfers, holiday money | Determined using data on spread charges supplied by IMTI | |
Worst Bank Rate | 935.7013 (lower range) | Variable | 935.7013 | Payments, transfers, holiday money | Determined using data on spread charges supplied by Money Mover and Accourt | |
Paypal | 926.0050 | 0 | 926.0050 | International Payments and Transfers |
« | » |
January - 2024
Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 610.7180 Close: 610.6010 Mid: 610.6560 | 2 Open: 610.7240 Close: 598.3520 Mid: 606.6020 | 3 Open: 598.3750 Close: 600.3700 Mid: 598.9385 | 4 Open: 600.3110 Close: 612.0060 Mid: 606.7900 | 5 Open: 612.0500 Close: 614.0400 Mid: 612.5395 | 6 | |
7 | 8 Open: 615.5630 Close: 594.7790 Mid: 602.8110 | 9 Open: 596.1570 Close: 611.6270 Mid: 622.4385 | 10 Open: 611.5190 Close: 637.4900 Mid: 624.9450 | 11 Open: 637.5420 Close: 640.8580 Mid: 638.7520 | 12 Open: 640.9030 Close: 640.2600 Mid: 642.0370 | 13 |
14 | 15 Open: 640.0460 Close: 638.1270 Mid: 639.4470 | 16 Open: 637.9550 Close: 589.6780 Mid: 613.3845 | 17 Open: 589.5600 Close: 575.2090 Mid: 588.3050 | 18 Open: 571.8140 Close: 588.7470 Mid: 574.8215 | 19 Open: 588.6140 Close: 587.9440 Mid: 578.2350 | 20 |
21 | 22 Open: 587.2390 Close: 585.2710 Mid: 593.7990 | 23 Open: 585.3870 Close: 602.4000 Mid: 586.3135 | 24 Open: 602.4210 Close: 592.0000 Mid: 598.2485 | 25 Open: 591.9520 Close: 585.1050 Mid: 589.0985 | 26 Open: 585.2160 Close: 591.5010 Mid: 589.5350 | 27 |
28 | 29 Open: 591.3820 Close: 590.7070 Mid: 593.6555 | 30 Open: 590.7190 Close: 628.8510 Mid: 608.8090 | 31 Open: 628.8830 Close: 783.9890 Mid: 687.4635 |
February - 2024
Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 784.3220 Close: 785.1270 Mid: 782.5865 | 2 Open: 785.0000 Close: 911.9560 Mid: 846.4495 | 3 | ||||
4 | 5 Open: 911.8090 Close: 907.5350 Mid: 844.6500 | 6 Open: 907.5740 Close: 918.4520 Mid: 916.7245 | 7 Open: 918.5270 Close: 924.7110 Mid: 922.0695 | 8 Open: 924.7200 Close: 911.4940 Mid: 918.4735 | 9 Open: 911.6060 Close: 913.5610 Mid: 928.6085 | 10 |
11 | 12 Open: 961.0160 Close: 981.8580 Mid: 972.0230 | 13 Open: 981.6950 Close: 978.1190 Mid: 962.6710 | 14 Open: 978.0400 Close: 984.3370 Mid: 975.6850 | 15 Open: 984.3470 Close: 989.8870 Mid: 986.5105 | 16 Open: 989.9850 Close: 975.8810 Mid: 983.7270 | 17 |
18 | 19 Open: 975.4890 Close: 977.5220 Mid: 987.6955 | 20 Open: 977.5260 Close: 1,051.8800 Mid: 1,016.0790 | 21 Open: 1,051.9700 Close: 1,052.7800 Mid: 1,047.4650 | 22 Open: 1,052.6900 Close: 1,053.7500 Mid: 1,053.1650 | 23 Open: 1,053.6100 Close: 1,054.8800 Mid: 1,054.4700 | 24 |
25 | 26 Open: 1,053.0900 Close: 1,010.0500 Mid: 1,032.0300 | 27 Open: 1,010.1600 Close: 1,033.2800 Mid: 1,022.0000 | 28 Open: 1,033.3400 Close: 1,059.1600 Mid: 1,038.1200 | 29 Open: 1,059.1700 Close: 1,050.9800 Mid: 1,044.0100 |
March - 2024
Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 1,051.0900 Close: 1,032.1500 Mid: 1,043.1800 | 2 | |||||
3 | 4 Open: 1,029.6700 Close: 984.5200 Mid: 1,006.2805 | 5 Open: 984.6060 Close: 1,015.2400 Mid: 1,000.0235 | 6 Open: 1,015.0900 Close: 1,044.3700 Mid: 1,030.1100 | 7 Open: 1,044.3300 Close: 1,053.6100 Mid: 1,048.3800 | 8 Open: 1,053.5600 Close: 1,056.1100 Mid: 1,055.0200 | 9 |
10 | 11 Open: 1,055.8400 Close: 1,074.8300 Mid: 1,061.1400 | 12 Open: 1,074.8000 Close: 1,065.5800 Mid: 1,058.1800 | 13 Open: 1,065.5500 Close: 1,064.8000 Mid: 1,055.5400 | 14 Open: 1,064.7900 Close: 1,049.2600 Mid: 868.9405 | 15 Open: 1,049.2700 Close: 1,056.8500 Mid: 1,049.2100 | 16 |
17 | 18 Open: 1,056.7100 Close: 1,026.2100 Mid: 1,041.0000 | 19 Open: 1,026.2300 Close: 964.8740 Mid: 997.6185 | 20 Open: 964.8850 Close: 975.4330 Mid: 975.9150 | 21 Open: 975.4380 Close: 900.3060 Mid: 937.9530 | 22 Open: 900.3420 Close: 954.2780 Mid: 922.1700 | 23 |
24 | 25 Open: 955.3120 Close: 931.8190 Mid: 937.0590 | 26 Open: 931.8290 Close: 912.3470 Mid: 927.8000 | 27 Open: 912.3520 Close: 927.0700 Mid: 918.4760 | 28 Open: 927.0600 Close: 907.9410 Mid: 916.3125 | 29 Open: 907.9410 Close: 926.9990 Mid: 916.6425 | 30 |
31 |
April - 2024
Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 926.1040 Close: 847.9950 Mid: 887.0580 | 2 Open: 847.9770 Close: 844.0850 Mid: 853.1120 | 3 Open: 844.0650 Close: 866.2560 Mid: 843.0525 | 4 Open: 866.2550 Close: 869.3130 Mid: 869.6250 | 5 Open: 869.3100 Close: 820.8710 Mid: 844.9700 | 6 | |
7 | 8 Open: 820.3090 Close: 820.1930 Mid: 836.6975 | 9 Open: 820.1980 Close: 827.7050 Mid: 823.0740 | 10 Open: 827.7190 Close: 807.4630 Mid: 816.5040 | 11 Open: 807.4380 Close: 812.2350 Mid: 810.2705 | 12 Open: 812.2480 Close: 777.1750 Mid: 791.5060 | 13 |
14 | 15 Open: 775.6870 Close: 742.7300 Mid: 760.5310 | 16 Open: 742.7550 Close: 734.6550 Mid: 741.3025 | 17 Open: 734.6790 Close: 740.8410 Mid: 735.5580 | 18 Open: 740.8780 Close: 739.3070 Mid: 741.3045 | 19 Open: 739.2700 Close: 669.9400 Mid: 702.9705 | 20 |
21 | 22 Open: 668.6970 Close: 795.6980 Mid: 732.6275 | 23 Open: 795.6800 Close: 800.2020 Mid: 801.8935 | 24 Open: 800.1820 Close: 814.8450 Mid: 819.7515 | 25 Open: 814.8460 Close: 835.6040 Mid: 825.3010 | 26 Open: 835.6120 Close: 853.4290 Mid: 844.6370 | 27 |
28 | 29 Open: 852.2660 Close: 890.9320 Mid: 873.8650 | 30 Open: 890.9120 Close: 899.7170 Mid: 895.7695 |
May - 2024
Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 899.7210 Close: 909.5790 Mid: 904.8020 | 2 Open: 909.6110 Close: 901.6850 Mid: 903.5750 | 3 Open: 901.6610 Close: 914.0710 Mid: 916.6965 | 4 | |||
5 | 6 Open: 914.9150 Close: 918.2580 Mid: 923.8755 | 7 Open: 918.2840 Close: 916.4970 Mid: 915.3705 | 8 Open: 916.5100 Close: 925.9080 Mid: 920.4485 | 9 Open: 925.8860 Close: 939.6710 Mid: 934.4885 | 10 Open: 939.6700 Close: 940.9020 Mid: 944.0910 | 11 |
12 | 13 Open: 940.8360 Close: 955.0140 Mid: 953.8700 | 14 Open: 955.0500 Close: 995.4850 Mid: 975.4300 | 15 Open: 995.4960 Close: 1,019.1000 Mid: 1,001.2060 | 16 Open: 1,019.0900 Close: 1,017.0500 Mid: 1,022.6250 | 17 Open: 1,016.9900 Close: 983.9530 Mid: 999.2975 | 18 |
19 | 20 Open: 984.1680 Close: 1,021.9400 Mid: 1,003.9695 | 21 Open: 1,021.9300 Close: 946.7930 Mid: 984.3390 | 22 Open: 946.7780 Close: 948.2240 Mid: 951.8495 | 23 Open: 948.2290 Close: 953.8940 Mid: 954.1645 | 24 Open: 953.9080 Close: 973.2840 Mid: 966.1845 | 25 |
26 | 27 Open: 973.5840 Close: 983.1530 Mid: 986.3080 | 28 Open: 983.1430 Close: 925.0840 Mid: 956.2440 | 29 Open: 925.1560 Close: 925.7780 Mid: 942.1825 | 30 Open: 925.8070 Close: 885.3870 Mid: 921.7850 | 31 Open: 885.4210 Close: 888.3600 Mid: 887.1010 |
June - 2024
Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 | ||||||
2 | 3 Open: 988.1860 Close: 994.4850 Mid: 990.0165 | 4 Open: 994.0700 Close: 976.9180 Mid: 986.4635 | 5 Open: 976.9130 Close: 995.6070 Mid: 986.4440 | 6 Open: 995.6070 Close: 997.5500 Mid: 996.3595 | 7 Open: 997.5290 Close: 968.3760 Mid: 983.6130 | 8 |
9 | 10 Open: 969.3980 Close: 992.8030 Mid: 982.7705 | 11 Open: 992.7880 Close: 993.5500 Mid: 985.6975 | 12 Open: 993.6220 Close: 1,002.7900 Mid: 997.4265 | 13 Open: 1,002.7600 Close: 998.8460 Mid: 994.1925 | 14 Open: 998.8510 Close: 989.4080 Mid: 987.5535 | 15 |
16 | 17 Open: 990.1970 Close: 980.7210 Mid: 983.4035 | 18 Open: 980.7200 Close: 992.2260 Mid: 987.6865 | 19 Open: 992.2470 Close: 994.1360 Mid: 1,000.8765 | 20 Open: 994.1350 Close: 991.1340 Mid: 992.1105 | 21 Open: 991.1130 Close: 995.5300 Mid: 991.9785 | 22 |
23 | 24 Open: 987.8780 Close: 1,019.2100 Mid: 1,003.5670 | 25 Open: 1,019.2000 Close: 1,020.7400 Mid: 1,020.5200 | 26 Open: 1,020.7100 Close: 1,023.8200 Mid: 1,017.5500 | 27 Open: 1,023.8200 Close: 1,023.8900 Mid: 1,025.0950 | 28 Open: 1,023.8800 Close: 1,024.0700 Mid: 1,023.6600 | 29 |
30 |
July - 2024
Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 1,025.1300 Close: 1,020.6200 Mid: 1,021.9000 | 2 Open: 1,020.6200 Close: 993.3620 Mid: 997.6415 | 3 Open: 993.3460 Close: 1,008.6800 Mid: 1,002.0255 | 4 Open: 1,009.7000 Close: 1,026.6700 Mid: 1,018.5750 | 5 Open: 1,026.7000 Close: 1,031.0000 Mid: 1,024.1850 | 6 | |
7 | 8 Open: 1,029.4900 Close: 1,035.1500 Mid: 1,038.3400 | 9 Open: 1,035.0400 Close: 1,045.4600 Mid: 1,041.0450 | 10 Open: 1,045.4600 Close: 1,064.8700 Mid: 1,055.0900 | 11 Open: 1,064.8800 Close: 1,062.5000 Mid: 1,060.1750 | 12 Open: 1,062.5200 Close: 1,083.8400 Mid: 1,080.2950 | 13 |
14 | 15 Open: 1,084.0600 Close: 1,095.0200 Mid: 1,089.4450 | 16 Open: 1,095.0200 Close: 1,077.1000 Mid: 1,086.1050 | 17 Open: 1,077.1000 Close: 1,086.6600 Mid: 1,084.5350 | 18 Open: 1,086.6600 Close: 1,091.1600 Mid: 1,097.5000 | 19 Open: 1,091.2000 Close: 1,072.6500 Mid: 1,080.1100 | 20 |
21 | 22 Open: 1,073.7500 Close: 1,067.2600 Mid: 1,083.1650 | 23 Open: 1,067.2800 Close: 1,063.0400 Mid: 1,056.5800 | 24 Open: 1,063.0500 Close: 1,018.2900 Mid: 1,040.5850 | 25 Open: 1,018.3300 Close: 1,035.2400 Mid: 1,025.4900 | 26 Open: 1,035.7300 Close: 1,045.2000 Mid: 1,033.4700 | 27 |
28 | 29 Open: 1,045.7000 Close: 1,060.7500 Mid: 1,054.9700 | 30 Open: 1,060.7700 Close: 1,073.7800 Mid: 1,065.5950 | 31 Open: 1,073.7900 Close: 1,086.5900 Mid: 1,070.7950 |
August - 2024
Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 1,086.5700 Close: 1,079.1500 Mid: 1,083.5150 | 2 Open: 1,079.1700 Close: 1,054.8800 Mid: 1,067.9900 | 3 | ||||
4 | 5 Open: 1,066.6500 Close: 1,036.1500 Mid: 1,041.2050 | 6 Open: 1,036.1600 Close: 1,037.7800 Mid: 1,038.8550 | 7 Open: 1,037.8600 Close: 1,047.6200 Mid: 1,042.8600 | 8 Open: 1,047.6400 Close: 1,054.3100 Mid: 1,042.1950 | 9 Open: 1,054.3200 Close: 1,064.5200 Mid: 1,053.8150 | 10 |
11 | 12 Open: 1,064.6400 Close: 1,048.1100 Mid: 1,047.2550 | 13 Open: 1,047.5600 Close: 1,054.9800 Mid: 1,050.4350 | 14 Open: 1,055.0300 Close: 1,050.9500 Mid: 1,053.3900 | 15 Open: 1,052.2300 Close: 1,050.7700 Mid: 1,050.0800 | 16 Open: 1,050.8100 Close: 1,060.5500 Mid: 1,054.9750 | 17 |
18 | 19 Open: 1,059.8900 Close: 1,075.1300 Mid: 1,066.9100 | 20 Open: 1,074.8600 Close: 1,062.5400 Mid: 1,068.3300 | 21 Open: 1,062.5400 Close: 1,063.3500 Mid: 1,061.9900 | 22 Open: 1,063.4100 Close: 1,056.3800 Mid: 1,059.9550 | 23 Open: 1,056.3900 Close: 1,070.4100 Mid: 1,063.5300 | 24 |
25 | 26 Open: 1,069.5000 Close: 1,076.5800 Mid: 1,071.2400 | 27 Open: 1,076.6200 Close: 1,080.2000 Mid: 1,078.8400 | 28 Open: 1,080.2000 Close: 1,078.5100 Mid: 1,078.4800 | 29 Open: 1,078.4700 Close: 1,082.8300 Mid: 1,081.3900 | 30 Open: 1,082.8100 Close: 1,075.7800 Mid: 1,079.6700 | 31 |
September - 2024
Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 | 2 Open: 1,082.8100 Close: 1,075.7800 Mid: 1,079.6700 | 3 Open: 1,082.8100 Close: 1,075.7800 Mid: 1,079.6700 | 4 Open: 1,082.8100 Close: 1,075.7800 Mid: 1,079.6700 | 5 | 6 | 7 |
8 | 9 Open: 1,070.1500 Close: 1,097.3300 Mid: 1,083.1150 | 10 Open: 1,097.3200 Close: 1,094.5200 Mid: 1,095.9650 | 11 Open: 1,094.5600 Close: 1,104.6300 Mid: 1,100.1700 | 12 Open: 1,104.6400 Close: 1,112.9300 Mid: 1,100.5550 | 13 Open: 1,112.8800 Close: 1,098.3700 Mid: 1,099.0300 | 14 |
15 | 16 Open: 1,112.8800 Close: 1,098.3700 Mid: 1,099.0300 | 17 Open: 1,112.8800 Close: 1,098.3700 Mid: 1,099.0300 | 18 Open: 1,112.8800 Close: 1,098.3700 Mid: 1,099.0300 | 19 | 20 | 21 |
22 | 23 Open: 1,115.9800 Close: 1,120.3800 Mid: 1,110.8150 | 24 Open: 1,120.4300 Close: 1,112.4800 Mid: 1,112.9250 | 25 Open: 1,112.4800 Close: 1,132.0300 Mid: 1,122.9150 | 26 Open: 1,132.0900 Close: 1,140.0400 Mid: 1,136.4000 | 27 Open: 1,140.0500 Close: 1,151.5700 Mid: 1,145.0650 | 28 |
29 | 30 Open: 1,152.0300 Close: 1,154.1200 Mid: 1,155.3900 |
October - 2024
Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 1,154.1300 Close: 1,148.1600 Mid: 1,152.4750 | 2 Open: 1,148.1700 Close: 1,150.4400 Mid: 1,151.0250 | 3 Open: 1,150.4600 Close: 1,125.1600 Mid: 1,138.1500 | 4 Open: 1,125.2000 Close: 1,106.7600 Mid: 1,118.9350 | 5 | ||
6 | 7 Open: 1,111.2300 Close: 1,094.3100 Mid: 1,111.4400 | 8 Open: 1,094.3200 Close: 1,092.8600 Mid: 1,101.1100 | 9 Open: 1,092.8200 Close: 1,088.7700 Mid: 1,086.2050 | 10 Open: 1,088.8900 Close: 1,092.0200 Mid: 1,085.7250 | 11 Open: 1,091.8700 Close: 1,093.7100 Mid: 1,092.1500 | 12 |
13 | 14 Open: 1,105.1300 Close: 1,099.8900 Mid: 1,096.6950 | 15 Open: 1,099.8500 Close: 1,095.8100 Mid: 1,097.2150 | 16 Open: 1,095.8200 Close: 1,089.8300 Mid: 1,092.8050 | 17 Open: 1,089.7600 Close: 1,094.7300 Mid: 1,093.9350 | 18 Open: 1,094.7200 Close: 1,096.1700 Mid: 1,097.6350 | 19 |
20 | 21 Open: 1,096.0700 Close: 1,091.2100 Mid: 1,096.3650 | 22 Open: 1,091.1700 Close: 1,101.2600 Mid: 1,097.6450 | 23 Open: 1,101.3100 Close: 1,090.1400 Mid: 1,094.3250 | 24 Open: 1,090.1200 Close: 1,092.4100 Mid: 1,091.6500 | 25 Open: 1,092.4200 Close: 1,086.2500 Mid: 1,093.2700 | 26 |
27 | 28 Open: 1,089.3700 Close: 1,081.3000 Mid: 1,084.2050 | 29 Open: 1,081.2800 Close: 1,081.0500 Mid: 1,091.2400 | 30 Open: 1,081.0600 Close: 1,082.3600 Mid: 1,080.2450 | 31 Open: 1,082.3600 Close: 1,081.1900 Mid: 1,078.9350 |
November - 2024
Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 1,081.1900 Close: 1,077.4700 Mid: 1,080.4100 | 2 | |||||
3 | 4 Open: 1,088.2200 Close: 1,082.3100 Mid: 1,084.7850 | 5 Open: 1,082.3300 Close: 1,102.8200 Mid: 1,093.8050 | 6 Open: 1,102.8300 Close: 1,099.6900 Mid: 1,094.5950 | 7 Open: 1,099.6600 Close: 1,123.2000 Mid: 1,111.0600 | 8 Open: 1,123.2000 Close: 1,098.1000 Mid: 1,109.2250 | 9 |
10 | 11 Open: 1,098.1400 Close: 1,100.1300 Mid: 1,109.4550 | 12 Open: 1,100.0800 Close: 1,092.9100 Mid: 1,095.7850 | 13 Open: 1,092.9000 Close: 1,088.0100 Mid: 1,091.6200 | 14 Open: 1,088.0000 Close: 1,084.0900 Mid: 1,087.8700 | 15 Open: 1,084.0700 Close: 1,075.5400 Mid: 1,079.9350 | 16 |
17 | 18 Open: 1,076.4300 Close: 1,085.6500 Mid: 1,087.2100 | 19 Open: 1,085.6300 Close: 1,097.0100 Mid: 1,088.8900 | 20 Open: 1,096.9600 Close: 1,094.6100 Mid: 1,092.6800 | 21 Open: 1,094.6500 Close: 1,103.0600 Mid: 1,097.5600 | 22 Open: 1,103.0500 Close: 1,105.6100 Mid: 1,100.5300 | 23 |
24 | 25 Open: 1,109.1900 Close: 1,094.5000 Mid: 1,102.1300 | 26 Open: 1,094.4700 Close: 1,095.6800 Mid: 1,092.2450 | 27 Open: 1,095.6900 Close: 1,097.9400 Mid: 1,095.3100 | 28 Open: 1,097.9100 Close: 1,095.8300 Mid: 1,096.9050 | 29 Open: 1,095.8200 Close: 1,095.9300 Mid: 1,090.5950 | 30 |
December - 2024
Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 | 2 Open: 1,098.3000 Close: 1,085.5500 Mid: 1,086.5200 | 3 Open: 1,085.5300 Close: 1,075.5000 Mid: 1,078.2600 | 4 Open: 1,075.4200 Close: 1,046.8600 Mid: 1,060.2850 | 5 Open: 1,046.8900 Close: 1,036.4900 Mid: 1,038.4000 | 6 Open: 1,036.5100 Close: 1,008.9900 Mid: 1,022.6900 | 7 |
8 | 9 Open: 1,008.9900 Close: 1,014.0300 Mid: 1,013.9500 | 10 Open: 1,013.9900 Close: 1,006.0000 Mid: 1,009.9300 | 11 Open: 1,006.0500 Close: 986.6320 Mid: 994.5975 | 12 Open: 986.6570 Close: 986.3210 Mid: 987.7655 | 13 Open: 986.3410 Close: 985.2470 Mid: 985.5795 | 14 |
15 | 16 Open: 985.4380 Close: 982.6720 Mid: 983.2385 | 17 Open: 982.6180 Close: 984.3700 Mid: 983.8060 | 18 Open: 984.3740 Close: 967.7610 Mid: 977.0795 | 19 Open: 967.7460 Close: 969.0740 Mid: 970.3905 | 20 Open: 969.0600 Close: 969.6390 Mid: 969.7100 | 21 |
22 | 23 | 24 | 25 | 26 | 27 | 28 |
29 | 30 | 31 |
Compare Exchange Rates:
Know What the Best Exchange Rate Looks Like
Benchmark the exchange rate market with Pound Sterling Live's custom currency rate comparison tool with built-in algorithms to find the best rates in the market.
Banks and financial institutions buy and sell currency from each other - these sizeable institutions are 'the market' and the rate they transact at is the 'market rate'. The difference between how much a currency is purchased and sold is the spread, which is essentially the difference between the buy and sell price.
But, when currency is sold by banks to retail customers that spread widens significantly and the profit on the transaction is therefore substantially larger.
Therefore when we focus on the transfer fee when sending money abroad we often miss the biggest cost: the exchange rate spread.
Foreign exchange providers have essentially recognised this and they enter the market to transfer money at tighter spreads, thereby saving potentially significant amounts of money for their clients simply by providing better exchange rates.
For example, the transfer of £100K into euros is expected to attract a rate that delivers between €112,480 and €113,296 with the UK's leading high street banks. But FCA authorised providers will provide a rate that delivers between €115,510 and €115,740 (using rates on 05/07/21).
Taking the time to work with a FCA regulated currency provider could therefore result in the delivery of an extra euros amount of between €2444 and €3030.
Pound Sterling Live only works with foreign exchange payment companies that are FCA Authorised. This is important: FCA regulations and oversight requires the money they transfer on your behalf to be protected through a process known as 'safeguarding'. Safeguarding requires the payments company to keep your money separate from their own money in a top-tier bank. Therefore if the provider comes under stress your money should be protected.
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