Last week I posted a vlog to see if I could put Siri to the test and find a better exchange rate for euros than on our site.
Compare Holiday Money is designed to find you the best exchange rates and does this by comparing the UK’s top currency suppliers. I wanted to find out if Siri could do any better.
What I found was that Siri linked to results provided on Yahoo Finance, which showed an ‘interbank’ rate. This explained the disparity between our site and Siri’s results.
But, what is an ‘interbank’ rate? And how is it different to travel money rates?
An ‘interbank’ rate is the rate that banks trade at, and these rates are not available to a normal customer.
Whereas travel money rates are lower because the currency providers themselves have to add on their their own fees and profit margin. These are the rates available to customers.
Generally, if you search the internet for exchange rates, financial websites come up such as Yahoo Finance, which only show you the ‘interbank’ rates.
Many of us search for exchange rates and quickly assume that the highest are the best or the ones to beat, but in actual fact these are most likely ‘interbank’ rates.
If you are looking for your holiday money through simply searching, for example “euro exchange rate” online, you are like to find an unobtainable ‘interbank’ rate, unless you visit our site!
You can find out more about our exchange rates through clicking on this link, where you can find accessible and reliable rates.
If you missed last week’s post, and would like to watch my vlog, you can find it by clicking here.