Why do we have different exchange rates
Banks in international comparison: the exchange rates are calculated so differently
Most recently, we showed you in which countries the euro performed particularly well in the past year. Today we're going to show you how hidden costs are added to exchange rates in Europe. Because if you make a transfer in a foreign currency, the bank of your choice will prescribe an exchange rate. The euro is then transferred to the target currency at this rate. What many do not know, however, is that the exchange rate of the banks usually hardly differs from the officially set exchange rates.
Accordingly, part of the amount is lost in the transfer. This difference is hardly noticeable for smaller amounts. With transactions in the higher range, however, the loss in value is clearly noticeable. As a banking specialist, we have therefore found out how much the banks' rates differ from the official exchange rates.
[table id = Rates1 /]
There are also strong differences between nations. In Germany, the average deviation is 1.5 percent. How the other 15 nations fare can be found in the table below.
[table id = Rates2 /]
Of course, the quotas in Germany are particularly interesting. Transactions to Hungary and Russia are particularly expensive in this country.
[table id = Rates3 /]
The deadline for the investigation was July 22, 2018
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