How to get the best exchange rate
Ensuring you get the best possible exchange rate at the time of the transaction is imperative to cost-effective foreign exchange. When you request a foreign exchange quote a broker or bank will usually quote a price based on a percentage from the mid-market. This is generally known as the spread, margin, markup, basis points, pips or clean/dirty price.
Whatever terminology is used, the principle is the same, the cost to you is the difference in price between where your bank or broker buys or sells money and the price at which you as a client send or receive it.
When you convert funds with a foreign exchange b...