Doesn't everyone use this rate?
Here are the traps to look out for when converting your money:
- Misleading pricing — You'll see an offer for a '0% fee', 'zero commission' or 'our best rates'*.
- A set 'day rate' — Most providers take the mid-market rate, and apply a margin on top, without being transparent. So you have no idea how much they're over charging you by.
- An unfair deal on your currency — By hiding the real charge in the exchange rate offered, most providers make huge profits at your expense, and you're none the wiser.
And also loads of small print.