why is it less money when you change foreign money in the bank?

Question

I wanted to change some swiss francs to british pounds. I checked on internet first, and then went to the bank, and I got about 40 pound less than I thought. Can anyone tell me why this is? Thanks

Answer 1

Two things you must understand that the bank will always do.
First, the number of people banks hire are staggering therefore their services always cost you - the customer - money.
Secondly, banks always do business, whether it involves huge deals or small deals such as foreign money exchange. They will always earn and pay themselves first.

Answer 2

The real answer is that each British pound that you get has more value than all your Swiss francs- say, if you had 10 swiss francs, they would buy you a sandwich with chips and a soda. But when you exchanged them, you only got back 8 British pounds. While, if you went to Britain and bought the same sanwich, chips, and soda it would be only 8 pounds because the British money buys more for less actual cash. Get it? It's not the amount of money, it's the VALUE. The pounds are the equal value of the swiss francs (it can also be vis-versa). As for checking on the internet, you don't want to do that really. Anyone can post anything on the internet, and it's not always reliable. Just check with your bank instead. It may also be partially because of the exchange rate, you DO have to pay a small fee for the money you exchange.

Answer 3

Because the banks are in business to make a profit. They do not give you the actual rates - rather one that is in their favour. In addition, some banks also charge fees for currency exchanges. Whenever I travel, I use the ATM machine to get cash in whatever country I'm visiting; - only then do I get the actual rate for that day and without fees.

Answer 4

The banks trade in real time rates, Plus they expect to make a profit on every exchange

Answer 5

the exchange rate changes, so it may have changed. there is also a fee to do the exchange, perhaps the bank charges more than the online service.

Answer 6

Because the bank will screw you every time with the exchange rate and my also charge you a commission for changing it, because they are gits.

Answer 7

Bankers exchange rates are different.what you see on Internet will be international rates for countries to deal.

Answer 8

banks are thieves