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This is the cash rate. Wire transfers usually run about half this — adjust if needed.
Spreads vary by bank, currency, and cash vs. transfer — use your bank’s posted figures · airport branches often widen the spread · reference rates move throughout the day.
A discount off the spread, not off the rate
The rate board has a midpoint (the reference rate) and two edges — buy and sell — spread apart from it. That gap is the spread, and it is what the bank or kiosk keeps. A "preferential rate" discount shaves down the spread, not the reference rate itself. A 90% discount on a 1.75% spread leaves 0.175% — the actual saving on a purchase is a fraction of what "90% off" sounds like.
The same discount means different things by currency
Spreads vary a lot by currency — often around 1.5–2% for major currencies, sometimes 5% or more for less-traded ones. A 50% discount on a wide-spread currency can cost more than 0% off a tight-spread one. Comparing discount percentages across currencies is misleading; comparing the actual rate you would get is not.
Cash and transfers are priced differently
Physical cash costs the bank more to hold and move, so its spread is usually the widest. Wire transfers typically run at roughly half that spread. Airport counters often widen the spread further, so a "discount" there can still land worse than an undiscounted rate downtown.
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Frequently asked questions
QDoes a bigger discount percentage always mean a better deal?
No — the discount applies to the spread, not the rate, and spreads differ by currency. Compare the effective rate you actually get, not the discount percentage alone.
QWhy is airport exchange often expensive even with a discount?
Airport counters frequently start from a wider spread than city branches, so a discount applied to that wider spread can still cost more than no discount at a better base rate.