JM

Can I just add some clarification here?  The "InterBank rate" - the rates you see on Teletext, in the Financial Times etc is the rate at which banks buy currency from one another.  It is not available to private business and individuals.  The banks make their money on the currency markets by offering you a rate at around 4% below the interbank rate.  And then they charge you an admin fee for sending the money onward! So where do the foreign currency exchange firms come in?  Well, they are essentially money wholesalers, buying and selling billions daily, and can therefore negotiate an exchange rate much closer to the interbank rate than you or I could with our relatively small amounts.  Of course they take a small margin - it is how they make their living after all! - but a tiny amount from each trade means an income for them, and a much better rate for the client compared with the traditional High Street bank rate.  Most FX companies can now open an account immediately on-line to enable you to trade (although they do of course have to safeguard against money-laundering), and you will also get specialist advice on the markets; something which your average bank would not be able to do, as providing FX services is not their core business.  ...This is my first visit back to this forum since about 2005, but it's like I've never been away!