Buy and sell rates: why a bank’s rate differs from the official one

A guide to why the rate you are offered at a bank counter or a bureau de change rarely matches the official rate published for the day, and how to judge whether the deal in front of you is fair.

The official rate and the counter rate are different things

The official rate is a reference figure published by the central banks on working days. It reflects the wholesale market, where large amounts of currency change hands between institutions. It is a benchmark, not a price you can walk in and take. When a bank or a bureau sells you foreign currency, it is running a business: it holds stock, carries the risk that the rate moves before it can square its position, pays for staff and premises, and covers the cost of settling the transaction. All of that is built into the rate it quotes you.

Why the buy rate sits below and the sell rate sits above

The spread pays for the risk it takes on and the costs it carries. On top of the spread, a commission or a flat fee may be added, and that fee can change the picture considerably, especially on smaller amounts.

How to compare an offer with the official rate

Ask the counter for the rate they are applying and for the total amount you will pay or receive, written down. Then convert the same amount using the official rate published on this site and compare the result with the figure you were quoted. The difference is what the deal is costing you. Do this before you hand over any money, and do it for each institution you are considering, because the headline rate is only part of the story once fees are added.

The rate used here is the official rate of the day, 06.11.2026, published once on working days. It is a reference point for comparison, not a quote you can transact at.

What a better or worse deal looks like

A better deal keeps the gap between the counter rate and the official rate small and states its fees plainly.On a large sum the spread matters most; on a small sum a flat fee can outweigh everything else.

Practical points before you exchange

• Ask for the rate and the total in writing, including any commission.
• Convert the same amount with the official rate on this site and note the difference.
• Compare the total you would receive or pay, not the headline rate.
• Remember that the official rate is published once on working days, so a counter rate quoted outside those days may reflect a different market.
• Keep the receipt so you can check the figures afterwards.

The official rate tells you what the currency is worth in the wholesale market. The counter rate tells you what the exchange costs you. Knowing the difference is the whole exercise.