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wandererh profile image 75

Why are the currency exchange rates charged by banks so bad?

My forex broker quotes the rate for USD/SGD at 1.2875/1.2878, a spread of 3 pips. If I were to go to the bank, I can probably see quotes like 1.2975/1.2775, a spread of a massive 200 pips. Is this daylight robbery, is do the banks have a reason to charge such an uncompetitive spread?

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ramkimeena profile image60

ramkimeena says

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6 years ago