wandererh profile image 86

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?

 

sort by best latest

ramkimeena profile image60

ramkimeena says

You can help the HubPages community highlight top quality content by ranking this answer up or down.

5 years ago
 |  Comment