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

Currency exchange rates are used by those people who export their products or import their requirements. In other words, foreign exchange transactions are conducted by the traders - either exporters or importers. Banks provide help to them through hedging facility.

They quote forward contracts to them and help them to avoid foreign exchange loss. But when a customer approaches the bank suddenly for changing currency or traveler cheque, the banks quote a spot rate which is usually higher than the forward rates. Spot rates change every day and even within a day from hour to hour.

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