Why exchange rates in banks should vary?

The exchange rates offered by individual banks are not under any stipulations that the rate must be uniform. When a bank exchanges currencies, it does so with the purpose of making a profit. The exchange rate posted by the Foreign Exchange Market, (FOREX), is primarily informational only.

Based on these postings, individual banks or money exchange traders determine the rate that they will offer. Since it isn't mandatory that FOREX rate be used, exchange rates will vary. When people are traveling to different countries, there is often the need to trade one currency for another.In some countries, money exchanges can be handled at hotels, restaurants, local stores, and private exchange businesses.

There are usually vendors at airports and train stations where money can be exchanged. These rates are usually the worst and if possible, people should avoid making transactions there. Now, with ATMs available around the world, the need for public currency exchange access is diminishing.

Although there may be fees attached, using an ATM is probably the safest, and one of the best ways to exchange funds.

The real answer is the spread is how the bank makes money from exchanging money. The actual place where the currency is trading is in the middle. If the bank can't make money they have no incentive to do it.

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