Bank of England exchange rates: What you need to know
Bank of England offers a convenient way to buy a multitude of different currencies. However, foreign exchange rates represent a major pricing point and there is often little clarity around them. We researched Bank of England’s travel money exchange rates to provide you a table showcasing their currency rate spread. Hopefully we can help you save money on your holidays.
Bank of England exchange rates: Information and tips
Know the latest interbank exchange rate for your currency pairs
The interbank rate (also called mid-market rate) is the midpoint between the buy price and sell price of two currencies on the currency markets. Bank of England does not offer the interbank rate but instead adds a margin to it, which makes the foreign currency transaction more expensive for you. Before using Bank of England for your travel money needs, make sure to know the current interbank exchange rate. That way, you’ll be able to calculate FX losses on the currency conversion. You can find the latest interbank rates using our currency converter.
How to calculate exchange rate loss
Here’s what you need to do in order to determine how much Bank of England’s travel money exchange rate spread is going to cost you:
- Find the current interbank rate for your currencies using our currency converter
- Multiply your original amount by the current interbank rate
- Multiply your original amount by the exchange rate Bank of England offers
- Subtract the first amount from the second amount
- This is the amount you’ll lose through currency conversion with Bank of England
Order your currency online and in advance
Ordering your foreign currency before your trip allows you to compare with rates and fees of other providers. Ordering it online also is usually much cheaper than buying currency at the airport or on arrival to your holiday destination. Make sure to always compare exchange rates before finalising an order.
For the best exchange rates, we highly recommend TransferWise. Enjoy your first transfer for free on transfers up to £500.
Bank of England exchange rate research
The exchange rate spreads below are for ordering foreign currency online. Rates on other services might differ. Those exchange rate margins are indicative at the time of research. Use the Bank of England currency converter or visit the nearest branch to get the latest rates.
|Currency||ISO Code||Exchange Rate||Mid-Market Rate||Exchange Rate Margin / Loss|
|Hong Kong Dollar||HKD||10.1673||10.14132||-0.26%|
|New Zealand Dollar||NZD||1.9536||1.949||-0.24%|
|South African Rand||ZAR||18.8205||18.54819||-1.47%|
|South Korean Won||KRW||1462.3||1449.26962||-0.90%|
Bank of England’s exchange rate was collected from Bank of England’s website on 04/11/2018. Interbank rates collected from x-rates.com on 04/11/2018. The information displayed on this site is subject to change at any time and we do not guarantee 100% accuracy of the information.
For the today’s rates, visit Bank of England’s website, contact Bank of England’s customer support or log into your online banking and search for their exchange rate calculator. Currencyfees.com is not liable for any financial decisions based on the above information. Currencyfees.com is supported by referral compensations by some of the companies listed in our articles.
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