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CNY 1.00 = USD Reference Mid-Rate       /
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BestExchangeRates compares the latest Foreign Exchange Rates from Banks & leading Currency Brokers to find you the best deals for your International Money Transfers. We also provide currency converter calculators, up-to-date foreign exchange research, news, charts and information on currency vendors.

Daily Currency Market Commentary
Daily currency news provided by OzForex

The Euro opens this morning marginally stronger against the US dollar at 1.2846. Giving up the majority of gains made during Asian trade the Euro fell after ECB president Mario Draghi inferred the economic recovery in the Eurozone is “losing momentum”. He mentioned the GDP slowdown in the second quarter of the year and discussed how inflation will remain low over the coming months. Speaking also about the unconventional measures policy makers may need to put in place to help spur improved economic performance, heightened stimulus measures threaten to weigh heavily on the 18-nation Euro over the longer-term. Elsewhere US dollar strength was witnessed early fuelled by expectations the Fed will consider an early rate rise however soft housing data stopped the rally short. Although there is data out of the US tonight the focus for investors will be on high impact manufacturing data from the Eurozone. 
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Why is it that when I go into a currency vendor to send money I never get the rate on the news?

You may well think that you are being ripped off, but it is not always the case. In simple terms what you see on the news or in the paper or on yahoo finance is the Middle Rate or mid-rate. Some people want to buy a currency and some people want to sell a currency and there is a gap (or margin) between the price at which you buy and the price at which you sell. ⇒ read article

What makes sending money internationally so expensive?

There are a number of cost components to making and receiving international payments, most of which are far from transparent to customers: Currency fees, Transit fees, Correspondent bank fees etc ⇒ read article

BestExchangeRates in the PressSMH.com.au Money

“A check with the foreign-exchange comparison website bestexchangerates.net shows a big variation in the exchange rates available when sending money and buying cash.” SMH.com.au ⇒ read article

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