Best South African Rand / New Zealand Dollar Exchange Rate Today: 0.0975
Compare international payments, cash buys, travel money.
Live rate: 1 ZAR = 0.0975 NZD
Inverted: 1 NZD = 10.2564 ZAR
| Provider | Exchange Rate | Fee | Recipient gets | Service | Notes | Action |
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Live Market Rate |
0.0975 |
 Set Alert
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0.0972 | 0 | 0.0972 | International Payments and Transfers | Experts in international money transfers for business and individuals, delivering industry-beating exchange rates. | |
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0.0968 | 0 | 0.0968 | International Payments and Transfers | Indicative Dealing Desk Quote. Rate can only be applied to transfers in excess of £2000 equivalent. | |
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0.0966 | 0 | 0.0966 | Holiday FX, Cash Delivery | A specialist alternative to banks, bureau de change & the Post Office for clients seeking competitive currency exchange rates. A multiple award-winning company, offering free delivery (over £700.00 , no commission charges, payment by Debit Card or Bank Transfer and typically offering the best exchange rates available. | |
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Best Bank Rate 
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0.0948 | Variable | 0.0948 | Payments, transfers, holiday money | Determined using data on spread charges supplied by IMTI | |
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Worst Bank Rate
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0.0941 | Variable | 0.0941 | Payments, transfers, holiday money | Determined using data on spread charges supplied by Money Mover and Accourt | |
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Airport Pickup 
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0.0960 | 0 | 0.0960 | Holiday FX, Cash Delivery | Booking Online prior to pickup is the key to getting a good rate |
ZAR/NZD Live Chart and Data
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January - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0919 Close: 0.0919 Mid: 0.0919 | ||||||
2 Open: 0.0919 Close: 0.0918 Mid: 0.0919 | 3 Open: 0.0918 Close: 0.0930 Mid: 0.0924 | 4 Open: 0.0930 Close: 0.0917 Mid: 0.0924 | 5 Open: 0.0917 Close: 0.0929 Mid: 0.0924 | 6 Open: 0.0929 Close: 0.0946 Mid: 0.0936 | 7 Open: 0.0945 Close: 0.0948 Mid: 0.0945 | 8 Open: 0.0948 Close: 0.0948 Mid: 0.0948 |
9 Open: 0.0948 Close: 0.0949 Mid: 0.0951 | 10 Open: 0.0949 Close: 0.0945 Mid: 0.0945 | 11 Open: 0.0945 Close: 0.0952 Mid: 0.0947 | 12 Open: 0.0952 Close: 0.0956 Mid: 0.0953 | 13 Open: 0.0956 Close: 0.0947 Mid: 0.0949 | 14 Open: 0.0948 Close: 0.0955 Mid: 0.0951 | 15 Open: 0.0955 Close: 0.0955 Mid: 0.0955 |
16 Open: 0.0955 Close: 0.0959 Mid: 0.0958 | 17 Open: 0.0959 Close: 0.0957 Mid: 0.0955 | 18 Open: 0.0957 Close: 0.0954 Mid: 0.0955 | 19 Open: 0.0954 Close: 0.0965 Mid: 0.0959 | 20 Open: 0.0964 Close: 0.0974 Mid: 0.0969 | 21 Open: 0.0974 Close: 0.0986 Mid: 0.0981 | 22 Open: 0.0986 Close: 0.0986 Mid: 0.0986 |
23 Open: 0.0986 Close: 0.0988 Mid: 0.0989 | 24 Open: 0.0988 Close: 0.0979 Mid: 0.0981 | 25 Open: 0.0979 Close: 0.0982 Mid: 0.0980 | 26 Open: 0.0982 Close: 0.0982 Mid: 0.0984 | 27 Open: 0.0982 Close: 0.0984 Mid: 0.0986 | 28 Open: 0.0984 Close: 0.0980 Mid: 0.0979 | 29 Open: 0.0980 Close: 0.0980 Mid: 0.0980 |
30 Open: 0.0981 Close: 0.0980 Mid: 0.0981 | 31 Open: 0.0980 Close: 0.0991 Mid: 0.0985 |
February - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0991 Close: 0.0989 Mid: 0.0990 | 2 Open: 0.0989 Close: 0.0988 Mid: 0.0985 | 3 Open: 0.0988 Close: 0.0985 Mid: 0.0985 | 4 Open: 0.0985 Close: 0.0979 Mid: 0.0980 | 5 Open: 0.0979 Close: 0.0979 Mid: 0.0979 | ||
6 Open: 0.0979 Close: 0.0980 Mid: 0.0984 | 7 Open: 0.0980 Close: 0.0973 Mid: 0.0976 | 8 Open: 0.0974 Close: 0.0981 Mid: 0.0976 | 9 Open: 0.0981 Close: 0.0986 Mid: 0.0984 | 10 Open: 0.0986 Close: 0.0991 Mid: 0.0989 | 11 Open: 0.0991 Close: 0.0988 Mid: 0.0991 | 12 Open: 0.0988 Close: 0.0988 Mid: 0.0988 |
13 Open: 0.0988 Close: 0.0990 Mid: 0.0992 | 14 Open: 0.0990 Close: 0.1002 Mid: 0.0998 | 15 Open: 0.1002 Close: 0.0999 Mid: 0.0999 | 16 Open: 0.1000 Close: 0.0999 Mid: 0.0998 | 17 Open: 0.1000 Close: 0.0998 Mid: 0.0996 | 18 Open: 0.0998 Close: 0.0989 Mid: 0.0992 | 19 Open: 0.0989 Close: 0.0989 Mid: 0.0989 |
20 Open: 0.0989 Close: 0.0990 Mid: 0.0990 | 21 Open: 0.0990 Close: 0.0987 Mid: 0.0985 | 22 Open: 0.0987 Close: 0.0986 Mid: 0.0984 | 23 Open: 0.0986 Close: 0.0978 Mid: 0.0982 | 24 Open: 0.0978 Close: 0.0975 Mid: 0.0974 | 25 Open: 0.0975 Close: 0.0981 Mid: 0.0976 | 26 Open: 0.0981 Close: 0.0981 Mid: 0.0981 |
27 Open: 0.0981 Close: 0.0973 Mid: 0.0975 | 28 Open: 0.0972 Close: 0.0963 Mid: 0.0965 |
March - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0963 Close: 0.0961 Mid: 0.0963 | 2 Open: 0.0962 Close: 0.0964 Mid: 0.0958 | 3 Open: 0.0964 Close: 0.0969 Mid: 0.0966 | 4 Open: 0.0969 Close: 0.0955 Mid: 0.0957 | 5 Open: 0.0955 Close: 0.0955 Mid: 0.0955 | ||
6 Open: 0.0955 Close: 0.0950 Mid: 0.0958 | 7 Open: 0.0950 Close: 0.0955 Mid: 0.0949 | 8 Open: 0.0955 Close: 0.0964 Mid: 0.0959 | 9 Open: 0.0964 Close: 0.0976 Mid: 0.0970 | 10 Open: 0.0976 Close: 0.0968 Mid: 0.0971 | 11 Open: 0.0968 Close: 0.0978 Mid: 0.0972 | 12 Open: 0.0978 Close: 0.0978 Mid: 0.0978 |
13 Open: 0.0978 Close: 0.0978 Mid: 0.0982 | 14 Open: 0.0978 Close: 0.0982 Mid: 0.0979 | 15 Open: 0.0982 Close: 0.0982 Mid: 0.0980 | 16 Open: 0.0981 Close: 0.0984 Mid: 0.0981 | 17 Open: 0.0984 Close: 0.0975 Mid: 0.0977 | 18 Open: 0.0975 Close: 0.0969 Mid: 0.0970 | 19 Open: 0.0969 Close: 0.0969 Mid: 0.0969 |
20 Open: 0.0969 Close: 0.0971 Mid: 0.0972 | 21 Open: 0.0971 Close: 0.0975 Mid: 0.0973 | 22 Open: 0.0976 Close: 0.0971 Mid: 0.0972 | 23 Open: 0.0971 Close: 0.0973 Mid: 0.0973 | 24 Open: 0.0973 Close: 0.0991 Mid: 0.0983 | 25 Open: 0.0991 Close: 0.0987 Mid: 0.0987 | 26 Open: 0.0987 Close: 0.0987 Mid: 0.0987 |
27 Open: 0.0992 Close: 0.0989 Mid: 0.0991 | 28 Open: 0.0989 Close: 0.0988 Mid: 0.0983 | 29 Open: 0.0988 Close: 0.0991 Mid: 0.0995 | 30 Open: 0.0991 Close: 0.0992 Mid: 0.0991 | 31 Open: 0.0991 Close: 0.0990 Mid: 0.0990 |
April - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0988 Close: 0.0986 Mid: 0.0988 | 2 Open: 0.0986 Close: 0.0986 Mid: 0.0986 | |||||
3 Open: 0.0986 Close: 0.0990 Mid: 0.0991 | 4 Open: 0.0989 Close: 0.0989 Mid: 0.0988 | 5 Open: 0.0988 Close: 0.0981 Mid: 0.0983 | 6 Open: 0.0980 Close: 0.0987 Mid: 0.0982 | 7 Open: 0.0986 Close: 0.0987 Mid: 0.0984 | 8 Open: 0.0986 Close: 0.0998 Mid: 0.0991 | 9 Open: 0.0998 Close: 0.0998 Mid: 0.0998 |
10 Open: 0.0998 Close: 0.1001 Mid: 0.1003 | 11 Open: 0.1001 Close: 0.1008 Mid: 0.1003 | 12 Open: 0.1008 Close: 0.1006 Mid: 0.1006 | 13 Open: 0.1006 Close: 0.1013 Mid: 0.1009 | 14 Open: 0.1012 Close: 0.1007 Mid: 0.1003 | 15 Open: 0.1004 Close: 0.1013 Mid: 0.1008 | 16 Open: 0.1013 Close: 0.1013 Mid: 0.1013 |
17 Open: 0.1013 Close: 0.1012 Mid: 0.1010 | 18 Open: 0.1012 Close: 0.1014 Mid: 0.1014 | 19 Open: 0.1013 Close: 0.0992 Mid: 0.1001 | 20 Open: 0.0991 Close: 0.0983 Mid: 0.0983 | 21 Open: 0.0983 Close: 0.0968 Mid: 0.0971 | 22 Open: 0.0966 Close: 0.0967 Mid: 0.0963 | 23 Open: 0.0967 Close: 0.0967 Mid: 0.0967 |
24 Open: 0.0967 Close: 0.0970 Mid: 0.0973 | 25 Open: 0.0969 Close: 0.0964 Mid: 0.0967 | 26 Open: 0.0964 Close: 0.0961 Mid: 0.0961 | 27 Open: 0.0961 Close: 0.0964 Mid: 0.0961 | 28 Open: 0.0963 Close: 0.0965 Mid: 0.0968 | 29 Open: 0.0968 Close: 0.0980 Mid: 0.0973 | 30 Open: 0.0980 Close: 0.0980 Mid: 0.0980 |
May - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0980 Close: 0.0982 Mid: 0.0982 | 2 Open: 0.0981 Close: 0.0965 Mid: 0.0972 | 3 Open: 0.0963 Close: 0.0988 Mid: 0.0976 | 4 Open: 0.0986 Close: 0.0989 Mid: 0.0986 | 5 Open: 0.0987 Close: 0.0974 Mid: 0.0978 | 6 Open: 0.0973 Close: 0.0978 Mid: 0.0972 | 7 Open: 0.0978 Close: 0.0978 Mid: 0.0978 |
8 Open: 0.0978 Close: 0.0976 Mid: 0.0979 | 9 Open: 0.0975 Close: 0.0975 Mid: 0.0975 | 10 Open: 0.0975 Close: 0.0987 Mid: 0.0983 | 11 Open: 0.0987 Close: 0.0991 Mid: 0.0986 | 12 Open: 0.0991 Close: 0.0998 Mid: 0.0992 | 13 Open: 0.0997 Close: 0.0984 Mid: 0.0992 | 14 Open: 0.0984 Close: 0.0984 Mid: 0.0984 |
15 Open: 0.0984 Close: 0.0986 Mid: 0.0991 | 16 Open: 0.0985 Close: 0.0983 Mid: 0.0984 | 17 Open: 0.0981 Close: 0.0990 Mid: 0.0982 | 18 Open: 0.0989 Close: 0.0990 Mid: 0.0988 | 19 Open: 0.0989 Close: 0.0991 Mid: 0.0990 | 20 Open: 0.0990 Close: 0.0988 Mid: 0.0986 | 21 Open: 0.0988 Close: 0.0988 Mid: 0.0988 |
22 Open: 0.0988 Close: 0.0984 Mid: 0.0989 | 23 Open: 0.0983 Close: 0.0984 Mid: 0.0983 | 24 Open: 0.0983 Close: 0.0993 Mid: 0.0987 | 25 Open: 0.0994 Close: 0.0983 Mid: 0.0987 | 26 Open: 0.0982 Close: 0.0984 Mid: 0.0982 | 27 Open: 0.0983 Close: 0.0980 Mid: 0.0983 | 28 Open: 0.0980 Close: 0.0980 Mid: 0.0980 |
29 Open: 0.0980 Close: 0.0983 Mid: 0.0984 | 30 Open: 0.0983 Close: 0.0986 Mid: 0.0984 | 31 Open: 0.0985 Close: 0.0984 Mid: 0.0984 |
June - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0983 Close: 0.0992 Mid: 0.0989 | 2 Open: 0.0990 Close: 0.0988 Mid: 0.0989 | 3 Open: 0.0987 Close: 0.0989 Mid: 0.0989 | 4 Open: 0.0989 Close: 0.0989 Mid: 0.0989 | |||
5 Open: 0.0989 Close: 0.0990 Mid: 0.0990 | 6 Open: 0.0990 Close: 0.1000 Mid: 0.0998 | 7 Open: 0.0998 Close: 0.1005 Mid: 0.1004 | 8 Open: 0.1003 Close: 0.1017 Mid: 0.1010 | 9 Open: 0.1015 Close: 0.1013 Mid: 0.1016 | 10 Open: 0.1012 Close: 0.0993 Mid: 0.1002 | 11 Open: 0.0993 Close: 0.0993 Mid: 0.0993 |
12 Open: 0.0993 Close: 0.0995 Mid: 0.1000 | 13 Open: 0.0994 Close: 0.0989 Mid: 0.0990 | 14 Open: 0.0988 Close: 0.1004 Mid: 0.0998 | 15 Open: 0.1003 Close: 0.1011 Mid: 0.1001 | 16 Open: 0.1009 Close: 0.0984 Mid: 0.0994 | 17 Open: 0.0982 Close: 0.0990 Mid: 0.0990 | 18 Open: 0.0990 Close: 0.0990 Mid: 0.0990 |
19 Open: 0.0988 Close: 0.0990 Mid: 0.0991 | 20 Open: 0.0988 Close: 0.0986 Mid: 0.0985 | 21 Open: 0.0985 Close: 0.0997 Mid: 0.0991 | 22 Open: 0.0995 Close: 0.1003 Mid: 0.1001 | 23 Open: 0.1000 Close: 0.0998 Mid: 0.0999 | 24 Open: 0.0996 Close: 0.1003 Mid: 0.0998 | 25 Open: 0.1003 Close: 0.1003 Mid: 0.1003 |
26 Open: 0.1003 Close: 0.1005 Mid: 0.1004 | 27 Open: 0.1004 Close: 0.1004 Mid: 0.1000 | 28 Open: 0.1002 Close: 0.0999 Mid: 0.1000 | 29 Open: 0.0998 Close: 0.0993 Mid: 0.0994 | 30 Open: 0.0991 Close: 0.0986 Mid: 0.0984 |
July - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0985 Close: 0.0988 Mid: 0.0987 | 2 Open: 0.0988 Close: 0.0988 Mid: 0.0988 | |||||
3 Open: 0.0988 Close: 0.0988 Mid: 0.0990 | 4 Open: 0.0988 Close: 0.0986 Mid: 0.0985 | 5 Open: 0.0985 Close: 0.0983 Mid: 0.0986 | 6 Open: 0.0981 Close: 0.0970 Mid: 0.0971 | 7 Open: 0.0969 Close: 0.0970 Mid: 0.0968 | 8 Open: 0.0968 Close: 0.0959 Mid: 0.0963 | 9 Open: 0.0959 Close: 0.0959 Mid: 0.0959 |
10 Open: 0.0959 Close: 0.0962 Mid: 0.0964 | 11 Open: 0.0961 Close: 0.0958 Mid: 0.0959 | 12 Open: 0.0958 Close: 0.0961 Mid: 0.0959 | 13 Open: 0.0960 Close: 0.0966 Mid: 0.0964 | 14 Open: 0.0964 Close: 0.0954 Mid: 0.0957 | 15 Open: 0.0952 Close: 0.0951 Mid: 0.0948 | 16 Open: 0.0951 Close: 0.0951 Mid: 0.0951 |
17 Open: 0.0951 Close: 0.0948 Mid: 0.0955 | 18 Open: 0.0948 Close: 0.0951 Mid: 0.0948 | 19 Open: 0.0949 Close: 0.0941 Mid: 0.0946 | 20 Open: 0.0940 Close: 0.0939 Mid: 0.0936 | 21 Open: 0.0938 Close: 0.0941 Mid: 0.0941 | 22 Open: 0.0940 Close: 0.0951 Mid: 0.0944 | 23 Open: 0.0951 Close: 0.0951 Mid: 0.0951 |
24 Open: 0.0951 Close: 0.0955 Mid: 0.0952 | 25 Open: 0.0956 Close: 0.0953 Mid: 0.0952 | 26 Open: 0.0953 Close: 0.0950 Mid: 0.0952 | 27 Open: 0.0950 Close: 0.0959 Mid: 0.0955 | 28 Open: 0.0957 Close: 0.0964 Mid: 0.0960 | 29 Open: 0.0964 Close: 0.0959 Mid: 0.0961 | 30 Open: 0.0959 Close: 0.0959 Mid: 0.0959 |
31 Open: 0.0959 Close: 0.0960 Mid: 0.0965 |
August - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0960 Close: 0.0959 Mid: 0.0958 | 2 Open: 0.0956 Close: 0.0956 Mid: 0.0959 | 3 Open: 0.0955 Close: 0.0953 Mid: 0.0954 | 4 Open: 0.0953 Close: 0.0958 Mid: 0.0949 | 5 Open: 0.0957 Close: 0.0956 Mid: 0.0954 | 6 Open: 0.0956 Close: 0.0956 Mid: 0.0956 | |
7 Open: 0.0956 Close: 0.0957 Mid: 0.0959 | 8 Open: 0.0956 Close: 0.0957 Mid: 0.0958 | 9 Open: 0.0957 Close: 0.0960 Mid: 0.0959 | 10 Open: 0.0960 Close: 0.0965 Mid: 0.0963 | 11 Open: 0.0964 Close: 0.0958 Mid: 0.0961 | 12 Open: 0.0957 Close: 0.0959 Mid: 0.0957 | 13 Open: 0.0959 Close: 0.0959 Mid: 0.0959 |
14 Open: 0.0959 Close: 0.0958 Mid: 0.0962 | 15 Open: 0.0958 Close: 0.0959 Mid: 0.0958 | 16 Open: 0.0958 Close: 0.0964 Mid: 0.0960 | 17 Open: 0.0963 Close: 0.0958 Mid: 0.0958 | 18 Open: 0.0957 Close: 0.0952 Mid: 0.0952 | 19 Open: 0.0950 Close: 0.0951 Mid: 0.0950 | 20 Open: 0.0951 Close: 0.0951 Mid: 0.0951 |
21 Open: 0.0951 Close: 0.0952 Mid: 0.0949 | 22 Open: 0.0952 Close: 0.0954 Mid: 0.0953 | 23 Open: 0.0952 Close: 0.0949 Mid: 0.0949 | 24 Open: 0.0949 Close: 0.0957 Mid: 0.0951 | 25 Open: 0.0956 Close: 0.0963 Mid: 0.0958 | 26 Open: 0.0961 Close: 0.0967 Mid: 0.0960 | 27 Open: 0.0967 Close: 0.0967 Mid: 0.0967 |
28 Open: 0.0967 Close: 0.0967 Mid: 0.0972 | 29 Open: 0.0967 Close: 0.0966 Mid: 0.0968 | 30 Open: 0.0964 Close: 0.0962 Mid: 0.0963 | 31 Open: 0.0961 Close: 0.0957 Mid: 0.0957 |
September - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0955 Close: 0.0953 Mid: 0.0955 | 2 Open: 0.0952 Close: 0.0946 Mid: 0.0950 | 3 Open: 0.0946 Close: 0.0946 Mid: 0.0946 | ||||
4 Open: 0.0950 Close: 0.0951 Mid: 0.0952 | 5 Open: 0.0951 Close: 0.0956 Mid: 0.0952 | 6 Open: 0.0955 Close: 0.0959 Mid: 0.0957 | 7 Open: 0.0958 Close: 0.0957 Mid: 0.0957 | 8 Open: 0.0955 Close: 0.0943 Mid: 0.0951 | 9 Open: 0.0942 Close: 0.0945 Mid: 0.0944 | 10 Open: 0.0945 Close: 0.0942 Mid: 0.0944 |
11 Open: 0.0942 Close: 0.0950 Mid: 0.0952 | 12 Open: 0.0950 Close: 0.0953 Mid: 0.0950 | 13 Open: 0.0952 Close: 0.0956 Mid: 0.0958 | 14 Open: 0.0955 Close: 0.0952 Mid: 0.0956 | 15 Open: 0.0951 Close: 0.0956 Mid: 0.0953 | 16 Open: 0.0955 Close: 0.0949 Mid: 0.0951 | 17 Open: 0.0949 Close: 0.0949 Mid: 0.0949 |
18 Open: 0.0949 Close: 0.0947 Mid: 0.0951 | 19 Open: 0.0947 Close: 0.0950 Mid: 0.0949 | 20 Open: 0.0950 Close: 0.0959 Mid: 0.0956 | 21 Open: 0.0958 Close: 0.0968 Mid: 0.0962 | 22 Open: 0.0968 Close: 0.0974 Mid: 0.0972 | 23 Open: 0.0973 Close: 0.0972 Mid: 0.0970 | 24 Open: 0.0972 Close: 0.0972 Mid: 0.0972 |
25 Open: 0.0972 Close: 0.0972 Mid: 0.0975 | 26 Open: 0.0972 Close: 0.0979 Mid: 0.0971 | 27 Open: 0.0978 Close: 0.0987 Mid: 0.0980 | 28 Open: 0.0987 Close: 0.0981 Mid: 0.0984 | 29 | 30 |
October - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 | ||||||
2 | 3 | 4 | 5 | 6 | 7 | 8 |
9 | 10 | 11 | 12 | 13 | 14 | 15 |
16 | 17 | 18 | 19 | 20 | 21 | 22 |
23 | 24 | 25 | 26 | 27 | 28 | 29 |
30 | 31 |
November - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 | 2 | 3 | 4 | 5 | ||
6 | 7 | 8 | 9 | 10 | 11 | 12 |
13 | 14 | 15 | 16 | 17 | 18 | 19 |
20 | 21 | 22 | 23 | 24 | 25 | 26 |
27 | 28 | 29 | 30 |
December - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 | 2 | 3 | ||||
4 | 5 | 6 | 7 | 8 | 9 | 10 |
11 | 12 | 13 | 14 | 15 | 16 | 17 |
18 | 19 | 20 | 21 | 22 | 23 | 24 |
25 | 26 | 27 | 28 | 29 | 30 | 31 |
Compare Exchange Rates:
Know What the Best Exchange Rate Looks Like
Benchmark the exchange rate market with Pound Sterling Live's custom currency rate comparison tool with built-in algorithms to find the best rates in the market.
Banks and financial institutions buy and sell currency from each other - these sizeable institutions are 'the market' and the rate they transact at is the 'market rate'. The difference between how much a currency is purchased and sold is the spread, which is essentially the difference between the buy and sell price.
But, when currency is sold by banks to retail customers that spread widens significantly and the profit on the transaction is therefore substantially larger.
Therefore when we focus on the transfer fee when sending money abroad we often miss the biggest cost: the exchange rate spread.
Foreign exchange providers have essentially recognised this and they enter the market to transfer money at tighter spreads, thereby saving potentially significant amounts of money for their clients simply by providing better exchange rates.
For example, the transfer of £100K into euros is expected to attract a rate that delivers between €112,480 and €113,296 with the UK's leading high street banks. But FCA authorised providers will provide a rate that delivers between €115,510 and €115,740 (using rates on 05/07/21).
Taking the time to work with a FCA regulated currency provider could therefore result in the delivery of an extra euros amount of between €2444 and €3030.
Pound Sterling Live only works with foreign exchange payment companies that are FCA Authorised. This is important: FCA regulations and oversight requires the money they transfer on your behalf to be protected through a process known as 'safeguarding'. Safeguarding requires the payments company to keep your money separate from their own money in a top-tier bank. Therefore if the provider comes under stress your money should be protected.