Best South African Rand / U.S. Dollar Exchange Rate Today: 0.0556
Compare international payments, cash buys, travel money.
Live rate: 1 ZAR = 0.0556 USD
Inverted: 1 USD = 17.9856 ZAR
| Provider | Exchange Rate | Fee | Recipient gets | Service | Notes | Action |
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Live Market Rate |
0.0556 |
 Set Alert
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0.0554 | 0 | 0.0554 | International Payments and Transfers | Experts in international money transfers for business and individuals, delivering industry-beating exchange rates. | |
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0.0552 | 0 | 0.0552 | International Payments and Transfers | Indicative Dealing Desk Quote. Rate can only be applied to transfers in excess of £2000 equivalent. | |
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0.0551 | 0 | 0.0551 | 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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0.0540 | Variable | 0.0540 | Payments, transfers, holiday money | Determined using data on spread charges supplied by IMTI | |
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Worst Bank Rate
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0.0537 | Variable | 0.0537 | 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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0.0548 | 0 | 0.0548 | Holiday FX, Cash Delivery | Booking Online prior to pickup is the key to getting a good rate |
ZAR/USD Live Chart and Data
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January - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0629 Close: 0.0629 Mid: 0.0629 | ||||||
2 Open: 0.0629 Close: 0.0628 Mid: 0.0630 | 3 Open: 0.0628 Close: 0.0631 Mid: 0.0629 | 4 Open: 0.0631 Close: 0.0625 Mid: 0.0628 | 5 Open: 0.0625 Close: 0.0631 Mid: 0.0630 | 6 Open: 0.0631 Close: 0.0637 Mid: 0.0633 | 7 Open: 0.0637 Close: 0.0643 Mid: 0.0639 | 8 Open: 0.0643 Close: 0.0643 Mid: 0.0643 |
9 Open: 0.0643 Close: 0.0643 Mid: 0.0645 | 10 Open: 0.0643 Close: 0.0639 Mid: 0.0640 | 11 Open: 0.0639 Close: 0.0646 Mid: 0.0641 | 12 Open: 0.0646 Close: 0.0654 Mid: 0.0649 | 13 Open: 0.0654 Close: 0.0650 Mid: 0.0652 | 14 Open: 0.0650 Close: 0.0651 Mid: 0.0650 | 15 Open: 0.0651 Close: 0.0651 Mid: 0.0651 |
16 Open: 0.0651 Close: 0.0653 Mid: 0.0653 | 17 Open: 0.0653 Close: 0.0651 Mid: 0.0651 | 18 Open: 0.0651 Close: 0.0646 Mid: 0.0647 | 19 Open: 0.0646 Close: 0.0654 Mid: 0.0651 | 20 Open: 0.0654 Close: 0.0658 Mid: 0.0657 | 21 Open: 0.0658 Close: 0.0662 Mid: 0.0659 | 22 Open: 0.0662 Close: 0.0662 Mid: 0.0662 |
23 Open: 0.0662 Close: 0.0664 Mid: 0.0664 | 24 Open: 0.0664 Close: 0.0657 Mid: 0.0657 | 25 Open: 0.0657 Close: 0.0657 Mid: 0.0655 | 26 Open: 0.0657 Close: 0.0654 Mid: 0.0656 | 27 Open: 0.0654 Close: 0.0648 Mid: 0.0652 | 28 Open: 0.0648 Close: 0.0642 Mid: 0.0643 | 29 Open: 0.0642 Close: 0.0642 Mid: 0.0642 |
30 Open: 0.0646 Close: 0.0642 Mid: 0.0644 | 31 Open: 0.0642 Close: 0.0652 Mid: 0.0648 |
February - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0652 Close: 0.0656 Mid: 0.0654 | 2 Open: 0.0656 Close: 0.0653 Mid: 0.0654 | 3 Open: 0.0653 Close: 0.0657 Mid: 0.0655 | 4 Open: 0.0657 Close: 0.0648 Mid: 0.0646 | 5 Open: 0.0648 Close: 0.0648 Mid: 0.0648 | ||
6 Open: 0.0648 Close: 0.0649 Mid: 0.0652 | 7 Open: 0.0649 Close: 0.0646 Mid: 0.0646 | 8 Open: 0.0646 Close: 0.0653 Mid: 0.0648 | 9 Open: 0.0653 Close: 0.0659 Mid: 0.0657 | 10 Open: 0.0659 Close: 0.0661 Mid: 0.0662 | 11 Open: 0.0661 Close: 0.0658 Mid: 0.0660 | 12 Open: 0.0658 Close: 0.0658 Mid: 0.0658 |
13 Open: 0.0658 Close: 0.0658 Mid: 0.0660 | 14 Open: 0.0658 Close: 0.0663 Mid: 0.0660 | 15 Open: 0.0663 Close: 0.0664 Mid: 0.0662 | 16 Open: 0.0664 Close: 0.0668 Mid: 0.0665 | 17 Open: 0.0668 Close: 0.0668 Mid: 0.0667 | 18 Open: 0.0668 Close: 0.0663 Mid: 0.0665 | 19 Open: 0.0663 Close: 0.0663 Mid: 0.0663 |
20 Open: 0.0663 Close: 0.0662 Mid: 0.0663 | 21 Open: 0.0662 Close: 0.0661 Mid: 0.0661 | 22 Open: 0.0661 Close: 0.0665 Mid: 0.0661 | 23 Open: 0.0665 Close: 0.0663 Mid: 0.0664 | 24 Open: 0.0663 Close: 0.0652 Mid: 0.0652 | 25 Open: 0.0652 Close: 0.0662 Mid: 0.0656 | 26 Open: 0.0662 Close: 0.0662 Mid: 0.0662 |
27 Open: 0.0662 Close: 0.0651 Mid: 0.0655 | 28 Open: 0.0651 Close: 0.0652 Mid: 0.0651 |
March - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0652 Close: 0.0650 Mid: 0.0651 | 2 Open: 0.0651 Close: 0.0654 Mid: 0.0649 | 3 Open: 0.0654 Close: 0.0660 Mid: 0.0656 | 4 Open: 0.0659 Close: 0.0655 Mid: 0.0653 | 5 Open: 0.0655 Close: 0.0655 Mid: 0.0655 | ||
6 Open: 0.0655 Close: 0.0653 Mid: 0.0657 | 7 Open: 0.0653 Close: 0.0653 Mid: 0.0652 | 8 Open: 0.0653 Close: 0.0656 Mid: 0.0655 | 9 Open: 0.0656 Close: 0.0667 Mid: 0.0663 | 10 Open: 0.0667 Close: 0.0666 Mid: 0.0665 | 11 Open: 0.0666 Close: 0.0666 Mid: 0.0665 | 12 Open: 0.0666 Close: 0.0666 Mid: 0.0666 |
13 Open: 0.0666 Close: 0.0667 Mid: 0.0667 | 14 Open: 0.0667 Close: 0.0663 Mid: 0.0662 | 15 Open: 0.0663 Close: 0.0664 Mid: 0.0662 | 16 Open: 0.0663 Close: 0.0672 Mid: 0.0667 | 17 Open: 0.0672 Close: 0.0672 Mid: 0.0670 | 18 Open: 0.0672 Close: 0.0670 Mid: 0.0669 | 19 Open: 0.0670 Close: 0.0670 Mid: 0.0670 |
20 Open: 0.0670 Close: 0.0670 Mid: 0.0671 | 21 Open: 0.0670 Close: 0.0671 Mid: 0.0671 | 22 Open: 0.0671 Close: 0.0676 Mid: 0.0672 | 23 Open: 0.0676 Close: 0.0679 Mid: 0.0678 | 24 Open: 0.0679 Close: 0.0690 Mid: 0.0684 | 25 Open: 0.0690 Close: 0.0689 Mid: 0.0688 | 26 Open: 0.0689 Close: 0.0689 Mid: 0.0689 |
27 Open: 0.0693 Close: 0.0688 Mid: 0.0692 | 28 Open: 0.0688 Close: 0.0682 Mid: 0.0685 | 29 Open: 0.0682 Close: 0.0688 Mid: 0.0687 | 30 Open: 0.0688 Close: 0.0692 Mid: 0.0691 | 31 Open: 0.0691 Close: 0.0686 Mid: 0.0688 |
April - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0685 Close: 0.0683 Mid: 0.0685 | 2 Open: 0.0683 Close: 0.0683 Mid: 0.0683 | |||||
3 Open: 0.0683 Close: 0.0684 Mid: 0.0688 | 4 Open: 0.0683 Close: 0.0687 Mid: 0.0686 | 5 Open: 0.0686 Close: 0.0682 Mid: 0.0686 | 6 Open: 0.0681 Close: 0.0683 Mid: 0.0682 | 7 Open: 0.0681 Close: 0.0680 Mid: 0.0680 | 8 Open: 0.0679 Close: 0.0684 Mid: 0.0680 | 9 Open: 0.0684 Close: 0.0684 Mid: 0.0684 |
10 Open: 0.0684 Close: 0.0684 Mid: 0.0687 | 11 Open: 0.0684 Close: 0.0687 Mid: 0.0685 | 12 Open: 0.0687 Close: 0.0690 Mid: 0.0689 | 13 Open: 0.0690 Close: 0.0689 Mid: 0.0689 | 14 Open: 0.0689 Close: 0.0684 Mid: 0.0684 | 15 Open: 0.0683 Close: 0.0686 Mid: 0.0684 | 16 Open: 0.0686 Close: 0.0686 Mid: 0.0686 |
17 Open: 0.0686 Close: 0.0684 Mid: 0.0687 | 18 Open: 0.0684 Close: 0.0683 Mid: 0.0684 | 19 Open: 0.0682 Close: 0.0669 Mid: 0.0675 | 20 Open: 0.0668 Close: 0.0667 Mid: 0.0666 | 21 Open: 0.0667 Close: 0.0651 Mid: 0.0658 | 22 Open: 0.0649 Close: 0.0640 Mid: 0.0641 | 23 Open: 0.0640 Close: 0.0643 Mid: 0.0642 |
24 Open: 0.0643 Close: 0.0642 Mid: 0.0650 | 25 Open: 0.0642 Close: 0.0638 Mid: 0.0639 | 26 Open: 0.0638 Close: 0.0632 Mid: 0.0634 | 27 Open: 0.0632 Close: 0.0630 Mid: 0.0630 | 28 Open: 0.0630 Close: 0.0626 Mid: 0.0629 | 29 Open: 0.0629 Close: 0.0633 Mid: 0.0631 | 30 Open: 0.0633 Close: 0.0633 Mid: 0.0633 |
May - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0633 Close: 0.0634 Mid: 0.0636 | 2 Open: 0.0634 Close: 0.0622 Mid: 0.0626 | 3 Open: 0.0621 Close: 0.0636 Mid: 0.0628 | 4 Open: 0.0634 Close: 0.0648 Mid: 0.0639 | 5 Open: 0.0646 Close: 0.0627 Mid: 0.0637 | 6 Open: 0.0626 Close: 0.0627 Mid: 0.0624 | 7 Open: 0.0627 Close: 0.0627 Mid: 0.0627 |
8 Open: 0.0627 Close: 0.0623 Mid: 0.0628 | 9 Open: 0.0623 Close: 0.0616 Mid: 0.0620 | 10 Open: 0.0616 Close: 0.0621 Mid: 0.0620 | 11 Open: 0.0621 Close: 0.0623 Mid: 0.0623 | 12 Open: 0.0623 Close: 0.0623 Mid: 0.0621 | 13 Open: 0.0623 Close: 0.0619 Mid: 0.0621 | 14 Open: 0.0619 Close: 0.0619 Mid: 0.0619 |
15 Open: 0.0619 Close: 0.0620 Mid: 0.0624 | 16 Open: 0.0620 Close: 0.0620 Mid: 0.0618 | 17 Open: 0.0619 Close: 0.0630 Mid: 0.0623 | 18 Open: 0.0629 Close: 0.0623 Mid: 0.0627 | 19 Open: 0.0622 Close: 0.0633 Mid: 0.0630 | 20 Open: 0.0632 Close: 0.0633 Mid: 0.0631 | 21 Open: 0.0633 Close: 0.0633 Mid: 0.0633 |
22 Open: 0.0633 Close: 0.0632 Mid: 0.0636 | 23 Open: 0.0631 Close: 0.0635 Mid: 0.0635 | 24 Open: 0.0633 Close: 0.0641 Mid: 0.0636 | 25 Open: 0.0641 Close: 0.0637 Mid: 0.0639 | 26 Open: 0.0636 Close: 0.0638 Mid: 0.0636 | 27 Open: 0.0637 Close: 0.0641 Mid: 0.0640 | 28 Open: 0.0641 Close: 0.0641 Mid: 0.0641 |
29 Open: 0.0641 Close: 0.0642 Mid: 0.0645 | 30 Open: 0.0642 Close: 0.0647 Mid: 0.0644 | 31 Open: 0.0646 Close: 0.0641 Mid: 0.0642 |
June - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0641 Close: 0.0643 Mid: 0.0642 | 2 Open: 0.0642 Close: 0.0648 Mid: 0.0644 | 3 Open: 0.0647 Close: 0.0644 Mid: 0.0645 | 4 Open: 0.0644 Close: 0.0644 Mid: 0.0644 | |||
5 Open: 0.0644 Close: 0.0644 Mid: 0.0648 | 6 Open: 0.0644 Close: 0.0648 Mid: 0.0649 | 7 Open: 0.0647 Close: 0.0651 Mid: 0.0649 | 8 Open: 0.0650 Close: 0.0655 Mid: 0.0652 | 9 Open: 0.0654 Close: 0.0647 Mid: 0.0653 | 10 Open: 0.0646 Close: 0.0631 Mid: 0.0640 | 11 Open: 0.0631 Close: 0.0631 Mid: 0.0631 |
12 Open: 0.0631 Close: 0.0631 Mid: 0.0636 | 13 Open: 0.0630 Close: 0.0621 Mid: 0.0624 | 14 Open: 0.0620 Close: 0.0625 Mid: 0.0622 | 15 Open: 0.0624 Close: 0.0636 Mid: 0.0628 | 16 Open: 0.0635 Close: 0.0626 Mid: 0.0627 | 17 Open: 0.0625 Close: 0.0625 Mid: 0.0626 | 18 Open: 0.0625 Close: 0.0625 Mid: 0.0626 |
19 Open: 0.0631 Close: 0.0626 Mid: 0.0629 | 20 Open: 0.0625 Close: 0.0625 Mid: 0.0625 | 21 Open: 0.0624 Close: 0.0629 Mid: 0.0629 | 22 Open: 0.0628 Close: 0.0629 Mid: 0.0627 | 23 Open: 0.0627 Close: 0.0627 Mid: 0.0626 | 24 Open: 0.0626 Close: 0.0633 Mid: 0.0630 | 25 Open: 0.0633 Close: 0.0633 Mid: 0.0633 |
26 Open: 0.0633 Close: 0.0634 Mid: 0.0637 | 27 Open: 0.0634 Close: 0.0632 Mid: 0.0631 | 28 Open: 0.0631 Close: 0.0623 Mid: 0.0627 | 29 Open: 0.0622 Close: 0.0618 Mid: 0.0619 | 30 Open: 0.0617 Close: 0.0615 Mid: 0.0613 |
July - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0614 Close: 0.0614 Mid: 0.0611 | 2 Open: 0.0614 Close: 0.0614 Mid: 0.0614 | |||||
3 Open: 0.0614 Close: 0.0613 Mid: 0.0617 | 4 Open: 0.0614 Close: 0.0613 Mid: 0.0614 | 5 Open: 0.0612 Close: 0.0606 Mid: 0.0609 | 6 Open: 0.0605 Close: 0.0597 Mid: 0.0600 | 7 Open: 0.0596 Close: 0.0599 Mid: 0.0597 | 8 Open: 0.0598 Close: 0.0594 Mid: 0.0594 | 9 Open: 0.0594 Close: 0.0594 Mid: 0.0594 |
10 Open: 0.0594 Close: 0.0595 Mid: 0.0598 | 11 Open: 0.0595 Close: 0.0586 Mid: 0.0589 | 12 Open: 0.0586 Close: 0.0589 Mid: 0.0587 | 13 Open: 0.0587 Close: 0.0590 Mid: 0.0591 | 14 Open: 0.0589 Close: 0.0585 Mid: 0.0584 | 15 Open: 0.0584 Close: 0.0586 Mid: 0.0583 | 16 Open: 0.0586 Close: 0.0586 Mid: 0.0586 |
17 Open: 0.0586 Close: 0.0587 Mid: 0.0589 | 18 Open: 0.0587 Close: 0.0585 Mid: 0.0587 | 19 Open: 0.0584 Close: 0.0586 Mid: 0.0586 | 20 Open: 0.0586 Close: 0.0584 Mid: 0.0585 | 21 Open: 0.0584 Close: 0.0588 Mid: 0.0585 | 22 Open: 0.0587 Close: 0.0595 Mid: 0.0591 | 23 Open: 0.0595 Close: 0.0595 Mid: 0.0595 |
24 Open: 0.0595 Close: 0.0596 Mid: 0.0598 | 25 Open: 0.0596 Close: 0.0597 Mid: 0.0595 | 26 Open: 0.0596 Close: 0.0593 Mid: 0.0594 | 27 Open: 0.0593 Close: 0.0600 Mid: 0.0597 | 28 Open: 0.0599 Close: 0.0607 Mid: 0.0602 | 29 Open: 0.0607 Close: 0.0603 Mid: 0.0603 | 30 Open: 0.0603 Close: 0.0603 Mid: 0.0603 |
31 Open: 0.0603 Close: 0.0603 Mid: 0.0607 |
August - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0603 Close: 0.0607 Mid: 0.0606 | 2 Open: 0.0605 Close: 0.0595 Mid: 0.0602 | 3 Open: 0.0594 Close: 0.0597 Mid: 0.0597 | 4 Open: 0.0597 Close: 0.0603 Mid: 0.0598 | 5 Open: 0.0602 Close: 0.0596 Mid: 0.0597 | 6 Open: 0.0596 Close: 0.0596 Mid: 0.0597 | |
7 Open: 0.0596 Close: 0.0597 Mid: 0.0601 | 8 Open: 0.0597 Close: 0.0602 Mid: 0.0601 | 9 Open: 0.0602 Close: 0.0604 Mid: 0.0603 | 10 Open: 0.0603 Close: 0.0618 Mid: 0.0612 | 11 Open: 0.0617 Close: 0.0617 Mid: 0.0618 | 12 Open: 0.0616 Close: 0.0619 Mid: 0.0617 | 13 Open: 0.0619 Close: 0.0619 Mid: 0.0619 |
14 Open: 0.0619 Close: 0.0618 Mid: 0.0622 | 15 Open: 0.0618 Close: 0.0610 Mid: 0.0613 | 16 Open: 0.0610 Close: 0.0611 Mid: 0.0610 | 17 Open: 0.0611 Close: 0.0602 Mid: 0.0606 | 18 Open: 0.0601 Close: 0.0594 Mid: 0.0597 | 19 Open: 0.0593 Close: 0.0588 Mid: 0.0590 | 20 Open: 0.0588 Close: 0.0588 Mid: 0.0588 |
21 Open: 0.0588 Close: 0.0588 Mid: 0.0589 | 22 Open: 0.0588 Close: 0.0589 Mid: 0.0589 | 23 Open: 0.0588 Close: 0.0589 Mid: 0.0588 | 24 Open: 0.0589 Close: 0.0591 Mid: 0.0589 | 25 Open: 0.0591 Close: 0.0599 Mid: 0.0596 | 26 Open: 0.0598 Close: 0.0593 Mid: 0.0595 | 27 Open: 0.0593 Close: 0.0593 Mid: 0.0594 |
28 Open: 0.0593 Close: 0.0591 Mid: 0.0596 | 29 Open: 0.0591 Close: 0.0595 Mid: 0.0594 | 30 Open: 0.0594 Close: 0.0590 Mid: 0.0592 | 31 Open: 0.0589 Close: 0.0585 Mid: 0.0588 |
September - 2022
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 0.0584 Close: 0.0580 Mid: 0.0581 | 2 Open: 0.0579 Close: 0.0578 Mid: 0.0579 | 3 Open: 0.0578 Close: 0.0578 Mid: 0.0578 | ||||
4 Open: 0.0584 Close: 0.0579 Mid: 0.0584 | 5 Open: 0.0579 Close: 0.0583 Mid: 0.0581 | 6 Open: 0.0583 Close: 0.0579 Mid: 0.0582 | 7 Open: 0.0578 Close: 0.0580 Mid: 0.0576 | 8 Open: 0.0579 Close: 0.0573 Mid: 0.0576 | 9 Open: 0.0572 Close: 0.0578 Mid: 0.0577 | 10 Open: 0.0578 Close: 0.0578 Mid: 0.0578 |
11 Open: 0.0578 Close: 0.0581 Mid: 0.0580 | 12 Open: 0.0580 Close: 0.0586 Mid: 0.0583 | 13 Open: 0.0585 Close: 0.0574 Mid: 0.0582 | 14 Open: 0.0574 Close: 0.0573 Mid: 0.0574 | 15 Open: 0.0572 Close: 0.0570 Mid: 0.0571 | 16 Open: 0.0569 Close: 0.0569 Mid: 0.0568 | 17 Open: 0.0569 Close: 0.0569 Mid: 0.0572 |
18 Open: 0.0569 Close: 0.0568 Mid: 0.0570 | 19 Open: 0.0568 Close: 0.0567 Mid: 0.0565 | 20 Open: 0.0566 Close: 0.0566 Mid: 0.0566 | 21 Open: 0.0565 Close: 0.0564 Mid: 0.0565 | 22 Open: 0.0564 Close: 0.0570 Mid: 0.0568 | 23 Open: 0.0569 Close: 0.0558 Mid: 0.0562 | 24 Open: 0.0558 Close: 0.0558 Mid: 0.0559 |
25 Open: 0.0558 Close: 0.0558 Mid: 0.0561 | 26 Open: 0.0558 Close: 0.0555 Mid: 0.0556 | 27 Open: 0.0554 Close: 0.0556 Mid: 0.0556 | 28 Open: 0.0555 Close: 0.0561 Mid: 0.0555 | 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.