Best Pound to Dollar Exchange Rate Today: Achieve a money transfer rate just 60 pips away (a spread of 0.60%) from the live market rate, find out more below.
Live Market Rate: 1.373
Best Dollar Rate Today:
1.3647 on amounts of 5K-50K at Horizon Currency.
approx. 1.3675 on amounts over 50K at Horizon Currency.
Horizon Currency are transparent about their pricing and are offering a rate of 60 pips away from the live market rate on amounts over £5000 equivalent. However, this rate can be tightened for larger amounts as increased scale allows for tighter margins.
Key GBP/USD Statistics:
The best British Pound to US Dollar exchange rate of the year to date (past 365 days) was 1.4143 achieved on 25-02-2021.
Today's exchange rate is at 1.373, this is 2.92% off the best exchange rate of the past year-to-date.
The best British Pound to US Dollar rate of the last month (last 30 Days to date) was at 1.4001, today's conversion is 1.94% off that rate.
Why Independent Providers Offer the Best Exchange Rates
Those looking for the best exchange rates should be aware that banks subtract a 'spread' from the interbank market rate in order to derive profit.
A detailed study of international bank transfer costs by MoneyMover and Accourt - a consultancy service to the payments industry - has revealed customers have no access to the data used to determine the actual exchange rates delivered when making international payments.
“In general terms UK banks lack transparency on currency exchange rates and margins. Each bank generates its own FX rate for the day and it is provided by an internal system which customers do not have access to. In some instances the bank’s exchange rate is not even provided before confirming the payment so it is unknown to the customer how much is going to be charged for the transaction,” noted Accourt.
Accourt conducted research into the top six UK banks with the aim of extracting the true cost of making international payments by adding the fee to the amount they earned from the profit made on the exchange rate they received and the exchange rate they offered. The results were published in Accourt's second annual Currency Risk Outlook 2015 report.
The above table is summary of the costs of one set of findings on a transfer of £50000, studies were also conducted on transfer amounts for £10K and £100K.
Accourt advises customers to explore alternative options that may provide more straight-forward and cost-effective options for transferring money internationally.
What our tool does is arrive at the retail exchange rates that are available to consumers after spreads have been taken - the rates are of course indicative due to the fluid nature of the FX markets and hence why you should double-check the rate on offer in your own bank account against the quote provided by independent providers.
The higher the spread charged, the less currency you get, in fact using independent providers can save in the region of 4-5%.