Types of Currency Rates

Using a currency broker to fix the exchange rates with the bank in advance. Consequently, consider using Forward Exchange Rate or Spot Exchange Rate.
Banks have moved their pace high with the increase in the number of transactions. Now in banks, You will find staffs that are proficient in English speaking and also are very familiar with assistance in international transfers. Forward Exchange Rate where banks charge on the money received in your account from the overseas banks. While at certain cases rates may be negotiable or the customer is charged a fixed rate

Different Types of Currency Rates

Before opting for any of the substantial sums you must check the rates. If you are thinking of purchasing any property and for that looks for large money for that, then you must go for investigation. In this, you can use a currency broker or you can also fix the exchange rates with the bank. In advance.
Generally, if a Tourist looks to exchange a traveller’s cheque against cash then they must check the exchange rates. This is because over the counter generally have a less beneficial rate for traveller’s cheques. While inter-bank transfer/exchange rates provide more.

There are many ways in which you can find the prices of exchange rates:

Spot Exchange Rate

1. Spot Exchange Rate – This is the exchange rate used. The real exchange rate for any currency at the current prices of the market. Mainly derived from the market called Foreign Exchange. Based on the flow of demand and supply of particular currency. As a result of this exchange rate used on a minute-by-minute basis of the exchange rate.

Forward Exchange Rate

2. Forward Exchange Rate – This exchange rate is based on the forward rate the currency will have in some fixed future time. Such exchange rate is generally fixed by business houses and banks. Which wants to reduce the risk of exchange rate uncertainty of the market.

Bi-lateral Exchange Rate

3. Bi-lateral Exchange Rate – Very simple in the calculation, This rate is based on the way in which you can trade one currency against the other one. For eg: Sterling/US Dollar.

4. Effective Exchange Rate Index (EER) – This exchange rate is calculated with sterling values’ weighted index with many international currencies. Then the proportion is determined based on the weights proportionate trade. Between the United Kingdom and each country

5. Real Exchange Rate – This exchange rate is calculated based on a ratio of the indices of domestic price between two countries. Thus, a rise in the rate of domestic real exchange indicates deterioration of competitiveness. In the international sphere for that country.

Effective Exchange Rate Index

Bank exchange rate is beneficial for all governments, companies and individual traders.
Manipulating exchange rates with large reserves of foreign currency. Allows governments to stabilise the foreign exchange rates to provide a more favourable economic environment. While the companies and individuals are benefited with international transactions.

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1 GBP = 1.12044 EUR

1 EUR = 0.8925 GBP

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