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There are different types of exchange rates between various types of currencies, like indirect quotation and direct quotation through bank selling rate, bank buying rate and average rate.
The exchange rate can use for the functions like; valuation, conversion, currency translation.
Holidaymakers are at the mercy of a currency postcode lottery with big name travel money suppliers offering different exchange rates based on location.The consumer group found 'significant' variations in the amount of euros it was offered for a ?500 exchange between branches of the same provider across ten locations in the UK on a single day in March. There are standard quotations to calculate exchange rates such as direct and indirect quotation.

At the Post Office - the country's biggest currency provider - Its researchers were offered a best deal of €578.50 in London and Glasgow, and a lowest rate of €565 in Birmingham, Haverfordwest and Sheffield. Usually exchange rate configuration is required, when the company is having business transactions in various currencies. We can also maintain our own currency pair for the calculation using transaction code ONOT.
Exchange rate is a way to calculate the differences between local currency and transaction currency.

Mr Lloyd added: ‘While we understand that local competition may play a part in the rates set, it is unfair that people are missing out on the best currency exchange rates just because of where they live.

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16.03.2015 | Author: admin

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