Bank Spread on Sterling Exchgange

[Slim]

I withdrew some sterling in UK at the weekend. £100 equated to €121.55. This was consistent with what my bank, NIB, wanted to charge me on Thursday. THe rate on Friday - Monday was about 85p on the markets. The rate I was charged equates to 82.27p/€. Is this margin of about 3p normal for any bank?

Slim

 

[Protocol]

Yes, at least 2p is a normal retail spread. Maybe 2.5p, even up to 3p.


Our CU offer 3 rates, the worst for 0-2999 stg, better for 3k+, better again for 10k+.

Buying 10k+ on a draft should mean maybe a 1p spread.