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Forex rate – banking buying rate & bank selling rate

This topic has 1 reply, 2 voices, and was last updated 13 years ago by John Moffat.

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May 24, 2011 at 6:44 am #48582
Anonymous
Inactive
- Topics: 1
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is it ture that in a forex rate, it is always the higher rate as bank selling rate, and a lower rate as bank buying rate?
eg. for a home currency as GBP, if Spot rate is USD/GBP (1.5645, 1.5701), is 1.5645 as bank buying rate which is bank buy USD from you, and 1.5701 is bank selling rate, which is bank selling you at this rate?
thanks,
May 29, 2011 at 6:31 pm #82233
John Moffat
Keymaster
- Topics: 57
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No – it is the other way round.
The lower rate is the rate you will use to buy USD from the bank (the banks selling rate) and the higher rate is the rate you will use to sell USD to the bak (the banks buying rate)
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