Foreign exchange and live rates

Take a look at live market exchange rates and follow the latest FX news.

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What is foreign exchange?

The United Nations recognises around 180 different currencies that can be used to buy and sell goods and services around the world. Exchanging one currency for another so as to buy, sell or settle debts in a foreign country is perhaps the simplest definition of foreign exchange. 

Foreign exchange markets can move quickly and unpredictably. Speaking to a WorldFirst relationship manager could provide you with more flexibility and a better understanding as to when to make an exchange or purchase.

What is the interbank rate?

The interbank rate is the rate at which one bank may be prepared to sell US dollars to another bank in exchange for Japanese yen. This rate is much like a wholesale rate and is unobtainable to the general public unless they are exchanging an amount of more than £50m.

The banks make money like any wholesaler in any other industry – they buy at one rate and sell it on at another and the difference in between is known as a ‘spread’.

Live market exchange rates

These are interbank rates. They show where the market is currently trading and aren’t indicative of the currency rates we can offer.
For available rates and more currencies, log in to your online account or contact us.

Products and services from WorldFirst

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Spot contracts

A spot contract is one that must be settled within two working days of the ‘trade’, or payment.

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Firm orders

If you’ve got a target exchange rate in mind we’ll watch the markets for you. When the rate hits the level you want we’ll act immediately.

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Frequently asked questions

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