Bank of England offers a convenient way to buy a multitude of different currencies. However, foreign exchange rates represent a major pricing point and there is often little clarity around them. We researched Bank of England’s travel money exchange rates to provide you a table showcasing their currency rate spread. Hopefully we can help you save money on your holidays.
Bank of England exchange rates: Information and tips
Know the latest interbank exchange rate for your currency pairs
Bank Of England Exchange Old Notes
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Bank Of England Currency Converter
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The interbank rate (also called mid-market rate) is the midpoint between the buy price and sell price of two currencies on the currency markets. Bank of England does not offer the interbank rate but instead adds a margin to it, which makes the foreign currency transaction more expensive for you. Before using Bank of England for your travel money needs, make sure to know the current interbank exchange rate. That way, you’ll be able to calculate FX losses on the currency conversion. You can find the latest interbank rates using our currency converter.
How to calculate exchange rate loss
Here’s what you need to do in order to determine how much Bank of England’s travel money exchange rate spread is going to cost you:
- Find the current interbank rate for your currencies using our currency converter
- Multiply your original amount by the current interbank rate
- Multiply your original amount by the exchange rate Bank of England offers
- Subtract the first amount from the second amount
- This is the amount you’ll lose through currency conversion with Bank of England
Order your currency online and in advance
England Exchange Game
Ordering your foreign currency before your trip allows you to compare with rates and fees of other providers. Ordering it online also is usually much cheaper than buying currency at the airport or on arrival to your holiday destination. Make sure to always compare exchange rates before finalising an order.
England Exchange Game
For the best exchange rates, we highly recommend TransferWise. Enjoy your first transfer for free on transfers up to £500.
England Exchange Guide
Bank of England exchange rate research
New England Exchange
The exchange rate spreads below are for ordering foreign currency online. Rates on other services might differ. Those exchange rate margins are indicative at the time of research. Use the Bank of England currency converter or visit the nearest branch to get the latest rates.
|Currency||ISO Code||Exchange Rate||Mid-Market Rate||Exchange Rate Margin / Loss|
|Hong Kong Dollar||HKD||10.1673||10.14132||-0.26%|
|New Zealand Dollar||NZD||1.9536||1.949||-0.24%|
|South African Rand||ZAR||18.8205||18.54819||-1.47%|
|South Korean Won||KRW||1462.3||1449.26962||-0.90%|