Banks, brokers, bureaux de change all have their ‘own’ exchange rates, usually much higher than the mid-market rate. Often, that’s because it includes a ‘spread’ which allows providers to hide the money they make on international payments. But people often Google what the exchange rate is, to have an estimate of how much their recipient will receive, and it leads to a nasty surprise when the expectation is much more favourable than the reality. We’re calling on the industry to stop hiding spreads in inflated exchange rates. If they use a different exchange rate, it should be compared to the mid-market rate so the spread can be communicated as a cost.