Euro exchange rate (EUR/CHF): on January 15, 2015, at 9:30 a.m. To make things even more complicated the bank's exchange rate might be based on a rate that is a day or so old and that can vary from the most recent rate you look up online which might make the difference look larger or smaller. In this inaugural JPMorgan Chase Institute report on financial markets, we examined three recent events that had major impacts on foreign exchange (FX) markets: The decision by the Swiss National Bank (SNB) to remove their floor on the Swiss Franc vs. Most larger cities also usually have foreign exchange stores whose sole business is exchanging money but these businesses generally charge as much or more than the banks charge for customers. Additionally, if you don't have an account at the bank they might also charge a service fee on top of that. Most major banks typically charge a 5% to 10% premium between the spot rate and what they'd buy or sell. However a bank or other third party providing actual currency exchange has to make a profit in order to provide that service. On the exchanges this difference will be pretty small, sometimes a fraction of a percent. And there is always a difference between the latest offer to sell and the latest bid to buy. Rates fluctuate on exchanges continuously all during the hours those exchanges are open. That rate is typically called the spot rate or the spot market close.
The rates quoted in the paper will be the most recent "closing" rate on foreign currency on a specific exchange - in other words the rate of the last actual transaction on that exchange on a given day.
You can phone around to different banks to find the best exchange rate, but you probably won't find a rate that is more favorable enough to make it worthwhile to spend time and effort on this unless you have a huge amount of currency to exchange.
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