A fair exchange comparison cannot rely only on the advertised fee or headline rate. Compare the final amount paid, provider rate, every charge and actual amount received for the same source amount.
What is the exchange-rate spread?
The difference between a customer rate and a mid-market reference can create an embedded cost. A service advertised as fee-free can still deliver less money through its spread.
Common cost components
Costs can include a fixed fee, percentage charge, card-network conversion fee, ATM operator fee, intermediary-bank fee and recipient-bank charge. Different funding and settlement methods produce different combinations.
How to compare fairly
Use the same source amount, target currency and similar processing time, then record the final paid and received amounts. Do not treat a reference rate as a guaranteed provider quote or compare only one promotional number.