Why are exchange rates different at banks

Banks show different exchange rates because each bank adds its own margin on top of the mid-market rate to cover operational costs and earn profit. The rate you see on financial news sites is the interbank or mid-market rate, which banks use to trade with each other but rarely offer to retail customers. Banks differ from live FX rates by applying markups that vary by institution, transaction size, and customer relationship, which is why the same currency pair can have noticeably different rates across branches.

Platforms like Skydo offer more transparent pricing by working closer to the mid-market rate with clearly disclosed fees, helping exporters and freelancers receive international payments without hidden margins. This makes it easier to compare the true cost of currency conversion and choose a provider that maximizes what you actually receive in your account.