Editing Exchange rate (section)

==The retail exchange market==
{{Expand section|date=February 2021}}
[[File:EUR-USD exchange rate.webp|thumb|upright=1.5|[[Euro|EUR]]/[[United States dollar|USD]] exchange rate]]Currency for international travel and cross-border payments is predominantly purchased from banks, foreign exchange brokerages and various forms of [[bureaux de change]].{{Citation needed|reason=Factual claims like this require specific references|date=January 2021}} These retail outlets source currency from the interbank markets, which are valued by the [[Bank for International Settlements]] at US$5.3 trillion per day.<ref>{{cite web |url=http://www.bis.org/publ/rpfx13fx.pdf|title=Triennial Central Bank Survey: Foreign (other countries) exchange turnover in April 2013 : preliminary global results : Monetary and Economic Department|website=Bis.org|access-date=23 December 2017}}</ref> The purchase is made at the [[spot contract]] rate. Retail customers will be charged, in the form of commission or otherwise, to cover the provider's costs and generate a profit. One form of charge is the use of an exchange rate that is less favourable than the wholesale spot rate.<ref name=Peters>{{cite news |last1=Peters |first1=Will |title=Find the Best British Pound to Euro Exchange Rate |url=https://www.poundsterlinglive.com/best-exchange-rates/convert/best-pound-to-euro-exchange-rate|access-date=21 March 2015|publisher=Pound Sterling Live}}</ref> The difference between retail buying and selling prices is referred to as the [[bid–ask spread]].