Originally Posted by MikeOReilly
I've seen this mentioned by others (well, one other responder), but wouldn't it be a case of outright fraud? Not saying you're wrong, b/c g-d knows I'm sure these banks will always do what they can to squeeze as much $$ out of us as possible. But I would think this would be a relatively easy thing to show, and would quickly result in law suits or even a class action.
Any class action lawyers reading this?
No, it's not. Just like trading stocks, any given price throughout the day will vary depending on how much you have to trade and the counterparty at the moment of the trade. Further, the traders themselves bid or ask to make a profit and must do so. Otherwise, there is no one out there to effect the exchange and take risk holding inventory.
Further, have you ever tried to exchange in the airport, at the hotel, in the restaurant. All widely different exchange rates.