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Mid Market Rate in Currency Exchange

Thargor · 2011-04-18 20:50:37

I was asking my broker today and they say they don't charge a premium on currency conversions, its just the straight Mid Market Rate for the day, but I know Im still "losing" money when I buy a UK share in Euro then sell it and it automatically converts back to Euro. I have a vague idea of what it is, you can practically…

18-04-2011 8:50pm

#1

Thargor

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I was asking my broker today and they say they don't charge a premium on currency conversions, its just the straight Mid Market Rate for the day, but I know Im still "losing" money when I buy a UK share in Euro then sell it and it automatically converts back to Euro. I have a vague idea of what it is, you can practically work it out from the name but what is the mid-market rate exactly? how do you work out how much you "lose".

It barely matters seeing as I only do 3-4 trades a year but it bothers me. If my brokers site is telling me my holding is worth 100k Sterling right now, Xe.com and Google both say that works out at 114,248 Euro, is that what Id get or is that before the mid-market rate is applied.

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