It a bit disingenuous. First, no, there isn't "only one exchange rate", there's whatever you can buy or sell your currency for at a given point in time. As wit

It a bit disingenuous. First, no, there isn't "only one exchange rate", there's whatever you can buy or sell your currency for at a given point in time. As with so many other things in life, in banking or others, a regular person can't get access to the same prices as a professional who trades in bulk. Second, erhm Floyds (http://www.lloydstsb.com/travel_main_page.asp http://www.lloydstsb.com/travel_main_page.asp) doesn't claim that they're not making a profit, they claim that they're not charging a commission. Which they don't. The fact that you can prime a low-end customer support person to say "profit" instead of "commission" doesn't change that fact. Which boils down to: Pay attention to the spread you're getting. Like most other services provided by retail banks, you're probably not getting the best deal out there.