![]() The USD in a currency pair with any of the others is known as a major currency pair. dollar (USD), Euro (EUR), Japanese yen (JPY), British pound (GBP), Australian dollar (AUD), Canadian dollar (CAD), and the Swiss franc (CHF). Major Currencies-This refers to a short list of the most traded currencies, which generally stay the same year-to-year. Interbank (bank-to-bank) Rate-This is the wholesale exchange rate that banks use between themselves. The first currency in a currency pair is called the base currency, while the second is called the quote currency. A pip is sometimes called a point.Ĭurrency Pair-A quote of the relative value of one currency unit against another currency unit. For example, 3 pips are the difference between the currency quote of EUR/USD 1.2800/1.2803. Pip-A pip is the smallest unit of value in a bid-ask spread. Some call this profit a fee or commission. As financial middlemen, most will set exchange rates of their own at bid-ask spreads that return a percentage as profit for doing business. Real-world currency exchanges with brokers, banks, or businesses typically do not follow precise market rates. Theoretically, buyers want the smallest possible spreads, while sellers want the highest spreads. The forex is able to facilitate the receipt or payment of units of currency that are equal in value.īid Price-The price that a buyer is willing to pay for a unit of currency.Īsk Price-The price that a seller is willing to accept for a unit of currency.īid-Ask Spread-The difference between the bid and ask price. This market is a necessity because one unit of currency very rarely equals exactly one unit of another currency. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.Below is a short list of some of the important terms pertinent to foreign currency exchange.Įxchange Rate-The value of one currency expressed in terms of another.įorex-The foreign exchange market (forex) is a global, decentralized, over-the-counter market for the trading of currencies and is the largest market in the world (followed by the credit market). PrePay Technologies Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900010) for the issuing of electronic money and payment instruments. Sainsbury's Bank Travel Money Card™ is issued by PrePay Technologies Limited pursuant to license by Mastercard International. You need to tell us your Nectar card number at the time of your transaction. Exchange rates may vary depending on whether you buy instore, online or by phone. Excludes travel money card home delivery orders and online reloads. **Nectar members receive better exchange rates on single purchase transactions of all available foreign currencies. A valid telephone number is required for home delivery. All home delivery orders are sent via Royal Mail Special Delivery, unless we advise you otherwise, to your billing address, and a signature will be required upon delivery. The delivery day quoted is dependent on the order day being a working day if one of those days is a public holiday then additional day(s) will be added accordingly. The minimum order for home delivery is £100. Delivery is free on all cash orders £400 or more (£4.99 for orders between £100 and £399.99). Highlands and Islands (including Channel Islands) are not guaranteed next day delivery. Please note that whilst Royal Mail make every effort to delivery on schedule, we cannot guarantee this as it is beyond our control. For next day delivery your order needs to be confirmed before 1.30pm (Mon- Fri). *You can order currency for a secure home delivery by 1pm on the day of your choice by Royal Mail (Mon- Sat). 12 Month Low Balance Transfer Fee Credit Card. ![]()
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