There is always some cost associated with buying foreign currency. It’s called a currency spread, and it is what we pay every time we shop abroad or in foreign online stores. If we look at data from the Central Bank of Iceland, these currency markups rake in billions in revenue for the banks every single year.
While the traditional banks charge between 2.5% – 3.0%, indó only charges 0.7%. We always encourage indóans to do a price comparison, but make sure you look closely at the banks' card exchange rate or selling rate. The "general exchange rate" banks display on their websites is not the rate you actually get when buying, say, a pair of shoes in Paris.
We think it's absolute nonsense to charge more than what is actually needed to process a transaction through VISA. That’s why our currency markup is just 0.70%—giving you by far the lowest currency markup with indó.
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