Reply to post: Re: The remaining £93,540.99...

It's not chicken feed: Million-dollar meal deal for livestock sabotaged by hackers... and, er, exchange rates

Anonymous Coward
Anonymous Coward

Re: The remaining £93,540.99...

“So, Ecobank gets a free £94k for being weasels with the exchange rate?”

Assuming Ecobank has just used market rates and a small transaction fee, why should Ecobank accept a customers risk of exchange rate fluctuations when the exchange rates are not set by Ecobank?

Put another way, if I give you US$100 today in exchange for £78 today because you were travelling to the US, would you give me US$100 in exchange for £78 in two weeks when you return? Even if my £78 was only worth US$95 and you need to purchase the US$?

Or are you feeling generous? Banks may be filled with weasels but they stick around long enough to do business. “Generous” banks tend to be exploited until they fail.

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