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.