The rate you see on Google or in the media is the interbank rate: it is never the one applied at a bureau de change counter. Here is how to read the gap and compare properly before exchanging your currency.
The interbank rate: a benchmark, not a selling price
When you type "1 dollar in euros" into a search engine, the figure displayed corresponds to the interbank rate (also called the market rate or "mid-market rate"). It is the price at which major banks exchange currencies with one another, in large volumes and instantaneously, on the global foreign exchange market. It fluctuates constantly, sometimes several times per second.
This rate is a useful benchmark, but it is not a price at which an individual can actually buy or sell their banknotes. No one, as a private individual, exchanges €200 at the pure interbank rate: it would be like trying to buy a bottle of wine at the producer's ex-cellar price. Between the wholesale market and your wallet, there is always an intermediary who bears costs.
The counter rate: the real price you pay
The counter rate is the one displayed by the bureau de change for retail, cash transactions. It factors in the constraints specific to the business: physically sourcing banknotes in more than 53 currencies, secure transport, storage, insurance, tying up cash in sometimes rare denominations, and hedging the risk of fluctuation between the moment the bureau buys a currency and the moment it sells it.
These costs explain why the counter rate differs slightly from the interbank rate. At Paris Change, these rates are indicative counter rates, recalculated every day and liable to change depending on the market. You can check our rates of the day at any time before coming in or booking online.
Understanding the buy/sell gap (the "spread")
A bureau de change actually displays two rates for each currency:
- The buy rate: the price at which the bureau buys your currency from you (for example, you come back from the United States with leftover dollars).
- The sell rate: the price at which the bureau sells you currency (you are going on a trip and need banknotes).
The difference between these two rates is called the spread, or buy/sell gap. The interbank rate sits somewhere in the middle of this range. It is this spread that pays for the service, not a "commission" charged on top: at Paris Change, currency exchange is done commission-free, the cost of the service already being built into the displayed rate.
This distinction is essential for honestly comparing two bureaus. An establishment that advertises "0% commission" but applies a very wide spread can work out more expensive than another that is transparent about its rates. The only reliable indicator remains the net amount you actually receive, currency in hand.
How to compare wisely before exchanging
To avoid mistakes, always think in terms of the final result rather than a theoretical percentage:
- Note the interbank rate of the day as a reference point, without expecting the impossible from it.
- Ask for the counter rate applicable to your direction of operation (buying or selling): that is what counts, not the mid-market rate.
- Check that there are no hidden fees: commission, fixed charges per transaction, or a minimum transaction amount.
- Calculate the net amount received for the exact sum you want to exchange, then compare this figure from one establishment to the next.
- Be wary of "too good" rates displayed in airport windows or very touristy areas, often reserved for large amounts or subject to conditions.
Booking online with in-store pickup is another way to secure your transaction: you lock in the calculation in advance and avoid waiting at the counter.
Why this transparency matters particularly in Paris
In Paris, the areas around monuments and train stations are packed with very uneven exchange points. Paris Change is a bureau de change approved by the ACPR (Autorité de contrôle prudentiel et de résolution, attached to the Banque de France), which imposes a strict regulatory framework and the clear display of rates. Our single shop is located at 4 Boulevard Saint-Michel, 75005 Paris, in the heart of the Latin Quarter, directly accessible via the Saint-Michel metro (line 4) and the RER B and C (Saint-Michel–Notre-Dame). It is open 7 days a week, Monday to Saturday from 9:00 a.m. to 8:00 p.m. and Sunday from 10:00 a.m. to 7:30 p.m.: an unusually wide range of hours in Paris, very handy when preparing a last-minute departure.
One last regulatory point worth knowing: above €10,000 (or the equivalent in foreign currency) in cash carried into or out of the European Union, a customs declaration is mandatory. This has nothing to do with the exchange itself, but it is useful to anticipate if you are travelling with large sums.
Frequently asked questions
Why isn't the rate shown on Google the one at the bureau de change?
Because Google displays the interbank rate, reserved for exchanges between banks in large volumes. The counter rate, applied for retail banknotes, factors in the costs of sourcing, storage and risk hedging, which creates a slight gap.
With no commission, how does the bureau de change earn money?
The service is paid for through the buy/sell gap (the spread), already built into the displayed rate. "Commission-free" means that no additional fee is added to the rate: the amount announced is the one you actually receive.
How can I be sure I'm comparing two offers correctly?
Don't compare the advertised percentages but the net amount obtained for the exact sum you want to exchange, taking into account the direction of the operation and any fixed fees.
Before exchanging your currency, check our rates of the day and book online for a quick pickup at 4 Boulevard Saint-Michel, open 7 days a week.
