If you are travelling to another country and want to exchange currencies at your bank before departing,you will be quoted the spot rate since you are exchanging on the spot.

Question

Quizplus · Accepted Answer

The spot rate is typically used for large financial transactions between banks and financial institutions, not for individual currency exchanges at a bank. Individuals are usually quoted a retail exchange rate, which includes a markup over the spot rate.

If You Are Travelling to Another Country and Want to Exchange