How do you work out exchange rate?

Answer 1

...to get a very close approximation of real exchange rates you would pay Or if you will be purchasing from a local bank, find out from the bank's website what their exchange rates are.

There are 5 major types of rates: TT (electronic Teller Transaction?), Notes, Sight Bill, Checks/Cheque, Draft. The 3 most commonly used are TT, Notes, and Cheques. TT is the electronic rate that you receive at the ATM, swift/wire transfer, or when using credit/debit card transaction.

Notes are physical Fiat currency bills, such as physical USD, GBP, AUD, etc that you use to pay at the store. There may be different rates for different denominations. Usually larger denominations get a better exchange rate: USD $100 and $50 bills will get a better exchange rate than $10 or $5 bill.

Cheques may refer to Traveler's Cheques, (AMEX), but could also refer to cheques issued from any bank. So check the specific bank description to be sure. Generally speaking, traveler's cheques get a better rate, but there are fees to cash them (usually 1%) which offset the better rate. Use the largest Traveler's Cheque denomination possible to get the best exchange rate.

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I may update later to explain about the other 2 types.