Swift code: International three-letter code for a currency, that is used in official payments transaction. It is EUR for euro. European Central bank (ECB)  publishes the most important exchange rates outside euro area (European states using euro as their currency) every day at their homepage Banks and companies practising currency exchange, rates their exchange rates by utilising ECB's rates. Average rate: Exchange rate by ECB Cash rate: Exchange rates for money (tourists' cash) Commercial transactions: These are used in transactions between companies and in bank giros (bank transfers). Buying rate tells at which price the bank is buying currency (from you). Selling price tells at which price the bank sells currency (for you). Exchange rates are informed in indirect quotation or in direct quotation.  In indirect quotation, it is informed, how much one euro is in other currency. In direct quotation, it is informed the value of one currency in euros.   Exchange rates are different among exchange companies as their are collecting profit from their sales. Furthermore, you usually have to pay some fixed fee for an exchange. The fee is ever fixed amount of cash (e.g. 3.70 euros/exchange) or some percentage of the amount exchanged (e.g. 1.3% of exchanged cash).