I've been left wondering how the Mondo/Mastercard rate actually works: yes they pick some rate based on X, Y and Z, but how does this interact with the market described in the post?
I suspect not very much at all, at least for major currencies, as Mastercard has people buying $ for £ in the UK, and £ for $ in the US, so they only need to go onto the market for the imbalance, allowing an "incredibly good" rate, when they're not exchanging much on the open market at all...
I suspect not very much at all, at least for major currencies, as Mastercard has people buying $ for £ in the UK, and £ for $ in the US, so they only need to go onto the market for the imbalance, allowing an "incredibly good" rate, when they're not exchanging much on the open market at all...