We derive income from the difference (the spread) between the prices we bid to buy and offer to sell foreign currency. Our spreads may differ from time to time across currencies and can widen (without prior notice) due to volatile market conditions for example. The spread is reflected in the price we quote for the Requested Currency of the GMT you request. The price of any Local FX Conversion Transaction will also include a spread charged by the relevant Intermediary or Recipient Bank.