Exchange rate calculation

currencies-2Well, remember that a few days ago we at doitinvest were complaining about the different methods of converting various currencies one to another?
The story is not over. We at doitinvest.com continued the research. For Europe, it would look normal not to search exchange rates over google finance or yahoo finance as we did, but on a serious European site. And what more authoritative source can one use for the exchange rate statistics than the European Central Bank (ECB) site?
If you read our previous forex investing blogs, you might know the answer already. Yes, the exchange rates for various Eastern Europe currencies quoted on ECB do NOT fit with those quoted by the national banks. In fact they are as different as those quoted by the google or yahoo finance, AND different from those too. Yes gentlemen it is a mess. It is like every financial institution in Europe calculates a different official exchange rate to euro. And these are public quoted sources!
Should we revert to the online streaming quotes? Well, if you don’t do forex transactions as a living these tools are TOO sophisticated for current use. In our opinion, it is like buying a Mercedes to drive your kids to the playground, and they are costly too. So, any opinions from our readers on what could we use?

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