The exchange rate is divided into spot and forward according to the period. The spot is the current exchange rate, and the forward means that the two parties agree on an exchange rate in the contract and will be executed at a time in the future. For example, the forward rate provided by some banks Futures foreign exchange transactions are similar to futures.

Because the euro cash is exchanged based on the banknote purchase price

and the traveler’s check exchange is based on the exchange purchase price

You can Check the Bank of China website. Generally speaking, the buying price of banknotes and the buying price of foreign exchange are different. The buying price of foreign exchange is generally about 0.2 higher than the buying price of banknotes.

There is no fee-free exchange place in China.