Regular money transfer providers do use this rate, usually when they trade between themselves. Unfortunately it's not the rate they pass onto you. It's one of the ways they can hide the true amount they're charging.
Here are the tricks to look out for when converting your money:
Misleading pricing - You'll see an offer for a '0% fee', 'zero commission' or 'our best rates'*.
A set 'day rate' - Most providers take the mid-market rate, and apply a margin on top, without being transparent. So you have no idea how much they're over charging you by.
An unfair deal on your currency - By hiding the real charge in the exchange rate offered, most providers make huge profits at your expense, and you're none the wiser.
* and also loads of small print
Well, if you've ever sent money abroad, or converted your currency at an airport, then you've been unfairly overcharged. Since the real charge is hidden in the rate, most providers can charge prices that no one would accept otherwise.
Just take a look at this example to see how much we're talking:
So without you even knowing, you got secretly charged €60. That’s just not right.