This is one of the most common foreign currency exchange questions out there and it is easy to understand why. The rates posted online and in newspapers is what is called the interbank rate.
The currency market is a decentralized market where there isn't one exchange where every foreign currency exchange trade is recorded. Instead, each market maker records its own transactions and keeps it as proprietary information. The primary market makers who make bid-and-ask spreads in the currency market are the largest banks in the world. They deal with each other constantly, which is why the market on which banks conduct transactions is called the interbank market. This market contains deals done in the millions and billions of dollars and is not done in a public forum for others to participate in.
This means there is no central entity that governs currency exchange rates. The interbank market is a credit-approved system where banks trade based on the credit relationship they share with each other. The larger the forex retail, the more favorable pricing it can get from the interbank market.
CXI is unique in that it is a net buyer of foreign currency. The company-owned branches provide an influx of foreign currency that it can, in turn, make available for sale through its wholesale network relationships. This synergy effectively allows CXI to minimize the currency costs of buying and selling on the interbank market, affording CXI the ability to offer its customers and clients extremely competitive rates while providing its Best Rate Guarantee*.