An exchange rate determines the price at which one currency will be exchanged for another and has an impact on international trade and international transfers. Depending on the supply and demand for the currency, the rate may increase or decrease.
Every transaction you make will be subject to a charge or spread added by each supplier. The rate you see online is the one that the market has decided is appropriate at the moment, taking into account a number of variables like economic data, the GDP, interest rates, unemployment rates, and political unpredictability.
Providers like Freemarket try to change this because we believe everyone deserves to be free from cost and pricing restrictions. Occasionally, only large businesses and institutions had access to the best rates.