I live in the UK and a friend of mine lives in the USA.
They sent me $100 however when it's come through I've received £75.20 which only equates $95.69. It's a very minimal difference so I don't mind but I am confused as to why the totals don't add up when he already stated he had to pay an additional fee to make the payment.
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Our exchange rates are updated every day. If you receive money in a different currency, currency conversion is applied. The currency conversion will be completed at a retail foreign exchange rate, which is adjusted regularly based on market conditions and may differ from the rates that you may see in the media. This rate includes a small conversion fee.