That's a hideous rate. It never ceases to amaze me that currency converters of all stripes manage to pull the wool over so many people with claims of "no fee" and then charge a rate like that.

Unless you are a bank, no business is going to offer you the interbank rate for currency conversion. To do so would be a big money-loser. So whenever you see a claim of no fee, be doubly careful about checking against the market rates.