We use the Interbank/mid-market rate (or Xe.com rate) as a reference to set our rate. The mid-market rate is the benchmark used in global financial markets and is often considered the closest thing you can get to the fairest exchange rate possible (it’s based around a mid-point between prices offered by buyers and sellers of a currency.)
Want to know more about how FX markets work – read our blog on that here.
But hey, it’s only a benchmark. Everyone has to pay a small fee on top of it, even large financial institutions. This is why, from time to time, we’ll add a small surcharge to that rate (this is also called a spread); mostly zero or very close. This can be a touch more in times of poor liquidity (when currencies are in low supply), high volatility, or other circumstances that could harm the business. This will never ever be more than 2.5%.
That means that if the mid-market rate for GBP/EUR was 1.1200 (meaning £100 would buy you €112), with a 0.25% surcharge applied, the rate would then only be 1.1172 before any fees are added, thus buying you € 111.72 instead.
We will always show you the rate you’re getting (just tap the “View” button next to the swap on your dashboard) and if you want to find out what the mid-market exchange rate is at any time, websites such as www.xe.com provide very close approximations of the rates trading in the interbank market.
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