The “effective rate” is the mid-market exchange rate at which your currency was swapped, minus any swap fees.
For example, say you swapped £1,000 into Euros at a mid-market exchange rate of 1.1720, and were charged 1%.
Our swap fees would then be €11.72 (1% of €1,172), leaving you with €1,160.78 to spend.
This means that, after fees, you got €1,160.78 for your £1,000, which would be an effective exchange rate of 1.1608.
The rate that other currency providers quote will only ever be the equivalent of our “effective rate” - not the real, mid-market exchange rate or their fees - so it can be difficult to work out just how much you’re being charged. That’s why we show you the real exchange rate, all our fees and the resulting effective rate, so you know exactly what you’re getting.
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