What is the “rate after fees” I see on my swap summary?

The “rate after fees” is the exchange rate we used to swap your currency, 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.