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This is the mid-market rate
The figure quoted here sits halfway between what buyers and sellers are paying wholesale. It is the number you see in the news, and it is not the number you get at a counter — banks and exchange desks price above it and keep the difference.
The spread is the real cost
A booth advertising "no commission" still makes money, by quoting a rate worse than the market. Compare the total you actually receive rather than the fee: a two or three per cent gap is common at airports and easy to miss when there is no explicit charge.
Rates move all day
This uses the latest available reference rate, refreshed daily. For a small transfer that is close enough; for a large one, the rate at the moment your transaction settles is what will apply, and it may differ from what you see here.
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Frequently asked questions
Q. Why is the rate at my bank worse than this?
Because the bank buys at one price and sells at another, and keeps the gap. The mid-market rate shown here is the midpoint between those two, so any real transaction lands on one side of it.
Q. How often is this updated?
Once a day from the reference source. Currencies trade continuously, so intra-day moves are not reflected — for volatile pairs the difference over a few hours can be visible.
Q. Can I use this for tax or accounting?
Check what your tax authority requires first. Many mandate a specific official rate for a specific date, which will not always match a commercial reference feed.