All exchanges on TransferWise are done using what we call the real rate. This is the mid-market rate (sometimes also called the interbank rate or spot rate) used in global financial markets.
The mid-market rate is the rate that is between the BUY and SELL rates you usually see, it is the rate that is used in the global financial markets. Most banks and brokers hide this from you by marking it up significantly - to their own benefit. We apply the mid-market rate at the time of matching, i.e. after we have received your deposit and activated the payment for conversion.
The rates used in TransferWise are aggregated from a number of markets and updated regularly through the day. You can check against finance.yahoo.com, xe.com or oanda.com to confirm that the rate used on TransferWise is close to the current market rate.
You'll easily see the difference by entering the sum into our currency calculator «COMPARE CURRENCY EXCHANGE» and see High Street Bank Rate / Service fee, or use our Wire Transfer Comparison Chart.
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