The ECB rate is the foreign exchange reference rate published by the European Central Bank. The bank sets out the exchange rate for European currencies against the euro (EUR) at 16:00 Central European time, every working day.
The European Central Bank wants to make it easier for consumers to compare the different exchange rates being offered by different banks and financial institutions. While TransferWise is always transparent about the fees we charge, some banks and financial institutions hide their fees by marking up their exchange rates.
Now all banks and financial institutions have to show how much they mark up the exchange rate by showing their card conversion fees against the ECB rate — helping you make the best choice in the bank or financial institution you want to use.
Right now, the ECB rate is only used in card conversion fees for currencies within the European Economic Area (EEA) and UK against the euro.
You can find the ECB rate on our pricing page under the Spending with the card tab.
At TransferWise, we will always use the real exchange rate, or mid-market rate.
Unlike the ECB rate, which is only updated once per day, the real exchange rate can move up or down throughout the day. If the real exchange rate drops below the ECB rate for that day, our fees may show as a negative percentage over the ECB rate.