There’s two ways TransferWise can convert money for you. Either you can say:
1) “I have 50 GBP, turn it into the equivalent in EUR” - it's the default. We give you what the source currency is worth at the mid-market rate. As the mid-market rate is constantly fluctuating, it can mean a little more, or less than estimated arrives to the recipient.
2) Or “Guarantee 50EUR arrives to the recipient.” - to take into account mid-market rate fluctuations, then we ask for an additional buffer to allow for rate changes. It means we can always use the exact amount of currency needed to make the conversion. It's also refunded once we're all done with your order.
To set-up an order for a fixed amount, you can just type the desired amount in the «Receiver Gets» text box. «Receive a Specific Amount» should be ticked.
For specific amount orders, a few things change during the Payment Flow. It updates so you can enter in refund bank account details and the «You Send» amount would now increase to take into account the "rate buffer."
You can read more about the rate buffer here.
We’ve written more extensively about this feature on our blog - take a look, it's got pictures.
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