Full Explanation
The mid-market rate is the true, neutral exchange rate between two currencies at any given moment. It's the average of the bid and ask prices. It's called "mid-market" because it's in the middle of the market rates. When you see FX rates quoted by Google or OANDA, those are mid-market rates. However, banks and payment providers always add a margin on top of mid-market rates to profit from the transaction.
Frequently Asked Questions
Banks typically add 1-2%. Digital providers like Woalet add 0.3-0.8% for most pairs.
Google, OANDA, XE, and most financial websites show mid-market rates.
Yes, always check mid-market rate first, then see what markup a provider adds.
Mid-market changes constantly. Check the rate right before confirming your transfer.