How does OFX determine the rate of exchange my business receives?
Our Customer Rate is the current market rate plus a small margin charged by OFX. The market rate, also known as the “interbank rate” or the “mid-market rate,” is the exchange rate used by large financial institutions such as banks. Generally, it isn’t available to consumers although it is used to benchmark the current value of currency globally.
Each OFX customer may get a different rate depending on the market rate, the amount you need to send, how often, and the currency you need. To see your customer rate, log in to you account or talk to an OFXpert. If you don’t have an account yet, sign up here.