What is the Market Rate?

The Market Rate, also known as the “interbank rate” or the “mid-market rate,” is the midpoint between the price to buy one currency and sell another currency in the foreign exchange market. It is essentially a ‘wholesale’ rate, available only to large financial institutions or those who purchase large volumes of currency. Generally, consumers wishing to exchange currency will not be offered the Market Rate, but instead will be provided with a Customer Rate. 

If you book a transfer with OFX, your exchange rate will not be equal to the current market rate. We do, however, encourage our customers to check the Market Rate when considering a currency exchange transfer. Understanding the current Market Rate will help you determine if you are receiving a competitive rate. View the live market rates to see what rate we can offer you on a currency exchange transfer with OFX, please log in to your OFX account. If you do not have an OFX account, register now.