What is the market rate or interbank rate?

Foreign currency values fluctuate not just on a daily basis, but down to the second. When OFX uses the term ‘Market Rate’, we are referring to the Interbank Rate--the rate that banks use when they trade currencies with each other.

The Interbank Rate changes minute by minute. When a bank publishes their buy/sell rate for a currency pair (usually updated daily), they often add a margin of up to 5% on the Interbank Rate to hedge their risk. At OFX, by not publishing a firm daily rate, we can adapt to minute by minute changes in the market, and that allows us to make your transfer at a substantially lower margin.


Our rate alerts display Market Rates and is not indicative of OFX Customer Rates. Simply register or log in for OFX Customer Rates.

What is the difference between the market rate and the customer rate?

If you have any questions that aren't answered in our FAQs, feel free to ask us here.

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