What is the market rate or interbank rate?
The market rate, also known as the “interbank rate” or the “mid-market rate,” is used primarily by consumers for informational purposes or as a benchmark. It is essentially a ‘wholesale’ rate that is 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 ‘retail’ rate. Similar to the sale of goods and services, the retail rate typically is the market rate plus a mark-up added by the provider.
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 market rates 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.
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 market rates 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.
More General & Other FAQs
- I do not have a mobile number. What alternatives do I have?
- How do I add a new currency to my profile?
- How do I update my personal details?
- How Long Is a Live Exchange Rate Valid For?
- How Do I Find My ACH Routing Number?
- Is my personal information secure?
- I’ve forgotten my username or password – what should I do?
- I’ve noticed OFX is fully regulated. What does this mean?
- What Is A Forward Contract?
- What Is a Routing Number?
- What are SEPA Transfers?
- What are Spot Transfers?
- What Is an IBAN?
- What is NEFT?
- What is BSC?
- What is CHIPS?
- What is IFSC?
- What is NCC?
- What’s my Client Reference number for?
- What is the OFX Customer Rate?