Live exchange rates are constantly in flux while the market is open, because of the non-stop trading of currencies and futures by banks. The validity of a published exchange rate depends on on your money transfer provider.
Banks publish a daily rate, which means they need to build in a margin in order to protect their profits from currency volatility.
At OFX, our customer rates are tied to the live interbank or market rate. So we don’t have to build in a wide margin.
Why do exchange rates change so much so fast?
There are several reasons why exchange rates are always fluctuating. Interest rates, inflation, geopolitical stability, and export and import levels are some of the factors that play a role.
The benefits of live exchange rates
Live exchange rates are becoming increasingly popular compared to daily quoted rates. Increasing numbers of foreign exchange providers, including OFX, are choosing to work with live exchange rates instead of daily quotes. This is because live rates are accurate and transparent, while daily quotes will give you an exchange rate for the whole day, even if the actual rate is lower or higher than what you’re quoted.
Know exactly how much to send
So how do you know how much money you should send internationally and how much your recipient will receive? Before you make a transfer on OFX, simply log in and check today’s rates or speak to an OFXpert about how you can make the most of your money.
Because we aren’t publishing a daily rate, OFX can adapt to the changes occurring in the market from one minute to the next. That lets us transfer your funds at substantially lower margins, saving you money. End of story.
Register with OFX today and keep more of your money.