A rate is a price, and prices move
When you see EUR/USD quoted at 1.08, it means one euro costs 1.08 US dollars right now. Currencies trade around the clock across banks and institutions, so that price updates continuously as buyers and sellers change their minds.
Rates move because the balance of demand shifts. Central bank interest rate decisions, inflation figures, trade and investment flows, political events and plain market sentiment all push the price in one direction or the other.
The mid-market rate
At any moment there is a price at which the market will buy a currency and a slightly higher price at which it will sell. The midpoint between them is the mid-market rate — the number you see on financial news and on our reference rates page.
The mid-market rate is a benchmark, not an offer. Almost nobody converting small amounts gets it exactly, because providers need to make money on the transaction.
Why two apps show different numbers
- Spread. A provider quotes you slightly worse than mid-market and keeps the difference. See mid-market rate vs your bank's rate.
- Timing. Rates update constantly. A snapshot taken a minute apart can differ, especially in volatile markets.
- Explicit fees. Some providers show a good rate and add a separate fee, so the rate alone never tells you the full cost.
How to compare fairly
Ignore the headline rate and ask a single question: how much of the target currency actually arrives? Our fee calculator models percentage and flat fees together so you can compare two providers on the amount received rather than on marketing language.
What this site does
We show mid-market reference rates from a production data provider, with the update time visible so you always know how fresh the number is. We never invent or interpolate a rate. See where our data comes from.
Common questions
What is the mid-market rate?
It is the midpoint between the buy and sell prices for a currency pair on the global market. It is the fairest reference rate, but it is not usually the rate a consumer is offered.
Why do exchange rates change every day?
Currencies are traded continuously. Interest rates, inflation, trade flows, government policy and market sentiment all shift the balance of buyers and sellers.
Which exchange rate should I trust?
Use the mid-market rate as your benchmark, then compare what a provider actually offers you against it. The gap is your real cost.