The interbank exchange rate is the dynamic rate at which banks swap currencies between one another. It is a real-time rate, which is why it is constantly changing in our app and website. We receive these rates from third parties, such as Morningstar.
If you exchange currencies on weekdays (Mon-Fri UTC) you will receive the interbank exchange rate without any markup on all currencies except for Thai Baht, Russian Rubbles, Ukrainian Hryvnia, and Turkish Lira where we add a 1% markup, with a small 0.5% fee for anything above £5,000 each month.
On the weekend (Sat-Sun UTC) we fix the rate we provide to protect ourselves against fluctuations, this means we apply markups of:
Since the interbank exchange rate is constantly fluctuating, the rate that we lock in for the weekend may not be the same as the rate that is available when the markets open on Monday morning.