Our rates mirror the Spot Interbank exchange rate. The interbank market is the top-level foreign exchange market where banks exchange different currencies. It is a wholesale market through which most currency transactions are channelled and, as such, offers the best possible exchange rate available. This spot interbank exchange rate typically beats that of banks and other consumer foreign exchange services by 3-5%.
For a few less liquid currencies like RUB, THB, and UAH, we provide the best rate we possibly can and apply a small 1% markup on the exchange rate.
During the weekend (Friday 23:59 - Sunday 23:59) as the Forex markets are closed, we take the rate from Friday 23:59 and apply a markup of 0.5% on major currencies like USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN, and CZK. A 1.0% markup applies on other currencies outside of FX market hours. Please be aware that we pull rates from our provider, and they are obligated to present us with updated rates whenever they are informed of a change from one of their suppliers. This means that the weekend rate may fluctuate and not be the same as the exchange rate we use from Friday. For less liquid currencies like Russian Ruble, Thai Baht, and Ukrainian Hryvnia, there is a 1.5% markup on weekend.
Our rates are provided by Morning Star.