The ‘real’ rate
Since that’s the rate the market naturally sets, it’s the ‘realest’ — and fairest — rate out there. It’s the rate Wise gives you when you send money to over 160 countries.
Different organizations use different data sets to calculate the mid-market rate, so it can vary depending on where you look it up. But it shouldn’t vary very much. We pull our rate from independent sources including Reuters, New Change and XE, which updates it in real time while the trading market is open.
To see the current mid-market rate, and how it’s changed over the last 30 days, check out our rate tracker. You can also sign up for rate alerts there; we can send you daily updates on the rate, or let you know when it reaches a certain value.
Here are the traps to look out for when converting your money:
- Misleading pricing — You'll see an offer for a '0% fee', 'zero commission' or 'our best rates'*.
- A set 'day rate' — Most providers take the mid-market rate, and apply a margin on top, without being transparent. So you have no idea how much they're over charging you by.
- An unfair deal on your currency — By hiding the real charge in the exchange rate offered, most providers make huge profits at your expense, and you're none the wiser.
And, of course, any time you see loads of small print.