We use the real exchange rate – the mid-market rate, sometimes known as the interbank rate or spot rate.
The mid-market rate is the midpoint between the buy and sell rates on the global currency markets. For example, if the buy rate for USD is 6.00 and the sell rate is 6.04 Chinese Yuan (CNY), the mid-market rate would be 6.02 CNY.
Our exchange rates are updated hourly according to the latest exchange rates provided by Open Exchange Rates.
Exchange rate of banks and other providers
Banks, brokers, and other 3rd party payments providers quote their own exchange rates, a rate that has been adjusted to profit from the spread between the actual exchange rate and their own. This is in fact, another fee, that is taken in addition to their payment processing fees. We are safe to call this a hidden exchange rate fee. This makes it difficult for the sender to calculate how much value is being lost. You can read more about hidden fees and common ways businesses lose money on international payments in our article “The Truth About International Payments”.
Transparency and trust
At Remitsy, we keep things simple and transparent for our users – businesses like you. We only charge one transparent fee according to the value of the payment, which is known from the first time you use the calculator on our main website. Exchange rate Remitsy use is transparent with no hidden fees attached! We believe businesses like yours should know directly how much your payments actually cost you.