While the banks may have inflated margins and transfer fees, at OFX, we keep our margins modest to offer competitive customer rates, which can save you money. The customer rate consists of the market rate plus a margin added by a foreign exchange provider. These loans are made at low-interest rates reserved almost entirely for banks, financial institutions and registered money lenders. This is usually made in large amounts over short-term loan periods. It is the exchange rate at which the banks borrow and lend to each other. The market rate is also known as the interbank rate.
All currencies are valued in relation to one another. The market rate and the customer rate – what’s the difference? Currency Converter - Check real time currency exchange rate using free online Currency Converter. (The calculator is featured) All around the world offer. You just need to enter the sum and hit send. It shows you the mid-market live rate and allows you to send and receive money from foreign countries quickly. This currency converter app has exchange rates available for over 130 countries.
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