What is the mid-market rate?
The mid-market rate is the exchange rate halfway between the price at which banks buy a currency and the price at which they sell it. It is the fairest benchmark for what your money is worth in another currency.
How the mid-market rate is set
On the global currency market, banks and trading platforms constantly quote a buy price (bid) and a sell price (ask). The mid-market rate sits exactly in between. It changes every second and is the rate you see on news sites and on GoldexPay.
Why you rarely get it
Most banks and money transfer services do not give you the mid-market rate. They add a markup to the rate and keep the difference, often on top of a visible fee. A transfer advertised as "free" can therefore still be expensive.
The mid-market rate is 1 EUR = 1.10 USD. A provider offers 1.07 USD. On 1,000 EUR you receive 1,070 USD instead of 1,100 USD: a hidden cost of about 2.7%.
How to compare providers
Compare what you receive after all fees, not just the advertised fee. Our comparison does exactly that: it calculates the amount you receive at each provider against the live mid-market rate.