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Exchange rates are the rate at which one country’s currency is traded for another. And they fluctuate with the market. But how rates are calculated and what affects them ultimately depends on the mid-market rate, interest rates and the overall stability of a country.
The mid-market rate is the midpoint between the buy and sell prices, or the demand and supply for a currency. This is the best rate you could possibly get, and it’s what you’d get if a company really charged you no fees and a 0% commission.
Traders on the world’s markets buy currencies at the mid-market rate and then sell them at a markup to turn a profit.
Our graph shows the fluctuations of the US dollar against the euro, set by rates buyers and sellers are offering on the foreign exchange market.
Exchange rates are among the ways that experts determine a country’s economic performance. But underlying geopolitical and economic factors, not to mention overall demand, can influence how much a country’s currency is worth.
Most banks and foreign exchange specialists quote an exchange rate that’s higher than the mid-market rate, sometimes called the interbank rate. Charging a margin on the mid-market rate is how these companies turn a profit on transfers.
By calculating how much foreign currency you’ll receive from a provider compared to the mid-market rate, you can learn how much if a margin you’re paying on the exchange.
|Amount sent in USD||Amount received in EUR|
|Bank of America||$10,000||€8,289|
|XE Money Transfers||$10,000||€8,598|
Rates based on research on January 5, 2019.
Using our chart, you’ll see that you can save about €310 when transferring $10,000 with XE, rather than Bank of America.
Exchange rates are influenced by demand, socioeconomic and geopolitical factors and what investors think a currency’s worth. While it’s hard to predict exactly what a currency will do, keeping track of the overall economic and political health of a country can help you narrow down the best time to transfer money overseas.
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