What’s meant by the ‘best exchange rate’?
The best exchange rate is the one closest to the mid-market rate – the midpoint between demand and supply for a currency.
It changes all the time and is considered the fairest exchange rate possible. To find it out, check independent sources like Google, XE and Yahoo Finance.
When you go to send money abroad, you won’t see this rate. That’s because providers take the mid-market rate and apply an extra charge on top. Think of this as a service fee for getting your money where it needs to be.