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Different organizations use different data sets to calculate the mid-market rate, so it will vary depending on where you look and is also subject to frequent updates. But the differences shouldn't be too great. We get our rates from independent sources and update them in real time whenever the trading market is open.

Banks and money transfer services use the mid-market rate when making transactions, but they rarely pass this rate on to you. Instead, they usually mark up the exchange rate to make extra money.

So be careful when a service promises 0% fees or no commissions. They may be hiding these costs in their version of the exchange rate.

Here are some pitfalls to watch out for when exchanging currency:

• Misleading pricing – You’ll see offers that say “0% fees,” “zero commissions,” or “our best price”*.
• Fixed “day rate” – Most providers take the mid-market rate and add an opaque profit margin on top of it. So you don’t know how much they are overcharging you.
• Unfair trading of your currency – By hiding the actual fees in the exchange rate offered, most providers make huge profits at your expense without you knowing it.
• At any given time you will see a lot of small print.