Banks and other payment providers will often say they charge zero fees, but what they may not be telling you is that the exchange rate they’re using has a fee built in. They’re profiting while you’re getting less from your money.
Wyre doesn’t make up an exchange rate, we use the Mid-Market Exchange Rate.
This rate is also known as the Real Exchange Rate and is the midpoint between the selling price and buying price of a given currency. It’s also regarded as the fairest exchange rate, more accurately reflecting the true currency exchange rate.
For example, if the buy rate for USD is 6.00 and the sell rate is 6.04 Chinese Yuan (CNY), the mid-market rate would be 6.02 CNY.
It’s the Goldilocks rate: not paying too much or receiving too little, it’s just right.
But this rate is usually reserved for banks and money transfer providers trading with each other.
We don’t think that’s very fair and with Wyre, you can trade and transfer funds just like the pros. We update our rates constantly, with rates provided by Open Exchange Rates, making sure you get the best deal possible.
Use our Live Currency Exchange Rate Calculator to see at a glance exactly what the current exchange rate is for our supported countries.
For cryptocurrencies like BTC and ETH, we pull rates from multiple exchanges to determine our price. Our rates always update in real time.
For more on how the mid-market rate works, check out this excellent explainer!