What is the mid-market rate?

The mid-market rate is the midpoint between the wholesale buy and sell prices of a currency pair, with no provider markup included. It is a neutral benchmark, sometimes called the interbank rate or the real rate. Most ordinary customers cannot transact exactly at it, because banks and providers add a margin. It is useful as a yardstick: note it when you take a quote, and see how far the provider's rate sits from it. The wider the gap, the more you pay through the rate even if no fee is shown.¹