Why is the rate I am offered different from the rate I see online?

The rate you are offered differs because the figure you see online is usually a wholesale reference, while a provider adds a margin to it. The online number is typically the mid-market rate, the midpoint between buying and selling prices, which most customers cannot transact at. The provider's rate is the mid-market rate adjusted for its costs and revenue, so it is often a little less favourable. Timing and amount matter too, because rates move through the day. To judge an offer, compare the rupees the recipient would receive, not the headline rate.¹