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Mid-market rate

The mid-market rate is the midpoint between the buy and sell price of a currency pair, the same rate shown on Google, Reuters and XE. Banks quote you a worse rate and pocket the difference, typically 2 to 4% on top of the mid-market rate.

Where you see itGoogle, Reuters, XE and any currency converter that isn't trying to sell you a rate
Typical bank markup2 to 4%, hidden in the rate rather than shown as a fee
At FassetThe mid-market rate plus a per-plan conversion fee, shown before you confirm
On a $10,000 invoiceA 3% bank markup costs $300 before any transfer fee is even added

How much does the mid-market rate actually save me?

On a $10,000 payment, a bank charging 3% in the rate alone takes $300 before any transfer fee lands on the receipt, and many banks do not show that number separately. Fasset converts at the mid-market rate and shows its conversion fee as a separate line, priced per plan on the pricing page. Run your own numbers in the transfer fee calculator, or read the full breakdown of how the mid-market rate works.

Related terms

Glossary SWIFT The messaging network banks use to talk to each other. It does not move money, which is why wires take 1 to 3 days. Glossary Safeguarding Why client funds are held separately at licensed institutions instead of on a company's own balance sheet, and how that differs from deposit insurance. Glossary Stablecoin A digital token designed to track a currency. USDT is designed to track the US dollar and settles in about 20 seconds.

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Fasset Business gives businesses local currency accounts and modern rails. The application runs entirely online.

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Client funds are held separately from Fasset’s own.