Useful information on FX rate
FX rate, also known as foreign-exchange rate or exchange rate influence the final amount your receiver will get.
Differences of currencies in send and receive countries are determined by FX rate. Usually, currency in the sender’s country differs from the currency in receiver’s country. Money must be exchanged to fit the local currency. This is made according to the existing FX rate.
Who sets FX rate?
Exchange rate changes every minute at the foreign exchange market.
Official FX rate is determined by the Foreign Exchange Market. This is global market where large international banks trade currencies. FX rate is variable and changes every moment depending on what price particular currency is sold and bought.
3 steps of money exchange
1. Send amount. You enter amount in local currency you want to send;
2. FX rate. Your amount is exchanged to the currency your receiver will get by the set FX rate;
3. Receive amount. Your receiver gets your transfer in local currency.