What is the mid-market rate?
The mid-market rate is the midpoint between the buy and sell price of two currencies on the global market. It is the fairest rate available — and the benchmark we compare every provider against.
Why it matters
When you send money, a provider never gives you the mid-market rate. Instead it applies its own exchange rate (with a margin built in) and often a separate fee. A provider advertising “zero fees” may simply be taking more through the rate.
Fee vs rate
Two providers can both charge £0 in fees and still deliver very different amounts, because their exchange rates differ. The only fair comparison is how much your recipient actually receives after fees — which is exactly how MyRateChecker ranks providers.
How we measure it
We take the live mid-market rate (from Wise, which applies no FX markup) and express each provider's quoted rate as a percentage margin against it. That reveals the true cost side by side. See our methodology.
What to look for
- Compare the recipient's amount, not the headline fee.
- Treat promotional rates as first-transfer offers, not everyday pricing.
- Funding by card usually costs more than bank transfer — check the fee.
See which provider delivers the most to your recipient after fees.