Glossary entry

Mid-market rate

The mid-market rate is the midpoint between the buy and sell prices of a currency pair in the wholesale market. It is a reference point and a neutral benchmark for judging offers, but ordinary customers usually do not receive it exactly, because providers add a margin or fee. This site's converter uses the European Central Bank's reference rate, which is close to it. A practical test is to multiply your amount by the reference rate and compare the result with the yen you are actually offered. See also: interbank rate, spread, margin, and the guide Mid-Market Rate vs the Rate You Actually Get.