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What is the mid-market exchange rate?

The mid-market rate also known as interbank exchange rate, spot rate or spot price is the mid-point where the seller and buyer are willing to exchange their currency in the foreign exchange market. This is the real market price of currency, which is used as a basic rate for interbank currency exchanges. SodaTransfer transfers money at mid-market rates and only charges a nominal fee unlike banks that normally adds a margin on the exchange rate along with a hefty flat fee. The foreign exchange market is operational only during market hours on business days in the specific country so the exchange rate may not change on weekends or at certain times such as holidays.