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Frequently Asked Questions
How often are exchange rates updated?
Our currency exchange rates are updated in real-time using live market data. Rates fluctuate constantly during market hours due to economic factors, political events, and market sentiment.
What affects currency exchange rates?
Exchange rates are influenced by economic indicators (GDP, inflation, employment), central bank policies, political stability, trade balances, and market speculation. Major economic announcements can cause significant rate changes.
Are the rates shown the same as bank rates?
The rates shown are mid-market rates used for reference. Banks and money transfer services typically add a margin (1-4%) to these rates. Always check with your financial institution for actual transaction rates.
What is the difference between buy and sell rates?
Buy rate is what you pay to purchase foreign currency, while sell rate is what you receive when selling foreign currency. The difference (spread) is how currency exchange services make profit.
Which currencies are most traded globally?
The most traded currencies are USD (US Dollar), EUR (Euro), JPY (Japanese Yen), GBP (British Pound), AUD (Australian Dollar), CAD (Canadian Dollar), and CHF (Swiss Franc), accounting for about 80% of forex trading.
How do I get the best exchange rates?
To get better rates: compare multiple providers, avoid airport exchanges, use online money transfer services, consider timing (avoid weekends/holidays), and be aware of hidden fees in the exchange rate markup.