Interbank rate

Interbank rate: the rate at which banks and large participants trade currency among themselves, on an exchange and off it. When the midpoint between the buy and sell prices is taken, it is called the mid-market rate.

Bid, ask and spread

At any moment the market has two prices: the bid, at which currency is bought, and the ask, at which it is sold. The difference between them is called the spread. In liquid currencies and during the main trading session, the spread is narrow. In rare currencies, at night, on weekends and on days with major news, it is wider. The rate changes during the day, so a benchmark is always tied to a specific moment.

Interbank, client and official rates

• Interbank: the market rate. A company does not get it.
• Client: the rate at which a bank or agent sells you currency. It is the interbank rate plus a markup.
• Official Bank of Russia rate: a reference for accounting, customs and taxes. It is not a transaction rate: nobody sells currency at it.

How to use it in foreign trade

You need the interbank or exchange rate to assess the FX markup:

markup, % = (rate in the offer / benchmark - 1) × 100.

• Take the benchmark at the same moment as the rate in the offer.
• For currencies traded on the Russian exchange, the exchange rate is a convenient benchmark. For the rest, use the official Bank of Russia rate.
• It is useful to state in the payment order which rate serves as the benchmark and at what moment it is fixed.

When you send us your current rate, we calculate the full cost of the payment: the fee, the FX markup and fixed charges. Then we look for a lower rate in our pool: Compare your rate.