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Currently, there is no agreed benchmark rate that providers need to adhere to in order to calculate the total cost of sending money abroad. The mid-market rate is the neutral benchmark rate that makes the most sense, as it can be sourced easily from a whole range of neutral providers. It is the one available to everyone when they search online, and fluctuates as rates do throughout the day. Relying on daily, fixed rates rather than live rates, means that the true costs still won’t be clear as the fixed rate is different from the one people may have found online at a different time in the day. |