Base currency vs quote currency: how to read a currency pair
By SendPay Business · · 2 min read
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Every exchange rate is a pair of currencies. The first is the base currency and the second is the quote currency. The rate tells you how much of the quote currency one unit of the base currency buys.
Reading a pair, step by step
- Take a pair such as GBP/USD at 1.27.
- GBP is the base currency and USD is the quote currency.
- The rate means £1 buys $1.27.
- If the rate rises to 1.30, the pound has strengthened against the dollar.
Flipping a pair
To see the rate the other way round, divide 1 by it. If GBP/USD is 1.27, then USD/GBP is about 0.787, so $1 buys about 79p.
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Why the order is standard
Markets follow set conventions for which currency comes first, such as EUR/USD, GBP/USD and USD/JPY. Using the same order everywhere means traders and businesses read prices the same way.
Where SendPay fits
SendPay platforms let your customers hold GBP, EUR and USD and exchange between them at a fee you set, alongside transfers and branded Visa cards under your own brand, powered by licensed partners.
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Questions people ask
How do I get the rate between two other currencies?
Work out a cross rate from two rates against a third.
Currency cross rate calculator →What is a cross rate?
An exchange rate between two currencies worked out via a third.
What is a cross rate? →What are major, minor and exotic pairs?
How currency pairs are grouped by how much they trade.
Currency pair types →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.