What is a currency pair? How exchange rates are quoted
By SendPay Business · · 2 min read
Every exchange rate is quoted as a currency pair: one currency priced in another. GBP/USD 1.30 means one British pound buys 1.30 US dollars. Knowing how to read a pair helps you spot a good or bad rate.
Base and quote
The first currency is the base and the second is the quote. The rate tells you how much of the quote currency one unit of the base buys. If GBP/USD rises, the pound has strengthened against the dollar.
The major pairs
- EUR/USD: the euro against the US dollar, the most traded pair.
- USD/JPY: the US dollar against the Japanese yen.
- GBP/USD: the pound against the dollar, often called cable.
Buy and sell rates
Providers quote a slightly different price to buy and to sell. The gap is the spread, and it's how many exchange services earn money, so compare the rate you're offered with the mid-market rate.
Where SendPay fits
SendPay platforms include GBP, EUR and USD accounts and currency exchange under your own brand, powered by licensed partners. You can preview your platform before you pay.
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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. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.