What is the spot rate? The price to swap currencies right now
By SendPay Business · · 2 min read
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The spot rate is the exchange rate for swapping one currency for another now, rather than at a date in the future. It is the price quoted on currency markets at any given moment, and it changes all day long.
How spot settlement works
On the wholesale currency market, a spot trade is agreed at today's price but usually settles two business days later, known as T+2. Some pairs, such as the US dollar against the Canadian dollar, settle one business day later.
Spot, forward and mid-market
Tap to explore
Tap each one to see what it means.
Spot rate
the price to exchange now.
Forward rate
a price agreed today for an exchange on a future date.
Mid-market rate
the midpoint between the buy and sell prices on the market.
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Why you are offered a different rate
Banks and money apps usually quote a rate with a margin added on top of the market price, plus any fixed fee. Comparing the rate you are offered with the mid-market rate shows how much that margin is.
Where SendPay fits
SendPay platforms include GBP, EUR and USD accounts and currency exchange under your own brand, powered by licensed partners, and you set your own platform fees. SendPay does not offer forward contracts or options.
How it works
Your own money app- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
Why sign up
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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
Questions people ask
When will my currency exchange settle?
Work out the value date with the free calculator.
Value date calculator →How does a forward rate compare with spot?
Work out a forward rate from the spot rate.
Forward exchange rate calculator →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Spotted a mistake or something out of date?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.