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By selecting these links you will be redirected to OANDA Corporation webpages. These services are provided by OANDA Corporation, an NFA regulated firm based in the United States. We do not take market closing prices as the “average” price. Instead we take the average from all our collected data over a 24—hour period, reflecting the fact that the foreign exchange market never really “closes” on a global basis. However, market activity is lower on weekends and holidays, so the number of prices varies from day to day. Our Rates are rounded to up to five significant digits, with a few exceptions.
How Often Are OANDA Rates Updated? How Do I Choose the Rate that Applies to Me? What Are Bid and Ask, Sell and Buy? Why Can’t I Get OANDA Rates From a Bank? OANDA rates are trusted and used by major corporations, tax authorities, auditing firms, and individuals around the world. For major currency pairs, our rates are based on tens of thousands of different price points, collected every few seconds, 24 hours a day, 365 days a year. We collect these rates from live data suppliers, filter them to remove false prices and validate the data, and use the filtered data to compute interbank market rates.
Note: You may see the message in the Currency Converter’s Details section, “Estimated price based on daily US dollar rates. This message is displayed for currency pairs where relatively little data is available, and means that the exchange rate for the converted currencies was computed from cross rates with the US dollar. Prices for the currencies of some emerging market countries may be published once per day or even less, resulting in only a few price points each week for these currencies. Why Can’t I Get Interbank Rates From a Bank? These are the “official” rates quoted in the media, such as The Wall Street Journal. If you go to a bank in your home country, you usually have to pay more of your home currency to get foreign currency than you will receive of your home currency, if you return the foreign currency. This results in the two exchange rates shown in the margin result.
Because these retail rates vary so much in every place, we cannot advise you where to go at any given moment to change currencies. You can usually find out such information from your local bank, travel guides, or people who have visited the place you are heading for. 1 million or more when banks trade between themselves or with their very large clients. For the smaller amounts exchanged in a retail setting, banks, credit cards and exchange agencies charge commissions to convert currencies. These retail rates add commissions of 1 to 10 percent or more. Retail rates vary widely between payment systems, countries and banks, so we encourage you to enquire about the rates your financial institution is actually charging you. What are Bid and Ask, Sell and Buy?