How Does the Wholesale Foreign Exchange Market Work?

@rdingwall so a question that’s been asked in this post is essentially which rate(s) does Monzo use -

First to display the converted transaction amount in the app - judging by the screenshot from that post

it’s the spot rate.

Secondly, when the payment settles, is the mid rate used (I assume that this is the rate listed on MasterCard’s website) or is the spot rate still used?

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