What is a mid-market exchange rate?
It may not come as a surprise, but the foreign exchange rate you hear quoted on the evening news or the rate you see during a Google search isn’t the rate you’ll get when you send money overseas.
This is the mid-market rate, sometimes called the interbank rate. Banks and money transfer companies use this rate when they do business amongst themselves. Individuals usually get the marked up forex rate and/or a margin.
What are the advantages of using dROP Borderless Banking?
TRANSFER MONEY GLOBALLY
We don’t believe in financial borders, so it’s only fair that we let you spend abroad in over 150 currencies with the interbank exchange rate.
SEND AND REQUEST MONEY IN SECONDS
Instantly send and request money from your friends at the touch of a button.
SET UP RECURRING PAYMENTS
Whether you’re paying rent or splitting the bill, set up a recurring payment in seconds and we’ll make sure your money arrives on time.
WITHDRAW MONEY ABROAD
You can also withdraw money from ATMs abroad upto a certain limit for free.
Disclaimer: Any logo shown in the diagrams above is only for representative purposes.