The mid-market rate is the midpoint between the buying and selling price of a currency on the global foreign exchange market. It’s the rate you typically see when you search for a currency conversion online, before any bank or service adds its margin.

It’s often called the “real” exchange rate because it represents the true market value of one currency against another, with no profit built in by any intermediary.

Why you rarely get the mid-market rate

The mid-market rate is a useful reference point, but it’s rarely what you receive when you actually exchange money.

Banks and currency exchange services make money by marking up the rate. They buy a currency at a lower price and sell it to you at a higher one, pocketing the spread. That markup can be small or significant, depending on the provider and the currency pair. Airport kiosks and high-street currency exchanges are often the worst offenders.

Over time, even small markups add up. If you travel frequently, shop from international retailers, or send money abroad regularly, the difference between a fair rate and a marked-up one can be meaningful, even if no single transaction feels that large.

What bunq uses instead

At bunq, we don’t use the ECB rate or the mid-market rate. Instead, we use the real Mastercard exchange rate at the moment of your transaction, with a small 0.5% adjustment to account for normal currency fluctuations.*

This means your exchange reflects live market data. There are no hidden markups or inflated spreads. Every transaction in the app shows you the exact rate used and the exact amount exchanged, so you always know where your money goes.

If you spend abroad, bunq automatically converts your euros at the live Mastercard rate. You can also hold multiple currencies in your account, euros, pounds, dollars, and more. When you pay in a country that uses one of those currencies, bunq draws from that balance directly. No conversion, no surprises.

Why your exchange rate matters

The rate you get has a direct impact on how much value you keep when spending or transferring money internationally. A difference of even 1–2% might feel small on one transaction, but for frequent travelers or international shoppers, it compounds quickly.

bunq’s approach to currency exchange is built on transparency. With ZeroFX, you see the rate before you pay. There are no hidden fees and no guesswork about whether you’re being charged fairly. What you see is what you get.

*ZeroFX is automatically active for all bunq users. bunq Free users can make payments abroad up to €1,000 per year, while bunq Core, Pro, and Elite users enjoy unlimited foreign payments.