Big things are happening at Wirex. The latest? As part of our ongoing mission to bring you the best, swankiest full-service personal finance platform, we’ve now enabled fiat to fiat currency exchanges in the app!
What’s fiat currency?
Fiat currencies are simply the standard currencies used in our everyday lives – national legal tender (pounds, euros, dollars etc).
The term fiat is used to differentiate from crypto or digital currencies (Bitcoin, Litecoin), which you can also exchange in our app.
What’s the significance?
It’s great news for our users as it increases your spending power even further. It’s foreign exchange made easy. You can exchange your pounds for dollars, dollars for euros, euros for pounds (you get the idea) and spend straight from your account in the new currency. What’s more, all exchanges will be at the interbank rate which means you get even more bang for your buck.
What is the interbank rate?
When you buy foreign currency from most banks and bureau de change, the exchange rate you get is the interbank rate plus a markup – known as the wholesale rate. It’s part of how they make a profit. The same goes for transactions made in outlets outside your country through the major card providers – the likes of Visa, Mastercard etc.
The interbank rate is the rate at which banks buy and sell currency between themselves, no markup added. It changes constantly – so what we’re offering our users is the most up-to-date price (to the minute), meaning you’re always buying your currency at the best (or as near best) price available anywhere.
So, you can enjoy a burger in Boston, mojito in Marbella, gelato in Genoa – or whatever tickles your fancy, safe in the knowledge you’re not being ripped off.
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