Exchange Rate- What is spot rate?

[farah]

As per guidance from website of oanda spot rate is to be taken of the last day of earning period. Whereas on website of oanda there is no option of spot rate. Rather there is option of interbank rate and cash rate which is 4% higher than interbank rate. Which rate would be considered as spot rate?

[geriatrix]

All are spot rates - but based on mode of transaction(s).

For example, interbank rate is the rate used for inter-bank transfers of foreign currency transactions. Cash rate is Interbank rate +4% charge you pay for buying currency notes. Credit card rate is interbank rate + 2% commission your credit card issuer will charge for foreign currency transactions you make on your card.

Feel free to use Interbank Rate.

See also Exchange Rate


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