Mid market rate: meaning and RBA exchange rates

The exchange rate in the news and the rate your bank offers are rarely the same number. The news figure is usually close to the mid-market rate, a wholesale midpoint that individuals generally don't get. This page explains what that rate is, where the RBA's published rates come from, and how to use them as a yardstick. The fees discussed here were checked on the providers' own pages on 30 October 2026.

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What the mid-market rate is

The mid-market rate is the midpoint between buying and selling prices in the wholesale currency market. It isn't a promise that a bank will exchange your money at that rate.

The retail rate is the rate a provider offers for your transaction. The ACCC explains that suppliers' exchange rates include a margin or mark-up and may differ from rates reported in the news.

A midpoint also doesn't describe the whole cost of sending money. Transfer fees and deductions by other banks can affect what you pay and what the recipient receives.

How the RBA's published rates work

The RBA's exchange rate page expresses rates as units of foreign currency per Australian dollar. The RBA publishes them daily except on public and bank holidays in NSW.

Since 1 July 2008, its US dollar rate has been the WM/Reuters Australian Dollar Fix at 4.00 pm Sydney time, rounded to four decimal places. For most other currencies, the RBA crosses that US dollar rate with its observations of buying and selling midpoints at around the same time.

These are indications of market value. They can differ from rates quoted by foreign exchange dealers. The RBA says its data shouldn't be relied on for regulatory or commercial purposes. Its definitions and sources explain the method behind the published rates.

For past dates, the RBA's historical data page provides exchange rate tables.

How to read an AUD quote

An AUD quote usually tells you how many units of the other currency one Australian dollar buys. This is the direction the RBA uses. Some providers show it the other way round (Australian dollars per unit of foreign currency), so check the currency labels before comparing two rates.

Banks also tell apart an indicative rate, shown to give you an idea, and the rate offered when you actually make the payment. Two examples:

NAB initially shows an indicative rate in Internet Banking. From 7.30 am Monday to midnight Friday, the final page shows a real-time rate updated every 60 seconds, with 60 seconds to accept it. Outside those times, NAB uses the next business day's rate.

Westpac says its online rates are indicative and change continuously. It quotes the exact rate when you start a payment in online banking, and that rate requires acceptance.

Mid-market rate vs the rate on your bank transfer

The exchange rate margin is part of transfer pricing. A provider can charge for conversion through the rate it offers as well as through a separate transfer fee. A transfer advertised without a transfer fee can still include a margin.

Our guide to international money transfer fees explains how those parts fit together.

The ACCC says the total price and the amount the recipient receives are the useful measures for comparison. Other banks may deduct charges along the way or charge the recipient. Our guide to SWIFT and receiving bank fees explains these separate charges.

The currency sent can affect where conversion happens. NAB says that when you send AUD, another provider converts it after the transfer at its own rate. That rate could be more or less favourable, so the amount received may differ from the intended amount. NAB says converting first gives greater certainty about that amount.

Mid-market rate vs card rates

Card spending overseas has its own conversion rate and, often, a separate fee. NAB, for example, published an international transaction fee of 3.5% of the transaction amount on its credit cards (except the NAB Rewards Travel Card) on 30 October 2026.

For the CommBank Travel Money Card, loading foreign currency uses CommBank's Retail Foreign Exchange Rate at the time. As published by CommBank on 30 October 2026 (page updated 23 October 2026), the card's overseas ATM withdrawal fee is AUD $3.50, charged in the withdrawal currency at the Visa exchange rate, and overseas ATM operators may charge their own fee. The card's fees page sets out those terms.

Moneysmart explains that an international transaction fee can apply even when a transaction is in AUD, including where an Australian merchant processes the payment overseas. Our travel money guide explains cash, cards and travel cards in more detail.

How to check a rate without relying on headlines

The ACCC cautions that rates reported in the news may differ from the rate available to you. It says comparisons on suppliers' websites should be made at the same time on the same day, using the total price and the amount received.

Moneysmart's transfer guidance also distinguishes an advertised rate from the rate you actually get. Its comparison points include conversion margins, transfer fees, payment method and any fees paid by the recipient.

To express the receiving amount relative to your total payment, divide what the recipient gets by what you paid. Do the same for every quote, taken at the same time, and you have a like for like figure that includes both the rate and the fees.

What this means for you

The mid-market rate is a reference point, not a price on offer. Set against a provider's quote taken at the same time, it shows roughly how much of the cost sits in the exchange rate. The RBA's published rates are a public version of that reference, with the limits the RBA itself describes.

Frequently asked questions

What is the mid market rate?

It is the midpoint between buying and selling prices in the wholesale currency market. A provider's retail exchange rate can differ from it.

Is the RBA rate the rate my bank will use?

No. The RBA says its rates are indications of market value that may differ from dealer quotes and shouldn't be relied on for commercial purposes. Your bank supplies its own payment quote.

Does a waived transfer fee mean there is no conversion cost?

No. The ACCC says a provider can include a margin in its exchange rate even when it charges no transfer fee.

Can an AUD card payment attract an international transaction fee?

Yes. Moneysmart says the fee can apply even in AUD, including transactions processed overseas.

Where can I find past RBA exchange rates?

The RBA's historical data page has exchange rate tables for past dates.