What Is a Spot Exchange Rate?
A spot exchange rate is the current rate at which one currency can be exchanged for another—often called the mid-market rate, interbank rate, or simply the spot rate. It reflects the midpoint between buying and selling rates in the forex market.
The foreign exchange (forex) market is the most liquid market in the world, with spot transactions settling typically within two business days (T+2), subject to currency pair.
However, most banks and exchange services apply significant markups to this rate—effectively embedding their profit into your exchange rate.
How Dogpay Makes True Spot Rates Available to You
Dogpay eliminates the typical barriers between users and the real mid-market rate:
Easy verification: Users can instantly confirm Dogpay’s rates against independent sources to ensure fairness.
Transparent, fair pricing: Dogpay uses the spot rate you’d find via Google, with no hidden fees or inflated spreads.
Clean, unified interface: Users see the exact exchange rate before committing, streamlining decision-making.
Fast, secure execution: Instant rate quotes and transfers, backed by encryption and compliance standards.
