Why is the midrate different from the rate that I get on my transfer?

Each currency has a buy and a sell rate.  The midrate is simply the average of the two and is used for indicative purposes only (it is the rate that you see when you Google the exchange rate, or on the ticker at the bottom of this page).  If you are purchasing foreign currency (ie converting rands into another currency), then the rate you obtain will be a “sell” rate for rands.  If you are selling another currency to convert into rands then you will obtain the “buy” rate for rands.

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