The bank's reference exchange rate for the day
Banks set a mid rate each business morning as the reference for that day's currency deals. Exchanging money at a bank means the mid rate plus a margin. The buy and sell rates sit symmetrically either side of the mid, and the gap between them is the fee you actually pay.
A mid of 150 yen with a 1 yen margin gives 151 to buy and 149 to sell.
For learning, not investment advice. Decisions are your own.
StockFit · TrueNorthLabs Inc.