How exchange rate dey work and how CrossPay dey set rate from plenty liquidity providers — 5-minute rate lock, and rate margin wey get him own line for every quote.
Exchange rate na the price of one currency inside another one. For example, if 1 USD = ₦1,600, then ₦1,600 go buy you 1 US Dollar.
We dey collect rate from plenty liquidity providers and add small margin (normally 1.0–1.2%, e depend on the corridor) to cover hedging and FX provider cost.
That margin dey inside the rate wey you collect, and we dey also show am as him own "Exchange rate margin" line for every quote. We dey put the mid-market rate near am, so you fit check the difference yourself. E separate from the transfer fee — check Understand CrossPay Fees to see how the two dey join.
When you collect quote, we dey lock the rate for 5 minutes. Na to protect you from market movement while you dey finish your transfer.
Set rate alert make we tell you when the rate wey you want reach. Go any converter page and click "Set Rate Alert".
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