Question 1

What is the mid-market exchange rate?

Accepted Answer

The mid-market rate is the real exchange rate that banks and institutions use to trade currencies between themselves. This is the fair rate before any markup is applied.

Question 2

How much do Canadian banks mark up on foreign exchange?

Accepted Answer

Canadian banks like RBC, TD, BMO, Scotiabank, and CIBC typically add 2–3% markup on top of the mid-market rate. They don't disclose this — they just show you 'their rate' as if it's the market price.

Question 3

What are the hidden fees on international wire transfers?

Accepted Answer

On top of FX markups, banks charge $25–$50 per wire transfer for sending, and the receiving bank often takes a cut too. Combined with the FX markup, a single $13,520 conversion can cost $393 in hidden fees.

Question 4

How much can hidden bank FX fees cost a business annually?

Accepted Answer

For a business doing 10 FX transactions per month at $13,520 average, hidden fees can total nearly $47,160 per year — the equivalent of a full-time employee's salary.

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