BER combines direct APIs, public website and JSON quote capture, user-submitted rates and indicative pricing rules to provide useful FX comparisons across providers.
At BestExchangeRates (BER), our goal is to help users compare foreign exchange options across banks, specialist FX providers and money transfer services.
Because providers publish pricing in different ways, and because fees and margins can vary by currency, amount and payment method, BER uses a combination of direct data collection, quote normalisation and indicative modelling to present useful like-for-like comparisons.
Our approach in brief
BER collects and maintains FX pricing data from three main sources:
1. Direct API rates
Where providers make pricing available through an API or structured feed, BER uses that as a direct source of rate and fee data.
This is generally the most stable and reliable source because the pricing is delivered in a machine-readable format and can usually be timestamped precisely.
2. Public website and JSON quote capture
Many providers publish rates and fees through public quote forms, calculators or structured website data.
Where available, BER captures and records relevant pricing inputs such as:
the quoted customer exchange rate
any visible fees
the amount and currency scenario used
the timestamp of capture
a market reference rate at that time
For these providers, BER measures the provider pricing relative to a market benchmark at the time of observation. That pricing can then be restated against a later benchmark so comparisons remain broadly aligned even when providers are not captured at exactly the same moment.
This is a common comparison approach designed to keep pricing displays timely and fair.
3. Indicative modelling and estimate rules
Some providers, especially banks, do not always make full pricing publicly observable for every corridor, amount or customer segment.
In those cases, BER may use indicative modelling to estimate customer rates and fees based on:
observed provider pricing patterns
fee structures
amount ranges
currency characteristics
user-submitted rate observations
other market inputs
These estimated rates are indicative only and should not be treated as guaranteed executable quotes.
How we compare providers fairly
A headline exchange rate on its own is often misleading. A provider may advertise a strong-looking rate but charge a transfer fee, delivery fee or apply less favourable pricing for smaller amounts.
To make comparisons more useful, BER aims to compare providers on an effective customer basis.
Depending on the product, this may include:
the quoted exchange rate
fixed or variable fees
the send amount
the amount the recipient receives
the provider pricing relative to the mid-market rate
This helps BER compare options on a more like-for-like basis rather than relying only on headline rates.
Why we use the mid-market rate
The mid-market rate is the market reference point BER uses to benchmark provider pricing.
When BER captures a provider quote, BER also records the mid-market rate at that moment. This helps BER assess the provider pricing relative to the market.
Later, BER may restate observed pricing against a current market benchmark to keep comparisons timely and fair. This avoids displaying stale captured rates that may have been observed at different times of day.
For directly observed providers, this gives a more current indicative comparison than simply republishing an older quote.
Amount ranges matter
FX pricing often changes depending on the amount being exchanged.
For that reason, BER groups rates and fees into amount ranges. A provider may offer different pricing for:
small personal transfers
medium-sized transfers
large transfers
major currency pairs
less commonly traded corridors
Where BER does not have an exact observation for a specific amount, BER may use the nearest observed range or an indicative estimate derived from nearby observations.
User-submitted rate data
BER also allows users to submit rates from their provider through "Submit a Rate" links on selected pages.
These submissions help BER:
validate observed pricing
improve amount-range assumptions
refine indicative estimates
spot pricing changes or anomalies
improve coverage where direct observation is limited
User-submitted rates are useful as supporting evidence and calibration input, but they can be intermittent and are not always available across all currencies or providers.
Differences by country, provider and corridor
Not all markets are equally transparent.
Data coverage and observability vary by provider, country and currency corridor. In some markets, direct pricing is more readily available than in others.
Because of this, BER data quality and methodology can vary across providers and use cases.
Observed versus indicative data
Some BER data is directly observed. Some is estimated.
A simple way to think about BER pricing is:
Observed data: captured directly from APIs or provider quote flows
Restated data: observed pricing adjusted against a current market benchmark
Indicative estimated data: BER model output based on observed behaviour, fee structures, amount ranges and other inputs
Unless BER explicitly states otherwise, non-API comparison data should generally be treated as indicative.
Important limitations
BER works hard to keep data current and useful, but there are limits.
Pricing may differ due to:
customer type
KYC status
payment method
transfer speed
account tier
time of day
provider website changes
corridor restrictions
hidden or conditional fees
Where a provider changes its website format or data source, BER may temporarily rely more heavily on indicative estimates until direct observation is restored.
What BER data is best used for
BER data is most useful for:
comparing indicative provider pricing
understanding spreads and fee patterns
identifying competitive transfer options
tracking broad market pricing behaviour
benchmarking common FX scenarios
BER data should not be relied on as a guaranteed executable quote unless the provider live quote is being shown directly.
BER comparison rates are for informational purposes only.
While BER uses direct observations, public quote capture, user-submitted rates and indicative modelling to maintain useful comparisons, not all providers publish fully observable live pricing across all currencies and amounts. As a result, some BER comparisons are indicative estimates based on observed pricing patterns, fees and market inputs.
Users should always confirm the final rate and fee directly with the provider before making a transaction.
