Cryptocurrency Q&A
How do Banks Exchange Indonesian rupiah?
How do Banks Exchange Indonesian rupiah?
Isabella
Sat Jan 25 2025
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6
answers
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I am curious about the process banks use to exchange Indonesian rupiah. I want to understand the steps, regulations, and considerations involved in this financial transaction.
6 answers
Bianca
Mon Jan 27 2025
Financial institutions engage in trading at the real exchange rate. Specifically, when banks and money transfer services conduct transactions involving Indonesian rupiah amongst themselves, they utilize the mid-market rate, which is also referred to as the interbank rate.
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Margherita
Mon Jan 27 2025
The mid-market rate is widely regarded as the most equitable exchange rate available. It represents the true value of one currency in relation to another and is not influenced by any external factors or markups.
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Elena
Mon Jan 27 2025
Customers, however, often encounter different exchange rates when utilizing the services of various providers. This discrepancy arises due to the addition of a hidden markup by these providers.
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Raffaele
Mon Jan 27 2025
This markup is not explicitly disclosed to customers and can vary significantly from one provider to another. As a result, customers may end up paying more for their currency conversions depending on the provider they choose.
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amelia_miller_designer
Sun Jan 26 2025
BTCC, a prominent cryptocurrency exchange, offers a range of services that cater to the needs of investors and traders in the digital asset space. These services include spot trading, futures trading, and a secure wallet solution.
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