How FX Rates Work at Anton
When you send cross-border payouts or convert currencies through Anton, foreign exchange (FX) rates determine how much the recipient receives. Understanding how these rates work helps you predict costs and optimize your payout operations.
Mid-Market Rate vs Customer Rate
The mid-market rate (also called the interbank rate) is the midpoint between the buy and sell prices of two currencies on the global market. This is the rate you see on financial news sites and currency converters. No one actually transacts at this rate -- it is a reference point.
The customer rate is the rate Anton offers you for a specific currency conversion. It includes a small markup over the mid-market rate that covers the cost of executing the exchange through our liquidity providers, as well as Anton's FX margin.
The difference between the mid-market rate and your customer rate is the FX markup. Anton's markups are transparent and competitive. Your specific markup depends on your merchant agreement, the currency corridor, and the volume of your transactions.
Indicative vs Locked Quotes
Anton provides two types of FX quotes:
Indicative quotes are estimates based on current market rates. They give you an idea of what a conversion will cost, but the final rate may differ slightly because currency markets move continuously. Indicative quotes are useful for forecasting and displaying estimated amounts to your users.
Locked quotes guarantee a specific rate for a limited time window (typically 30 seconds to a few minutes). When you lock a quote, the rate is fixed -- even if the market moves. You must execute the conversion within the quote's validity period, or it expires and you need to request a new one.
How Markups Are Applied
Anton applies FX markups as a percentage spread on the mid-market rate. The markup is built into the customer rate you receive, so there are no hidden fees on the exchange itself. Your effective rate is always visible in the quote response and on transaction details in the merchant portal.
Factors that influence your markup:
Currency pair -- Major pairs (USD/EUR, USD/GBP) typically have tighter spreads than exotic pairs
Volume -- Higher monthly volumes may qualify for reduced markups
Corridor -- Some destination countries have wider spreads due to liquidity and regulatory factors
Viewing Your Rates
You can view current indicative rates and request locked quotes through both the merchant portal and the API. The merchant portal displays rates on the payout creation screen, while the API provides programmatic access for automated workflows.
For questions about your specific FX terms, contact your account manager or email [email protected].