Frequently asked questions
How does Midrate work?
Midrate is a social network for connecting people who wish to exchange cash in all exisiting currencies to find and connect with each other. We do not provide any financial services, we simply provide the tools for the community to connect.
Does Midrate exchange money?
No, Midrate does not provide any financial services. It's just a convenient tool to communicate.
What does middle rate (mid-market rate) mean?
Usually when two currencies are exchanged, there is a difference between the buy and sell rates. That means, that if you were about to buy EUR for 100USD and then immediatly sell those EUR and buy USD you would end up with just 90USD, or even less. That's the "hidden fee" you pay when exchanging money. The mid-market rate is right in the middle between buy and sell rates. Using Midrate you would get back 100 USD. When you see a conversion rate on midrate.comit will always be calculated at the latest mid-market rate. We suggest using this rate to exchange currencies on Midrate ensuring both you and your exchange partner the fairest deal. Calculating mid-market rates is a complex task. Midrate use the rates calculated by currencylayer.com. The rates on Midrate are refreshed every hour.
How can I spot a fake (counterfeit) banknote?
Before meeting someone to exchange currencies, become familiar with the security features of the requested banknotes. When checking notes, it is best not to rely on just one security feature, but to check a few of those described in our banknote security section. Feel the note in your hands and look at it closely; if you have any doubts do not risk the exchange.
How can I improve my personal security when I meet someone to exchange money?
Meet at daytime and not during the night. Meet in a busy, public place, such as, a café, bar or restaurant. Don't take more money with you only what you plan to exchange.
Do I have to meet with my exchange partner?
Yes it it absolutely necessary to meet your exchange partner for exchanging banknotes (and coins) between two individuals.
Do I have to pay a fee to Midrate?
No. You can place your public offer, search for chat partners, contact them and exchange your money without paying a cent to Midrate. In the future, a fee may be sought for some services provided to make your life easier and the site more fun to use, but the basic service will always remain free.
Is there a limit on the maximum amount I can offer on Midrate?
There is no limit on the maximum amount. You can place an offer for as much as you want.
Can anyone use Midrate?
Any individual above 18 years may use midrate for personal use. Please check local regulations as some restrictions on currency exchange may apply. You may not use Midrate for professional activities.
Is this exchanging activity between two individuals legal?
Yes, it is. Please note that exchanging currencies between two individuals is legal if it happens only occasionally and not as a business activity.
Are there any professional offers?
What are the most common security features of a banknote?
Feel of the paper - banknotes are printed on special paper that gives them their unique feel. Print quality - the printed lines and colours on genuine notes will be detailed and sharp and free from smudges or blurred edges. Raised print - by running your fingers across the note you can feel raised prints in specific areas. Metallic thread - there is a metallic thread embedded in many banknotes. If you hold the note up to the light the metallic thread appears as a continuous dark line. Watermark - when the banknote is held up to the light an image can be seen in the paper, usually a portrait similar to that printed on the note. Holographic strip - the strip on a banknote has a number of foil patches along its length which contain alternating holographic images. Goto the currencies page for more information.
Do i have to report back to Mirate after the exchange transaction?
No, you don't. Sending feedback about the transaction is not required on Midrate. However, we would appreciate you deleting your run out offer and rating your exchange partner after the transaction.
Do I have to exchange on middle rate?
Midrate strongly recommends its users to exchange currencies at the middle rate. Then, both you and your exchange partner can be sure you are making the fairest deal. However, based on the special agreement between two users, you can use a different exchange rate for the transaction.
Does Midrate work all around the World?
Yes, Midrate provides its services in every country in the world.
Can I modify my existing offer?
Yes you can. Go to your dashboard and press EDIT button. Here you can easily modify all the features of your offer.
Do I have to sign up to use Midrate?
Yes! You can search for offers and read all the aditional information on the site, but if you really want to start exchanging money, you need to sign up.
What kind of personal data does Midrate use?
Midrate requires only your e-mail address and your surname/nickname as a minimum to sign in and to make a transaction.
Can I also exchange banknotes withdrawn from circulation on Midrate?
No, Midrate is a marketplace only for valid banknotes in circulation.
How can I delete an offer?
Go to your dashboard and use the DELETE button.
If I sign up using with my Facebook or Google+ account, will my offer be visible on my Facebook/Google+ page?
No, your offer will be shown only on midrate.com.
If I send a chat message to someone, will they be informed of my message when they are not online?
Yes, anytime a user is offline, a warning e-mail will be sent to them about all the new chat messages they have received.