What FX rate does Denizen use?
Where ever Denizen controls the FX conversion (Transactions initiated from Denizen or deposits into Denizen that involve a currency exchange) we use the prior day real exchange rate. This has a lot of names - mid-market rate or interbank rate - but this is the rate you see when search the internet for an exchange rate.
For our card transactions the FX rate is set by either Mastercard or Visa (depending on your primary residency) but Denizen does not charge any international or FX fees so the rate we get from our card networks is the rate you see.
Why use the prior day rate?
We use the prior day's rate to take the guess work out when to send transactions. We want to use the same FX rate for all transactions on our platform on a given day so there is no wasted time second guessing when you should send to get a better rate.