The ✨foreign exchange rate✨ (FX Rate) is the price at which one currency is converted into another.
When you send a remittance from the U.S. to another country, the FX rate determines how much money the recipient will get in their local currency. 💸
Why it’s important? 🏷️
A higher FX rate means your recipient gets more in local currency for the same amount you send.
Even small differences in the rate can add up, especially if you send money often.
Example:
If you send $100 USD:
At an FX rate of 18.50, your recipient gets 1,850.00 MXN.
At an FX rate of 18.30, your recipient gets 1,830.00 MXN.
That’s a 20 MXN difference just from the exchange rate — and the gap grows with larger amounts.
With Comun, you can always see the exact FX rate before confirming your transfer. This helps you know exactly how much your recipient will receive and choose the best moment to send. 💰
Why is my exchange rate different from someone else’s? 📣
Our exchange rates can vary depending on whether it’s your first remittance or not.
First remittance: We don’t charge the $2.99 fee and offer a special rate.
From the second remittance onward: We charge the standard $2.99 fee and apply the standard rate.
This means that if you compare your rate with someone sending their first remittance, theirs might be slightly better.
You can always see your exact rate before confirming your transfer in the app.