Transparency
How We Collect Exchange Rates
Every rate on CheckRate has a source, a timestamp, and a freshness label. Here is exactly how we get them.
1Where rates come from
CheckRate fetches exchange rates and transfer fees directly from each provider's own platform using server-side API calls. We do not scrape front-end web pages — we use the same data endpoints that providers' own apps and websites use to display rates to customers.
Providers currently tracked: Lemfi, Taptap Send, Sendwave, Remitly, Wise, Remitbee, Pesa, and WorldRemit.
Each provider has an isolated adapter module. If one provider's endpoint fails or changes, only that provider is affected — the rest continue normally.
2Update frequency
Rates are fetched approximately every 2 hoursvia an automated scheduled job. Each rate card on the comparison table shows the exact time the rate was last fetched (e.g. “Updated 45 minutes ago”).
Exchange rates can change multiple times per day in response to currency market movements. Our 1-hour cadence balances freshness against provider rate-limit policies and keeps CheckRate reliable without hammering provider endpoints. For transfers of significant amounts, we recommend checking CheckRate shortly before you send.
3How we calculate estimated receive amount
The estimated receive amount is the core comparison metric on CheckRate. It is calculated as:
This gives a realistic estimate of how many local currency units your recipient will receive. We sort the comparison table by this number — highest at the top.
This approach is deliberately different from sorting by headline rate or by fee, because neither alone reflects the true cost. A provider with zero fees but a poor rate can cost your family more than one charging a small fee with a better rate.
Receiving bank fees (if any) are not included in this calculation — those are charged by the recipient's bank and vary by institution.
4Stale rates and error handling
A rate is marked stale if it has not been successfully updated within 3 hours. Stale rates are displayed with a clear visual label so you always know when data may be outdated.
If a provider's endpoint fails during a fetch cycle:
- →The last successful rate is retained and marked stale
- →The error is logged in the admin sync dashboard
- →Our admin team can manually update or override the rate as a fallback
- →Persistently failing providers can be deactivated to remove misleading data
5Ranking and commercial policy
Providers are ranked purely by estimated receive amount — the highest amount appears first. No provider pays for placement or ranking boosts.
CheckRate may earn a referral commission when users click a provider link and subsequently complete a transfer or sign up. This commercial arrangement:
- →Does not affect how providers are ranked
- →Does not affect the rates we display
- →Does not add any cost to your transfer
- →Is disclosed in our Terms of Use and this page
Frequently Asked Questions
How often does CheckRate update exchange rates?
CheckRate fetches rates from provider platforms approximately every hour via automated API calls. Each rate card displays the exact time the rate was last fetched.
Are the rates on CheckRate guaranteed?
No. Rates shown are for comparison purposes only and reflect the rate at the time of the last fetch. Exchange rates change continuously. Always confirm the final rate with the provider before completing a transfer.
What is an estimated receive amount?
The estimated receive amount is calculated as: (send amount minus transfer fee) multiplied by the exchange rate. This gives a realistic estimate of how many local currency units your recipient will receive.
What happens when a provider's rate cannot be fetched?
If a provider's rate cannot be fetched automatically, the last known rate is shown with a stale warning label. Our admin team can manually update or override rates as a fallback. Providers with persistent failures are flagged in the admin dashboard.
Does any provider pay to appear on CheckRate or rank higher?
No. Providers are ranked purely by estimated receive amount — the highest amount at the top. No provider pays for placement, ranking boosts, or editorial coverage. We may earn a referral commission when users click through and complete a transfer.