How are FX rates determined?

Can anyone confirm how Curve FX rates are determined. My understanding is that Curve uses the Mastercard Currency Converter rates but today (17th June) I made a large 144,000 ZAR transaction but the rates were calculated (to the penny) against yesterdays Mastercard GBP conversion rates, as opposed to todays rates.

It’s indeed the MasterCard FX rate that is used, but…

Mastercard® updates their fixed daily rates every day at 12 pm Central Standard Time (CST). This means that to receive the correct rate we charged you, you have to take into consideration the time difference and enter the appropriate date into the calculator.

Thanks for the clarification. I missed the changeover to the new rate by just over 30 mins. Cost me about £70. But lesson learned.

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