An exchange rate at which banks trade to one another in excess of $1 million USD. It is the rate that is commonly found in newspapers such as The Wall Street Journal or online venues such as Bloomberg.com. This rate is NOT a consumer exchange rate or retail exchange rate; however, consumers are frequently confused by this rate, thinking they will receive this exchange rate when purchasing foreign currency. Also referred to as: bank wholesale rate, benchmark currency rate, official exchange rate, interbank offered rate.

Source: Rachel Smith, eZforex.com