• noun a charge made for changing money of one currency into another, or for changing banknotes into cash
  • noun the difference between two values, such as between the interest charged on loans made by a bank and the interest paid by the bank on deposits, or the difference between the values of two currencies


  • The premium when the market value of a bond is greater than the par value. For example, if a bond were issued at 104% of par, its agio would be 4%. The term is also used to describe the fee paid to undertake a transaction in the bond market, or to exchange currencies.