diff --git a/djmoney/contrib/exchange/models.py b/djmoney/contrib/exchange/models.py
index 4d97846..7963967 100644
--- a/djmoney/contrib/exchange/models.py
+++ b/djmoney/contrib/exchange/models.py
@@ -40,6 +40,8 @@ def get_rate(source, target, backend=None):
     Converts exchange rate on the DB side if there is no backends with given base currency.
     Uses data from the default backend if the backend is not specified.
     """
+    if str(source) == str(target):
+        return 1
     if backend is None:
         backend = get_default_backend_name()
     key = f"djmoney:get_rate:{source}:{target}:{backend}"
@@ -53,8 +55,6 @@ def get_rate(source, target, backend=None):
 
 def _get_rate(source, target, backend):
     source, target = str(source), str(target)
-    if str(source) == target:
-        return 1
     rates = Rate.objects.filter(currency__in=(source, target), backend=backend).select_related("backend")
     if not rates:
         raise MissingRate(f"Rate {source} -> {target} does not exist")

diff --git a/tests/contrib/exchange/test_model.py b/tests/contrib/exchange/test_model.py
index 4bd6b75..4d37c78 100644
--- a/tests/contrib/exchange/test_model.py
+++ b/tests/contrib/exchange/test_model.py
@@ -64,8 +64,10 @@ def test_string_representation(backend):
 def test_cache():
     with patch("djmoney.contrib.exchange.models._get_rate", wraps=_get_rate) as original:
         assert get_rate("USD", "USD") == 1
+        assert original.call_count == 0
+        assert get_rate("USD", "EUR") == 2
         assert original.call_count == 1
-        assert get_rate("USD", "USD") == 1
+        assert get_rate("USD", "EUR") == 2
         assert original.call_count == 1
 
 
diff --git a/tests/contrib/test_django_rest_framework.py b/tests/contrib/test_django_rest_framework.py
index 4a7e4a2..5372a91 100644
--- a/tests/contrib/test_django_rest_framework.py
+++ b/tests/contrib/test_django_rest_framework.py
@@ -106,7 +106,7 @@ class TestMoneyField:
 
     def test_serializer_with_fields(self):
         serializer = self.get_serializer(ModelWithVanillaMoneyField, data={"money": "10.00"}, fields_=("money",))
-        serializer.is_valid(True)
+        serializer.is_valid(raise_exception=True)
         assert serializer.data == {"money": "10.00"}
 
     @pytest.mark.parametrize(

calling get_rate with identical source and target currency should be a noop
- it is always exactly 1
- that doesn't even have to hit the cache ;)
tests/contrib/exchange/test_model.py::test_cache
tests/contrib/exchange/test_model.py::test_unknown_currency_with_partially_exiting_currencies[NOK-ZAR] tests/contrib/exchange/test_model.py::test_unknown_currency_with_partially_exiting_currencies[USD-ZAR] tests/contrib/exchange/test_model.py::test_get_rate[EUR-USD-expected2-1] tests/contrib/exchange/test_model.py::test_bad_configuration tests/contrib/exchange/test_model.py::test_rates_via_base[SEK-NOK-expected1] tests/contrib/exchange/test_model.py::test_unknown_currency[SEK-ZWL] tests/contrib/exchange/test_model.py::test_rates_via_base[NOK-SEK-expected0] tests/contrib/exchange/test_model.py::test_without_installed_exchange tests/contrib/exchange/test_model.py::test_get_rate[source3-USD-1-0] tests/contrib/exchange/test_model.py::test_get_rate[USD-USD-1-0] tests/contrib/exchange/test_model.py::test_unknown_currency_with_partially_exiting_currencies[ZAR-USD] tests/contrib/exchange/test_model.py::test_get_rate[USD-target4-1-0] tests/contrib/exchange/test_model.py::test_get_rate[USD-EUR-2-1] tests/contrib/exchange/test_model.py::test_string_representation tests/contrib/exchange/test_model.py::test_unknown_currency_with_partially_exiting_currencies[ZAR-NOK] tests/contrib/exchange/test_model.py::test_unknown_currency[USD-EUR]