Currency Converter
Convert between 30+ world currencies using approximate mid-market exchange rates.
How Currency Exchange Rates Work
Exchange rates represent how much one currency is worth relative to another. When you see EUR/USD = 0.92, it means 1 US dollar buys 0.92 euros. Rates fluctuate constantly based on supply and demand, interest rate differences between countries, inflation, trade balances, and geopolitical events. Central bank decisions have the largest short-term impact on exchange rates.
Mid-Market Rate vs. What You Actually Pay
The mid-market rate (also called the interbank rate) is the midpoint between buy and sell prices on the global currency market. It is the fairest rate available and what this calculator uses. However, when you actually exchange money through a bank, airport kiosk, or online service, you will pay a markup of 1-5% on top of the mid-market rate. Credit cards typically offer the best exchange rates (within 1-2% of mid-market), while airport exchanges are the worst (3-10% markup).
Tips for Getting the Best Exchange Rate
Use a credit card with no foreign transaction fee for purchases abroad. Cards from Capital One, Chase Sapphire, and many travel cards charge 0% foreign transaction fees. Avoid airport currency exchanges since they have the worst rates and highest fees. Withdraw from ATMs abroad using a debit card with no foreign ATM fees (Charles Schwab, for example) for the best cash exchange rate. Decline "dynamic currency conversion" when a foreign merchant offers to charge you in your home currency. This always results in a worse rate.
Currency Converter FAQ
How often do exchange rates change?
In the global forex market, rates change every second during trading hours. For practical purposes, daily fluctuations are usually less than 1% for major currency pairs. The rates in this calculator are approximate mid-market rates suitable for estimation. For exact transaction rates, check with your bank or exchange service at the time of conversion.
Which currency pairs are most traded?
The most traded pair is EUR/USD (Euro to US Dollar), followed by USD/JPY (Dollar to Yen), GBP/USD (Pound to Dollar), and USD/CHF (Dollar to Swiss Franc). These "major pairs" account for over 70% of all forex trading volume.
Why do I get a different rate at the bank?
Banks and exchange services add a spread (markup) to the mid-market rate. This is how they make money on currency exchange. The spread can range from 0.5% for large online transfers to 5-10% at airport kiosks. Always compare the rate you are offered to the mid-market rate to see how much you are being charged.
Should I exchange money before traveling?
For most destinations, using a no-foreign-transaction-fee credit card or withdrawing cash from local ATMs gives you a better rate than exchanging money before you leave. If you want cash in hand before traveling, order from your bank (not an airport kiosk) for a better rate.