Currency Converter
| Currency | Rate (1 USD =) | Converted Amount |
|---|---|---|
| EUR — Euro | 0.9300 EUR | 93.00 EUR |
| GBP — British Pound | 0.7900 GBP | 79.00 GBP |
| JPY — Japanese Yen | 149.5000 JPY | 14,950.00 JPY |
| CAD — Canadian Dollar | 1.3600 CAD | 136.00 CAD |
| AUD — Australian Dollar | 1.5300 AUD | 153.00 AUD |
| CHF — Swiss Franc | 0.9000 CHF | 90.00 CHF |
| INR — Indian Rupee | 83.5000 INR | 8,350.00 INR |
How Currency Exchange Rates Work
A currency exchange rate tells you how much one currency is worth in terms of another. When you see "1 USD = 0.93 EUR," it means one US Dollar can be exchanged for 0.93 Euros at that moment in time. Rates fluctuate constantly based on economic data, political events, central bank decisions, and the simple forces of supply and demand in the global foreign exchange (forex) market. If you are converting for VAT purposes, check our VAT calculator for country-specific rates.
The forex market is the largest financial market in the world, with over $7 trillion in daily trading volume. It operates 24 hours a day, five and a half days a week — from Sunday evening in New York (when Asian markets open) to Friday afternoon. The most traded currency pairs are EUR/USD, USD/JPY, GBP/USD, USD/CHF, and AUD/USD.
The Bid-Ask Spread: Why You Never Get the "Real" Rate
The mid-market rate you see quoted on finance sites is not the rate you receive in practice. Every currency exchange involves a bid-ask spread — the currency seller buys at a slightly lower price (bid) and sells at a slightly higher price (ask). The difference is their profit margin.
At an international airport currency counter, the spread can be 5–10%. At a high-street bank, it is typically 2–4%. For bank wire transfers, you usually pay a flat fee of $20–45 plus a 1–3% rate margin on top. Online services like Wise operate close to the mid-market rate and charge a transparent flat fee, making them significantly cheaper for international transfers.
For everyday travel abroad, a credit card with no foreign transaction fee (such as those from Chase, Capital One, or Charles Schwab) typically applies the Mastercard or Visa network rate — extremely close to the mid-market rate with no added margin. Always decline "dynamic currency conversion" when offered: the terminal at a foreign merchant offering to charge you in your home currency (instead of local currency) almost always applies an unfavorable rate.
Understanding Currency Codes
Currency codes follow the ISO 4217 standard: three letters, where the first two usually represent the country and the third represents the currency name. USD = United States Dollar. EUR = Euro. GBP = Great Britain Pound. JPY = Japanese Yen. INR = Indian Rupee.
The Euro (EUR) is unique: it represents 20 European Union member countries that share a single monetary policy set by the European Central Bank. Countries like the UK (GBP), Switzerland (CHF), Norway (NOK), and Sweden (SEK) are in Europe but maintain their own currencies.
Tips for Getting a Better Exchange Rate
1. Compare multiple providers. For transfers above $1,000, comparison sites show rates from multiple services side by side. Even small differences in rate add up on large amounts.
2. Avoid airport exchange counters. They offer the worst rates of any channel, often 7–10% below mid-market. If you need foreign cash, withdraw from an ATM at your destination instead.
3. Use ATMs at your destination. Most ATMs abroad charge a $3–5 flat fee plus your home bank's foreign transaction fee (usually 1–3%). Total cost is often 2–5%, still better than airport counters. Use a Schwab Investor Checking or similar no-fee account to eliminate the home bank surcharge.
4. Watch for "free" transfers. Some services advertise zero fees but embed a 3–4% margin in the exchange rate. Always check the rate against the current mid-market rate to understand the true cost.
5. Consider timing for large transfers. Currency rates can move 2–5% over a week during volatile periods — use our percentage calculator to quantify rate differences. If you are moving a large sum, a forward contract (offered by OFX, HiFX, and others) lets you lock in today's rate for a future settlement date.
Frequently Asked Questions
What is the mid-market exchange rate?
The mid-market rate (also called the interbank rate or "real" exchange rate) is the midpoint between the buy and sell prices that banks and financial institutions use to trade currency between each other. It is the fairest benchmark for comparing exchange rates. Banks and money changers typically offer rates that are 1–5% worse than the mid-market rate. Services like Wise (TransferWise) pass on the mid-market rate and charge a transparent fee separately.
Why is the exchange rate I get at the airport or bank different?
Banks and currency exchange counters make a profit through the "spread" — the difference between the rate they buy currency at and the rate they sell it at. At airports, this spread can be 5–10% above the mid-market rate, making them the most expensive place to exchange money. ATMs abroad typically offer better rates. For large amounts, services like Wise, Revolut, or your bank's international transfer service usually beat airport counters.
How often do exchange rates change?
Foreign exchange (forex) rates change continuously, 24 hours a day, 5.5 days a week. Major currency pairs (USD/EUR, USD/JPY, GBP/USD) can move by 0.5–1% on a normal day and 2–5% during major economic events like central bank interest rate decisions, elections, or financial crises. The rates on this calculator are approximate fixed values updated periodically — use a live converter for actual transaction amounts.
What factors affect currency exchange rates?
Exchange rates are driven by supply and demand for each currency. Key factors include: interest rate differentials (higher rates attract foreign capital, strengthening the currency); inflation (lower inflation generally strengthens a currency); trade balances (export-heavy countries often have stronger currencies); political stability; and central bank interventions. The US Dollar remains the world's reserve currency, meaning most international trade is priced in USD first.
How do I get the best exchange rate when sending money abroad?
For large transfers (above $1,000): use dedicated services like Wise, OFX, or Remitly rather than bank wire transfers. Banks typically charge $25–45 in fees plus a 2–4% rate margin. Wise charges a small flat fee (often under 1%) and uses the mid-market rate. For travel cash: use a no-foreign-transaction-fee credit card, which typically charges the Visa or Mastercard network rate (very close to mid-market). Avoid dynamic currency conversion — always choose to be charged in the local currency.
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