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Currency Converter
Convert between world currencies using daily ECB reference rates.
The exchange rate you see quoted on the news is not the exchange rate you get at the airport kiosk, your bank, or even most card payments abroad. There are, in effect, two prices for every currency pair, and the gap between them is where a lot of money quietly disappears.
Mid-market rate versus what you actually pay
The mid-market rate — sometimes called the interbank rate — is the midpoint between what large banks buy and sell a currency for among themselves, in enormous volumes. It is the fairest, most neutral reference point available. This tool uses the European Central Bank’s reference rates, published once each working day, which track the mid-market rate closely.
Retail providers almost never give you that rate. Banks, currency-exchange counters and card networks add a margin on top, sometimes called a spread, sometimes hidden entirely inside a worse rate with no separate fee shown at all. Airport kiosks are usually the worst offenders, often marking the rate up 5–10% above mid-market.
Where the spread actually comes from
- Physical currency exchange — the counter has to hold foreign banknotes, which costs money and carries risk, so the rate is worse than an electronic transfer.
- Card network conversion fees, typically 1–3%, applied on top of whatever rate the network itself uses.
- Bank wire transfers, which often use a marked-up rate plus a flat fee, and can be one of the most expensive ways to move money between currencies.
- Dedicated transfer services built around the mid-market rate, which generally offer the smallest spread of any option available to individuals.
Rates move constantly, and that is the point
Exchange rates float against each other essentially continuously during market hours, driven by interest rate decisions, trade flows, political events and sheer trading volume. A rate that is accurate this minute can be meaningfully different an hour later during a volatile news cycle, which is why any converter, including this one, should be treated as a snapshot rather than a fixed fact to quote back later.
Currency conversion questions
Why is the rate I get at the bank worse than the one online?
Because online converters typically show the mid-market rate, the raw midpoint used between banks, while your own bank adds a margin on top when serving you as a retail customer. That margin is the bank’s profit on the transaction, whether or not it is shown as a separate fee.
How often do exchange rates change?
Continuously during trading hours, and sometimes sharply within minutes around major economic announcements like central bank interest rate decisions. A converter’s figures should be treated as a close approximation at the moment you checked, not a locked-in rate.
What is the cheapest way to convert currency for travel?
Generally a card with no foreign transaction fee, used directly for purchases, combined with a small cash withdrawal from an ATM for situations that need physical currency. Airport kiosks and hotel exchange desks are consistently among the most expensive options.
Why do two currency converters sometimes show slightly different numbers?
They may be pulling rates from different data providers, at slightly different refresh intervals, or one may already be including a small retail margin while the other shows the raw mid-market figure. Small differences of a fraction of a percent are normal and do not indicate an error.
Is the exchange rate the same for buying and selling a currency?
No. Providers quote a buy rate and a sell rate that sit on either side of the mid-market rate, and the gap between them is the spread. That is a separate mechanism from any flat fee and applies even when no commission is explicitly charged.
