Currency

Currency converter: why is your bank’s rate never the quoted one?

A currency converter turns an amount in one currency into another using an exchange rate - here, the daily mid-market rate published by the European Central Bank. Live rates from a daily market-rate feed, refreshed once a day. Unlike a physical unit, a currency rate is only true for a moment - so the date it's from is never hidden in a footnote here.

How often do exchange rates update?

This page tries to fetch a fresh rate every time you visit. If that fetch can't complete - no connection, or the source is briefly unavailable - it falls back to the last rates it successfully saved, clearly marked as such, rather than showing nothing or silently using a guess. Either way, the date shown is the date the number is actually from.

Why is my bank’s exchange rate different?

These are mid-market reference rates - the rate you see quoted in the news, not the rate any bank, card, or airport kiosk actually gives you. Card networks typically add a small margin, banks add a foreign transaction fee on top (often 1-3%), and cash exchange desks - especially at airports - can sit 5-10% or more away from mid-market. The honest way to use this page: treat the number as the fair-value baseline, then compare whatever rate you're actually offered against it. The gap between the two is the real cost of the exchange, and it's the number providers are least eager to show you.

One more practical note: when a card terminal abroad offers to charge you in your home currency instead of the local one ("dynamic currency conversion"), the exchange rate buried in that convenience is almost always worse than your card's own. Paying in the local currency and letting your card convert is usually the better end of the deal.

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Common questions

Why is my bank’s exchange rate different from the one I see quoted?

The quoted rate is usually the mid-market rate, the midpoint between what buyers and sellers are offering. Banks and exchange services add a margin to that, which is how they make money on the transaction.

How often do exchange rates update?

Rates here update once daily from a live market-rate feed, and the date of the rate is always shown, so you can see exactly how current it is.

For general information and education only. This tool shows an illustration based on the figures you enter - it does not know your circumstances, tax position, or appetite for risk, and nothing here is financial, investment, tax, or legal advice. It is not intended to be relied on when making a decision about any particular financial product. Before acting, check the figures against your own documents and consider advice from a licensed financial professional in your country.