Exchange Rate Calculator
View live exchange rates for 30 world currencies against any base currency. Calculate markup and spread costs. Rates from the European Central Bank, updated daily. See also Currency Converter and Percentage Calculator.
Live Exchange Rate Table
Exchange Rate Markup Calculator
Calculate how much your bank or exchange service is charging you in hidden markup compared to the mid-market rate.
Check above for live mid-market rate
What is an Exchange Rate?
An exchange rate is the price of one currency expressed in terms of another. It tells you how much of one currency you need to buy one unit of another currency. For example, if the USD/EUR exchange rate is 0.92, it means 1 US Dollar buys 0.92 Euros. Exchange rates are determined by supply and demand in the foreign exchange (forex) market — the largest financial market in the world with over $7.5 trillion traded daily. This calculator shows you the mid-market rate (the fairest rate available) for 30 currencies published by the European Central Bank.
How to Use the Exchange Rate Calculator
This tool provides two functions:
1. Live Rate Table: Enter an amount and select your base currency, then click "Get Rates" to see how much that amount is worth in all 29 other currencies simultaneously. Use the filter to find specific currencies and sort by name or rate value.
2. Markup Calculator: Enter the amount you want to convert, the mid-market rate (shown in the table above), and the rate your bank or exchange service is offering. The calculator shows you the exact percentage markup and how much money you are losing compared to the mid-market rate.
Exchange Rate Formulas
Converted Amount = Base Amount x Exchange Rate
Inverse Rate = 1 / Exchange Rate
Cross Rate (A to C) = Rate(A to B) x Rate(B to C)
Markup % = ((Mid-Market Rate - Offered Rate) / Mid-Market Rate) x 100
Cost of Markup = Amount x (Mid-Market Rate - Offered Rate)
Worked Example — Calculating Markup
Converting 5,000 USD to EUR
Mid-market rate: 1 USD = 0.9200 EUR
Bank offered rate: 1 USD = 0.8900 EUR
Markup = ((0.9200 - 0.8900) / 0.9200) x 100 = 3.26%
At mid-market: 5,000 x 0.9200 = 4,600.00 EUR
At bank rate: 5,000 x 0.8900 = 4,450.00 EUR
You lose: 150.00 EUR (3.26% markup)
Typical Exchange Rate Markups by Provider
Different providers charge different markups on top of the mid-market rate. Here is what you can typically expect:
| Provider Type | Typical Markup | Cost on $1,000 | Best For |
|---|---|---|---|
| Wise / Revolut | 0.3% - 1.0% | $3 - $10 | International transfers |
| Online FX brokers | 0.5% - 1.5% | $5 - $15 | Large business transfers |
| Credit cards (no FTF) | 0% - 0.5% | $0 - $5 | Travel spending |
| Traditional banks | 2% - 5% | $20 - $50 | Convenience (not value) |
| Airport exchanges | 5% - 12% | $50 - $120 | Last-minute cash only |
| Hotel/tourist exchanges | 8% - 15% | $80 - $150 | Avoid if possible |
Understanding Exchange Rate Quotes
Exchange rates are always quoted in pairs. The first currency is the base currency and the second is the quote currency. Here is how to read them:
Direct Quote
Expresses how much domestic currency is needed to buy one unit of foreign currency. Example: For a US resident, EUR/USD = 1.09 means 1 Euro costs $1.09.
Indirect Quote
Expresses how much foreign currency one unit of domestic currency can buy. Example: For a US resident, USD/EUR = 0.92 means $1 buys 0.92 Euros.
Bid and Ask (Buy and Sell)
The bid price is what a dealer will pay to buy the base currency. The ask price is what they will sell it for. The difference (spread) is their profit. Example: EUR/USD bid 1.0880 / ask 1.0920 means a spread of 40 pips (0.0040).
Pip (Percentage in Point)
The smallest standard price movement in a currency pair. For most pairs, 1 pip = 0.0001 (the fourth decimal place). For JPY pairs, 1 pip = 0.01 (the second decimal place). A move from 1.0920 to 1.0925 is a 5-pip move.
Factors That Influence Exchange Rates
Exchange rates fluctuate constantly based on economic fundamentals, market sentiment, and geopolitical events. The main drivers are:
Interest Rate Differentials
Higher interest rates attract foreign capital seeking better returns, increasing demand for that currency. When the US Federal Reserve raises rates while the ECB holds steady, the USD typically strengthens against the EUR. This is the single most important short-term driver of exchange rates.
Inflation Differentials
Countries with lower inflation see their currency appreciate over time because purchasing power erodes more slowly. If US inflation is 3% and Eurozone inflation is 2%, the EUR tends to strengthen against the USD over the long term (all else equal).
Current Account Balance
A country that exports more than it imports (trade surplus) creates demand for its currency from foreign buyers. Japan and Germany typically run surpluses, supporting the JPY and EUR. The US runs a persistent deficit, which puts downward pressure on the USD.
Government Debt Levels
High government debt can weaken a currency if investors fear the country may inflate away its debt or default. Countries with lower debt-to-GDP ratios (like Switzerland) tend to have stronger currencies.
Political Stability and Economic Performance
Political uncertainty (elections, policy changes, conflicts) weakens a currency as investors move capital to safer havens. Strong GDP growth and low unemployment attract investment and strengthen the currency.
Market Speculation
Short-term exchange rate movements are heavily influenced by speculative trading. If traders believe a currency will strengthen, they buy it — which itself causes it to strengthen (self-fulfilling prophecy). This is why rates can move sharply on news or rumors.
Exchange Rate Regimes Around the World
Not all currencies work the same way. Countries use different exchange rate systems:
| Regime | How It Works | Examples |
|---|---|---|
| Free Floating | Rate determined entirely by market supply and demand | USD, EUR, GBP, JPY, AUD, CAD |
| Managed Float | Mostly market-driven but central bank intervenes occasionally | INR, SGD, THB, MYR |
| Pegged (Fixed) | Rate fixed to another currency or basket | HKD (to USD), DKK (to EUR), SAR (to USD) |
| Currency Board | Domestic currency fully backed by foreign reserves at fixed rate | HKD, BGN (Bulgarian Lev) |
| Dollarization | Country uses another country's currency as its own | Ecuador, El Salvador, Panama (use USD) |
How to Save Money on Currency Exchange
The difference between the best and worst exchange rates can cost you 5-15% of your money. Here is how to minimize costs:
1. Always check the mid-market rate first: Use this calculator to see the real rate, then compare what your provider offers. If their rate is more than 1% worse, look elsewhere.
2. Use online transfer services: Wise, Revolut, and OFX typically offer rates within 0.3-1% of mid-market — far better than banks (2-5%) or airport exchanges (5-12%).
3. Avoid Dynamic Currency Conversion (DCC): When paying abroad, always choose to pay in the local currency. If a terminal asks "pay in your home currency?" — always say no. DCC rates include a 3-5% markup.
4. Time your transfers: Use the historical chart on our Currency Converter page to see if the rate is near a recent high. Converting when the rate is favorable can save 2-3% compared to converting at a low point.
5. Batch your conversions: Most services offer better rates for larger amounts. Instead of converting $500 three times, convert $1,500 once.
6. Set rate alerts: Many services let you set alerts for when a rate reaches your target. This removes the guesswork from timing.
7. Use multi-currency accounts: If you regularly receive or spend in foreign currencies, a multi-currency account (Wise, Revolut) lets you hold balances and convert only when rates are good.
Major Currency Pairs — Key Facts
| Pair | Nickname | Daily Volume | Characteristics |
|---|---|---|---|
| EUR/USD | Fiber | ~$1.7T | Most traded pair globally, tight spreads |
| USD/JPY | Gopher | ~$1.0T | Sensitive to US-Japan interest rate gap |
| GBP/USD | Cable | ~$630B | Volatile, reacts to UK political events |
| USD/CHF | Swissie | ~$400B | Safe-haven pair, low volatility |
| AUD/USD | Aussie | ~$350B | Commodity-linked, follows iron ore prices |
| USD/CAD | Loonie | ~$320B | Oil-correlated, follows crude prices |
| NZD/USD | Kiwi | ~$100B | Dairy-linked, follows NZ exports |
| EUR/GBP | Chunnel | ~$150B | Tight range, low volatility |
Exchange Rate vs Currency Converter — What is the Difference?
While often used interchangeably, these tools serve different purposes:
Exchange Rate Calculator (this page)
- Shows rates for ALL currencies at once
- Helps compare relative currency values
- Includes markup/spread calculator
- Best for: rate analysis, provider comparison
- Converts between two specific currencies
- Shows historical rate chart (1M/3M/1Y)
- Displays inverse rate
- Best for: quick conversions, timing decisions
Frequently Asked Questions
What is the mid-market exchange rate?
The mid-market rate (also called the interbank rate or spot rate) is the midpoint between the buy and sell prices on the global currency market. It is the fairest rate available — no single party profits from it. This is the rate shown on this calculator and on financial news sites like Reuters and Bloomberg. When you exchange money through a bank or service, they add a markup to this rate as their profit.
Why is my bank's rate different from the rate shown here?
Banks add a spread (markup) of typically 2-5% on top of the mid-market rate. This is how they profit from currency exchange. For example, if the mid-market rate is 1 USD = 0.92 EUR, your bank might offer 0.88 EUR — that 4.3% difference is their hidden fee. Use the Markup Calculator above to see exactly how much your provider is charging.
How often do exchange rates change?
In the live forex market, rates change every second during trading hours (24/5, Sunday evening to Friday evening US time). The ECB reference rates shown here are updated once daily around 16:00 CET on business days. For most personal and small business needs, daily rates are sufficient. Only active forex traders need real-time rates.
What is a pip in exchange rates?
A pip (percentage in point) is the smallest standard price movement in a currency pair. For most pairs, 1 pip = 0.0001 (fourth decimal place). For JPY pairs, 1 pip = 0.01 (second decimal place). If EUR/USD moves from 1.0920 to 1.0950, that is a 30-pip move. Pips are used by traders to measure profit/loss and by services to quote their spread.
What is a cross rate?
A cross rate is the exchange rate between two currencies that are both quoted against a third currency (usually USD). For example, to find the GBP/JPY rate, you calculate: (GBP/USD) x (USD/JPY). Most currency pairs that do not directly involve USD are calculated as cross rates. The ECB publishes all rates against EUR, so non-EUR pairs are derived as cross rates.
Should I exchange money before or during my trip?
For most travelers, using a no-foreign-transaction-fee credit card at your destination gives the best rate (within 0.5% of mid-market). If you need cash, order from your bank before departure (2-3% markup) rather than using airport exchanges (5-12% markup). Only exchange a small amount for immediate needs upon arrival.
What is the strongest currency in the world?
The Kuwaiti Dinar (KWD) is typically the highest-valued currency, with 1 KWD worth approximately 3.25 USD. However, "strongest" does not mean "best" — it simply reflects the denomination chosen when the currency was created. The USD, EUR, and GBP are the most important currencies by trading volume and global reserve holdings.
How do I calculate exchange rate percentage change?
Use the formula: Percentage Change = ((New Rate - Old Rate) / Old Rate) x 100. For example, if USD/EUR moved from 0.90 to 0.92, the change is ((0.92 - 0.90) / 0.90) x 100 = 2.22%. A positive change means the base currency strengthened; negative means it weakened.
What are safe-haven currencies?
Safe-haven currencies are those that tend to strengthen during times of global economic uncertainty or market stress. The main safe havens are the Swiss Franc (CHF), Japanese Yen (JPY), and US Dollar (USD). Investors move money into these currencies during crises because of the political stability, strong institutions, and deep financial markets of their issuing countries.
Where do the rates on this page come from?
Rates are published by the European Central Bank (ECB) and served through the open-source Frankfurter API. The ECB publishes reference rates for approximately 30 currencies daily around 16:00 CET on business days. These are widely used as a benchmark by financial institutions, businesses, and auditors worldwide.