Exchange Rate Calculator
Compare exchange rates and convert between major world currencies. Enter an amount and select currencies to see the converted value and current exchange rate. DISCLAIMER: Exchange rates shown are estimates based on recent data. Actual rates vary by provider and change frequently. Always verify current rates with your bank or exchange service before making transactions.
How do exchange rates work?
An exchange rate is the value of one currency expressed in terms of another. For example, if 1 USD = 0.92 EUR, you can exchange 1 US dollar for 0.92 euros. Exchange rates fluctuate constantly based on supply/demand, economic indicators, interest rates, political stability, and market speculation. Rates change throughout the day as currencies trade on global forex markets. Banks and exchange services add fees/margins on top of the market rate, so the rate you get may differ from published rates.
What factors affect exchange rates?
Key factors influencing exchange rates: Interest rates (higher rates attract foreign capital), economic growth (stronger economy = stronger currency), inflation (higher inflation weakens currency), political stability (uncertainty weakens currency), trade balance (surplus strengthens currency), government debt (high debt weakens currency), and speculation (trader expectations move markets). Central banks can intervene to influence rates. Major events like elections, policy changes, or economic crises cause significant fluctuations.
What is the mid-market rate vs. retail exchange rate?
The mid-market rate (interbank rate) is the midpoint between buy and sell prices on global currency markets - the "true" exchange rate you see on financial websites. Retail rates (what you actually get) include fees and margins. Banks typically charge 3-7% above mid-market rate. Airport exchanges charge 10-15% or more. Credit cards charge 1-3% foreign transaction fees. Money transfer services (Wise, Remitly) charge 0.5-2% above mid-market. Always compare total cost, not just the exchange rate.
When is the best time to exchange currency?
Best practices for currency exchange: Monitor rates over weeks/months to identify trends, avoid airport and hotel exchanges (worst rates), use credit cards with no foreign transaction fees for purchases, withdraw cash from ATMs in destination country (better rates than exchange booths), exchange large amounts when rates favor you, set rate alerts on apps like XE or OANDA, and consider forward contracts to lock in rates for future transactions. For travel, exchange a small amount before departure, then use ATMs abroad. Business travelers should use hedging strategies for large transactions.