Where the exchange rates come from
Rates are the euro foreign exchange reference rates published by the European Central Bank around 4 pm Central European Time on each business day, delivered through the free Frankfurter service. Rates between two non-euro currencies, such as USD to JPY, are worked out through the euro. On weekends and holidays the most recent business day's rates are shown, and the date appears under your result.
Mid-market rate vs the rate you get
The reference rate is the midpoint between buying and selling prices, often called the mid-market rate. Banks, card issuers, airport kiosks and many transfer apps add a markup on top of it, commonly 1% to 3% and sometimes 5% or more at a currency exchange counter. To find the real cost of a transfer, compare the amount you'll receive with this converter's result.
Example
Suppose the reference rate is 1 USD = 0.92 EUR. Converting $1,000 at the mid-market rate gives €920. If your bank gives you €893, you paid a 2.9% markup, or about $29 in hidden fees.
Tips to pay less when exchanging money
- Use a card with no foreign transaction fee when traveling, and pay in the local currency when a card terminal asks.
- For large transfers, compare a bank wire with a specialist transfer service on the total amount received, not the advertised fee.
- Avoid exchanging cash at airports and hotels, where markups are usually highest.
Frequently asked questions
How often are the exchange rates updated?
Why is my bank's rate different?
Can I use these rates for taxes or accounting?
Which currencies are supported?
Last reviewed: 2026-10-10