How accurate are the exchange rates?

A currency converter is a financial tool that calculates how much one currency is worth in another. For example, if you're traveling from the United States to Europe, you need to know how many euros your dollars will buy. That's where currency conversion comes in.

Exchange rates between currencies aren't fixed—they fluctuate constantly based on supply and demand in the global foreign exchange (forex) market. When more people want to buy US dollars, the dollar strengthens against other currencies. When demand drops, it weakens.

Several factors influence these daily movements: central bank interest rate decisions, inflation levels, economic growth data, political stability, and international trade balances. For instance, when the Federal Reserve raises interest rates, the US dollar often becomes more valuable relative to other currencies because investors seek higher returns.

How Our Currency Converter Works

Our converter fetches live exchange rates from OpenExchangeRates, a trusted financial data provider that aggregates pricing from multiple sources including central banks and financial institutions. These rates update hourly to reflect current market conditions.

The rates you see here are called "mid-market rates" or "interbank rates"—the midpoint between what buyers are willing to pay and what sellers are asking for. This is the fairest benchmark rate, without any markup or commission added.

Important to know: When you actually exchange money at a bank, airport kiosk, or through a money transfer service, they'll add their own margin on top of the mid-market rate. That's how they make money. Our tool shows you the baseline rate so you can compare what different providers are charging you above that rate.

This converter doesn't include transfer fees, bank charges, or service commissions. It purely shows the exchange rate itself. For complete cost comparisons including fees, check our money transfer comparison tool.

Why Use an Online Currency Converter Today?

Whether you're planning an international trip or managing cross-border finances, knowing current exchange rates helps you make smarter money decisions. Here's when people most commonly need currency conversion:

International Travel

Before your trip, check how much local currency you'll get for your money. This helps you budget for hotels, meals, and activities. Knowing the rate also prevents you from accepting unfair deals at airport exchanges.

Online Shopping

Shopping from international websites? Convert the listed price to your local currency to see the true cost. Don't forget that your credit card may charge foreign transaction fees on top of the exchange rate.

Freelance & Remote Work

Getting paid in euros but live in the US? Or invoicing US clients while based in Morocco? Track exchange rate movements to time your transfers when rates are favorable, potentially saving hundreds on large payments.

Sending Money Abroad

Family remittances, paying overseas suppliers, or splitting bills with friends in different countries—all require currency conversion. Knowing the current rate helps you evaluate whether your transfer service is offering a good deal.

Tips for Getting the Best Exchange Rate

The exchange rate you see here is just the starting point. Here's how to ensure you get the best possible deal when actually converting your money:

1. Understand the Mid-Market Rate

The rate shown in our converter is the mid-market rate—the "real" exchange rate with zero markup. No bank or service will give you exactly this rate. They add a margin (usually 1-5%) to make profit. Compare their rate against the mid-market rate to see what you're really paying.

2. Avoid Airport Currency Exchanges

Airport kiosks typically offer the worst rates—sometimes 10-15% worse than the mid-market rate. They profit from traveler desperation. Instead, order currency in advance from your bank, use ATMs at your destination, or use a no-foreign-fee credit card.

3. Watch Out for Weekend and Holiday Rates

Forex markets close on weekends, but some services still process conversions using stale rates with wider margins. If you can wait, convert on weekdays when markets are active and competition keeps rates tighter.

4. Compare Multiple Providers

Traditional banks typically charge 3-5% margins plus transfer fees. Modern services like Wise, Revolut, or OFX often offer rates within 0.5-1% of mid-market with lower fees. Always compare the total cost (rate + fees) not just the exchange rate alone.

5. Consider Timing for Large Amounts

For significant transfers (property purchases, large business payments), currency fluctuations can cost you thousands. Monitor rates over time and consider setting rate alerts. Some people use "dollar-cost averaging" by splitting transfers across multiple days to average out volatility.

Frequently Asked Questions

How accurate are these currency rates?

Our rates come directly from OpenExchangeRates, which aggregates data from central banks and financial institutions worldwide. They represent the mid-market rate—the fairest benchmark available. Rates update hourly to reflect market movements. However, the rate you get when actually exchanging money will differ slightly because banks and services add their own margins.

Does this converter include bank fees or transfer costs?

No. This tool shows only the exchange rate itself—no fees, commissions, or service charges are included. When you convert money through a bank or transfer service, they'll add their own fees on top of the rate. To compare total costs including fees, use our money transfer comparison tool.

Why do exchange rates change every day?

Exchange rates fluctuate based on supply and demand in the global forex market. When more people want to buy a currency, its value rises. When demand drops, it falls. Major influences include central bank interest rate decisions, inflation reports, economic growth data, political events, and international trade flows. The forex market trades $6+ trillion daily, causing constant price movements.

What is the mid-market rate?

The mid-market rate (also called interbank rate) is the midpoint between what buyers are willing to pay for a currency and what sellers are asking. It's the "true" exchange rate with zero markup. Banks and money transfer services use this rate as their baseline, then add a margin (typically 1-5%) to make profit. Our converter shows this pure mid-market rate so you can see what margin providers are charging.

Can I convert cryptocurrency to regular currency?

No, this converter handles only traditional fiat currencies (USD, EUR, GBP, etc.). Cryptocurrency conversions work differently because crypto markets operate 24/7 with different pricing mechanisms. For crypto-to-fiat conversions, use dedicated cryptocurrency exchange platforms like Coinbase, Kraken, or Binance.

Is it better to exchange money before traveling or at my destination?

It depends. Avoid airport exchanges at both ends—they have the worst rates. Your best options are: (1) Order foreign currency from your bank before leaving, (2) Use ATMs at your destination for cash (check if your bank charges foreign ATM fees), or (3) Use a credit card with no foreign transaction fees. Many travelers use a combination—bring a small amount of local currency for immediate needs, then use ATMs or cards for the rest.

How often should I check exchange rates?

For casual travel or small purchases, checking once when you need to convert is fine. For larger amounts (property purchases, business payments, regular international transfers), monitor rates over days or weeks to spot favorable trends. Some people set rate alerts to notify them when rates hit their target. Remember: timing the market perfectly is nearly impossible, even for professionals.