Currency Converter

Google shows the mid-market (interbank) rate — the midpoint between buy and sell prices on the global wholesale market. Banks and card issuers add a spread on top of that to make money, typically 1%–4% on consumer transactions. Some also charge a separate foreign-transaction fee. FX brokers like Wise or Revolut quote much closer to mid-market, usually within 0.3%–0.5%.

The mid-market rate is the midpoint between the highest price a buyer is willing to pay (bid) and the lowest price a seller is willing to accept (ask) on the wholesale interbank market. It's the rate you'll see on financial news sites, Google, and Reuters, but consumers rarely transact at it because providers add a spread.

On small amounts a 2%–3% markup is a few dollars and rarely worth optimizing. On a $5,000 trip or a $50,000 wire transfer it adds up to $100–$1,500, which absolutely is. Use a no-foreign-fee card for spending and a low-spread broker (Wise, Revolut, OFX) for large transfers.

Major pairs (USD/EUR, USD/JPY, GBP/USD, etc.) trade continuously from roughly 22:00 UTC Sunday to 22:00 UTC Friday, and prices update every second. Daily moves of 0.3%–1% are normal; major economic news (central bank decisions, employment data) can move a pair 1%–3% in minutes.

A currency pair is the quotation of two currencies, written like EUR/USD. The first currency (the base) is what you're pricing; the second (the quote) is what you're pricing it in. EUR/USD = 1.087 means 1 euro is worth 1.087 US dollars.

Order a small amount (one day's worth) from your home bank for taxis, tips, and first-day essentials. Use a no-foreign-fee credit card for most purchases and withdraw additional cash from an in-network ATM at your destination. Avoid airport exchange counters — they typically charge 5%–15% over mid-market.

A cross-rate is the exchange rate between two currencies derived from each one's rate against a third currency, usually the US dollar. The identity is $\text{X/Z} = \text{X/Y} \times \text{Y/Z}$. For example, to find GBP/JPY, multiply GBP/USD by USD/JPY. The converter does this automatically when neither side is USD.

ISO 4217 is the international standard that assigns three-letter codes to currencies — USD for the US dollar, EUR for the euro, GBP for the pound sterling, JPY for the Japanese yen, and so on. The first two letters usually match the country's ISO code; the third names the currency. Banks, airlines, and FX systems use these codes universally to avoid ambiguity.

Some currencies were never re-denominated after long periods of inflation, so each unit is worth a small fraction of a US dollar. The Japanese yen, Korean won, and Indonesian rupiah are common examples. The math is the same — it just means you multiply by a larger number to convert dollars into yen.

These ten cover the lion's share of global trade and travel: USD, EUR, GBP, JPY, BRL, CAD, AUD, CHF, CNY, and INR. They're the currencies most users need for travel budgeting, international purchases, and freelancing estimates. For exotic pairs, check the ECB reference rates or your provider directly.

No. For tax reporting and accounting you need the official rate on the relevant date. The IRS publishes annual average yearly exchange rates; ECB and Bank of England publish daily reference rates. Use those, not a snapshot from a converter widget.

For free-floating currencies (USD, EUR, GBP, JPY, etc.), the rate is set by supply and demand in the global forex market — the largest financial market in the world, with about $7.5 trillion traded daily according to the BIS triennial survey. Some currencies are pegged to a reserve currency or managed by central bank intervention, but the majors all float.