Currency Converter with Fees

What the Currency Converter with Fees does

The mid-market rate is the midpoint between buying and selling prices. Banks, card schemes and exchange bureaus usually convert at a worse rate, a hidden margin of perhaps 0.5% to 5%, and may add a fixed fee. Comparing what you would receive at mid-market with what you actually receive shows the true cost of the exchange.

It also works as a currency converter calculator or a exchange rate calculator.

Formula

• Mid-market amount = amount × rate
• Effective rate = rate × (1 − margin)
• Received = (amount − fixed fee) × effective rate
• True cost = mid-market amount − received

Worked example

Using the starting values in the calculator above:

How to read the result

When paying by card abroad, choose to pay in the local currency; dynamic currency conversion usually applies a worse rate.

For large transfers, specialist providers with low margins can save a meaningful amount compared with banks.

Exchange rates move constantly. Enter the current mid-market rate from a reliable source before relying on the result.

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