Where the Exchange Rates Come From
This converter uses the euro foreign exchange reference rates published by the European Central Bank (ECB), retrieved through the free Frankfurter API. The ECB publishes these rates once per working day, usually around 16:00 Central European Time, for roughly 30 major currencies. The date shown with each result tells you which day’s rates were used.
Because the ECB quotes every currency against the euro, conversions between two non-euro currencies — for example US dollars to Turkish lira — are calculated through the euro. This is standard practice and gives the same result as a direct cross rate.
Reference Rate vs. the Rate You Actually Get
Reference rates are mid-market rates: the midpoint between what banks pay to buy and sell a currency. Banks, card networks and exchange offices add a margin on top, and sometimes a fixed fee. The rate you receive when you pay abroad or send money will therefore usually be somewhat worse than the figure shown here.
- Card payments abroad: often within 1–3% of the mid-market rate, depending on your card.
- Bank transfers: margins vary widely; compare the total amount the recipient will get.
- Airport and hotel exchange desks: typically the widest spreads.
How to Estimate the Real Cost of an Exchange
- Convert your amount here to get the mid-market value.
- Ask your provider exactly how much the recipient will receive, or how much you will be charged, in the target currency.
- Divide the difference by the mid-market value to see the true percentage cost, including hidden margin.
Good Uses for This Converter
- Checking whether a quoted exchange rate or transfer fee is fair.
- Budgeting for travel, tuition or purchases priced in another currency.
- Converting invoice amounts for bookkeeping using a documented, published source.
- Comparing prices across online stores in different countries.
Frequently Asked Questions
How often are the rates updated?
Once per working day. The ECB does not publish rates on weekends or TARGET holidays, so on those days the most recent available rates are used.
Why is this rate different from my bank’s rate?
This tool shows the mid-market reference rate. Banks and payment providers add a margin to that rate, and may charge a separate fee, to cover their costs and profit.
Can I use these rates for accounting or tax purposes?
ECB reference rates are widely used for information and bookkeeping, but some tax authorities require a specific official rate. Check which rate your local tax authority or auditor accepts.
Are cryptocurrencies supported?
No. Only the currencies included in the ECB reference rates are available.