Currency Converter

The rate you look up is not the rate you get

Published rates are mid-market: the midpoint between what buyers and sellers are offering on the interbank market. No retail customer receives it. What you get is the mid-market rate plus a spread, and often a separate fee on top. The spread is where most of the cost hides, because it looks like a rate rather than a charge.

Where the money goes

Airport bureaux commonly apply spreads of 8 to 15 percent, which is the worst rate available almost anywhere. High street exchange is better but still typically 3 to 6 percent. Bank card transactions abroad usually add a foreign transaction fee of around 3 percent on top of a near-mid-market rate. Specialist transfer services and fee-free travel cards sit closest to mid-market, often within 0.5 percent.

Dynamic currency conversion is the trap

When a foreign card terminal or website offers to charge you in your home currency, decline it. That is dynamic currency conversion, and the merchant's payment processor sets the rate, typically 3 to 6 percent worse than your card issuer would apply. Always choose to be charged in the local currency. This single habit saves more than any amount of rate shopping.

Rates move, and quoted rates are stale

Major pairs move continuously during market hours. A rate you looked up an hour ago is indicative, not a quote. For a large transfer the movement between checking and executing can exceed the fee you were trying to optimise, which is an argument for acting rather than watching.

Comparing offers honestly

Compare the amount that actually arrives, not the advertised rate or the headline fee. A service with no fee and a poor rate is frequently more expensive than one charging a visible fee at close to mid-market. Divide the delivered amount by the amount sent to get the effective rate, and compare that single figure.

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