💱 Currency Converter
ECB ratesEuropean Central Bank daily reference rates, published once each working day. Banks and cards add a margin on top.
Convert between the major world currencies using European Central Bank reference rates, and see the same amount in several currencies at once. These are the official daily reference rates, which is what you want for accounting and estimates — not a live trading quote.
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Reference rates, the rate you are offered, and the gap between them
The rates on this page come from the European Central Bank, which publishes one set of reference rates each working day at around 16:00 CET. They are the official mid-market figures — the midpoint between what banks buy and sell at — and they are what accountants, invoices and customs declarations use. They are not a price you can trade at, and no bank will give them to you.
That distinction is the single most useful thing to understand about currency conversion. The reference rate is the benchmark. What you get is the benchmark minus somebody's margin.
Using the converter
- Enter the amount and pick the two currencies.
- If you want to model a real transaction rather than the benchmark, put the provider's margin in the margin box.
- Read the comparison table to see the same amount in several currencies at once — useful when deciding which currency to invoice or get paid in.
The margin box is the part worth using. Banks rarely quote a margin; they quote a rate, and the margin is buried inside it. Convert at the reference rate here, compare with what your bank offered, and the difference divided by the amount is the margin you actually paid.
What the margin costs
| Provider | Typical margin | You receive |
|---|---|---|
| Reference rate | 0% | $2,168.40 |
| Specialist money transfer | 0.3% – 0.7% | $2,153 – $2,162 |
| Travel or multi-currency card | 0% – 1.5% | $2,136 – $2,168 |
| High-street bank transfer | 1.5% – 3% | $2,103 – $2,136 |
| Airport bureau de change | 5% – 12% | $1,908 – $2,060 |
On €2,000 the spread between the best and worst option above is around $260. The providers charging the most are usually the ones advertising “no commission”, because the charge is in the rate rather than in a fee line. A fixed fee plus a good rate is almost always cheaper than no fee and a bad one.
To compare two offers in seconds: take the amount each provider says you will receive, divide by the amount you are sending, and compare that number with the reference rate here. That ratio is the only honest comparison, and it works regardless of how the fees are presented.
Why rates do not change at weekends
The ECB publishes once per working day, so Saturday and Sunday show Friday's figures, and the same applies to ECB holidays. The underlying market does keep trading — currencies move around the clock from the Sydney open to the New York close — but the reference series does not record it.
For an invoice, an expense claim or a set of accounts, that is a feature rather than a limitation: everyone using the reference rate for a given date gets the identical figure, which is the point of having a benchmark. For anything time-sensitive, the reference rate is the wrong tool.
Cross rates
The ECB quotes everything against the euro, so a conversion between two non-euro currencies is calculated by going through it: dollars to pounds is the euro-to-pound rate divided by the euro-to-dollar rate. That is exactly how the market prices most pairs too, which is why they are called cross rates.
USD → GBP = (EUR→GBP) / (EUR→USD)
Done this way a cross rate inherits the rounding of both legs, so the last decimal place can differ slightly from a directly quoted figure. On everyday amounts the difference is immaterial; on a seven-figure transfer it is not, and you would use a dealt rate rather than a reference one anyway.
Inflation matters more than the rate over time
A currency weakening by 10% against another sounds dramatic, but what matters for purchasing power is the combination of the exchange rate and the inflation rate in each country. A currency that falls 10% while its domestic prices stay flat leaves a visitor better off than one that holds its value while prices rise 15%. The inflation calculator handles the second half of that.
A worked example
You are paid $3,000 by a US client into a euro account. At a reference rate of 1.0842, that is €2,767. Your bank gives you €2,684, which is €83 less — a margin of 3.0%. A specialist transfer service quoting 0.5% would have given €2,753, keeping €69 of that. Over twelve monthly invoices the difference is about €830, which is the kind of number that justifies an afternoon spent opening a different account.
Frequently Asked Questions (FAQs)
Where do these exchange rates come from?
From the European Central Bank's daily reference rates, retrieved through the Frankfurter API. The ECB publishes one set each working day at around 16:00 CET, and the page shows which day's rates are being used.
Are these live rates I can trade at?
No. They are official mid-market reference rates, the midpoint between buying and selling. Every provider adds a margin on top, from about 0.3% for a specialist service to 12% at an airport bureau. Use the margin box to model what you would actually receive.
Why have the rates not changed today?
The ECB publishes once per working day, so at weekends and on ECB holidays you see the last working day's figures. The market itself keeps moving; the reference series simply does not record it.
How do I compare two exchange offers?
Divide the amount each provider says you will receive by the amount you are sending, then compare that against the reference rate here. That single ratio captures fees and margin together, however the provider chooses to present them.
What is the mid-market rate?
The midpoint between the buy and sell prices in the wholesale currency market. It is the rate you see quoted in the news and the one used as a benchmark, but no retail customer is offered it, because the gap either side is how providers make money.
How are rates between two non-euro currencies worked out?
Through the euro, since that is what the ECB quotes everything against. Dollars to pounds is the euro-to-pound rate divided by the euro-to-dollar rate. This is a cross rate, and it is how the market prices most pairs as well.
Can I use these rates for invoices or tax?
Usually yes, and in the EU the ECB reference rate is widely accepted for exactly that. Check which rate and which date your own tax authority specifies, since some require the rate on the invoice date and others the payment date.
Sources
The formulas and reference figures on this page were checked against the primary sources below.