Currency conversion sounds trivial — multiply by a rate — but the rate you see in an app and the rate you actually get can differ meaningfully. Understanding mid-market rates, spreads and where you convert is what saves real money on trips.
Mid-market, spreads and fees
The mid-market rate is the wholesale rate. Banks and services add a spread or a fee, so the effective rate you receive is worse. Comparing the rate you're offered against the mid-market shows exactly how much margin the provider is taking.
Where to convert
Airport and tourist exchange counters charge the most. ATMs in-country, or cards that use the mid-market rate with no foreign fee, consistently come closest to the wholesale rate — the difference adds up on longer trips.
Planning with indicative rates
For budgeting, an indicative rate is plenty — a few percentage points of movement rarely changes your plan. For the actual transaction, always check a live rate from your bank or provider before committing.
Frequently asked questions
Multiply the amount by the exchange rate between the two currencies. This calculator does it for you using indicative mid-market rates.
It's the exchange rate banks trade between themselves, without the markup consumers pay. Real-world rates for consumers are slightly worse to cover the provider's margin.
Cards usually get closer to the mid-market rate than airport kiosks. If you need cash, prefer ATMs in-country and decline the offered (usually poor) conversion rate where possible.