Currency Converter

This calculator fetches live rates from the Open Exchange Rates public API (updated hourly) when available. If the fetch fails, it falls back to recent reference rates. For large financial transactions, always verify with your bank or a licensed exchange service — they add a spread (markup) on top of the market rate.

An exchange rate is the price of one currency expressed in terms of another. If 1 USD = 0.92 EUR, you receive €0.92 for every US dollar exchanged. Rates fluctuate continuously based on supply and demand, interest rate differentials, inflation, trade flows, and market sentiment.

Banks and exchange bureaus add a spread — the difference between the wholesale (interbank) rate and the retail rate — as their profit margin. This spread is typically 1–4% for major currency pairs and can be 5–10% for less common currencies or airport exchanges. Credit cards often offer competitive rates with a 1–3% foreign transaction fee.

The most traded currencies by volume are USD (US Dollar, ~88% of all trades), EUR (Euro, ~32%), JPY (Japanese Yen, ~17%), GBP (British Pound, ~13%), AUD (Australian Dollar, ~7%), CAD (Canadian Dollar, ~6%), CHF (Swiss Franc, ~5%), and CNY (Chinese Yuan, ~7%). Percentages exceed 100% because every trade involves two currencies.

A strong dollar means 1 USD buys more foreign currency than it used to. This benefits US consumers buying imported goods and Americans traveling abroad, but hurts US exporters (their goods become more expensive overseas). A weak dollar has the reverse effect — great for US exports and foreign tourism to the US, but makes imports costlier.

The mid-market rate (also called the interbank rate or spot rate) is the midpoint between the buy and sell prices in the wholesale currency market. It's the 'true' exchange rate without any markup. Services like Wise and Revolut often offer rates close to the mid-market rate with transparent fees, unlike traditional banks.