Currency Converter

Exchange rates are set by central banks and global forex markets based on supply and demand. Factors like interest rates, inflation, trade balances, and geopolitical events all influence currency values. Rates are updated continuously during market hours.

The mid-market rate is the midpoint between buy and sell prices on the global currency market. Banks and exchange services add a markup (spread) of 1-4% above this rate. Credit cards typically charge a 1-3% foreign transaction fee on top of their exchange rate.

Forex markets are most active and liquid during the London/New York overlap (8am-12pm ET), which generally means tighter spreads and more competitive rates. Avoid exchanging on weekends or holidays when markets are closed and rates may be stale or unfavorable.

Online converters show mid-market rates, which are accurate for reference and comparison purposes. However, the actual rate you receive will include your provider's spread or fees. Use the mid-market rate as a benchmark to evaluate how much markup your bank or exchange service is charging.