The converter uses the official euro reference rates of the European Central Bank (ECB) and always tells you the date of the rates. Pick an amount and two currencies; the result appears instantly, together with the rate in both directions. It also works on a plane: the last rates are saved on your device whenever you are online.
How the ECB rates work
- The ECB publishes reference rates for about 30 currencies, each quoted as units per one euro – for example, how many US dollars one euro buys.
- The rates are based on a daily concertation procedure between central banks across Europe, which normally takes place at around 14:10 CET, and they are usually published at around 16:00 CET on working days.
- The ECB publishes them for information purposes only and discourages using them for transactions. They are an excellent benchmark: if a bank’s rate is far from the ECB rate, you are paying a large margin.
Converting between two non-euro currencies
Because every rate is quoted against the euro, a pair such as USD → JPY is worked out through the euro:
amount × (JPY per euro) ÷ (USD per euro)
This is called a cross rate. The converter does it for you and shows the rate for one unit in each direction.
What a bank margin really costs
A margin is a percentage hidden inside the rate. On 1,000 units of currency:
| Margin hidden in the rate | You lose |
|---|---|
| 0.5% | 5 |
| 1% | 10 |
| 3% | 30 |
| 5% | 50 |
Airport exchange desks and some cards charge margins at the top of this range, plus fixed fees. Comparing their rate with the ECB rate shown here tells you exactly how much you pay.
Paying abroad: local currency is usually better
When a card terminal or ATM asks whether to charge you in your home currency, it is offering dynamic currency conversion. The merchant’s provider then sets the conversion rate, which is often worse than the rate your own card would apply. Choosing the local currency lets your card provider convert instead.
Good to know
- The ECB list covers the major traded currencies. Currencies it does not publish are not in this converter yet.
- No rates are published on weekends or on TARGET closing days; the converter keeps the last published rates and shows their date.
- For large transfers, ask your provider for the exact rate and all fees in writing, and compare the total amount you will receive.
Frequently asked questions
Where do the exchange rates come from?
From the European Central Bank. Its euro reference rates are usually updated at around 16:00 CET every working day, except on TARGET closing days. The converter shows the date of the rates it used.
Why is the rate my bank gives me different?
Banks, card providers and exchange offices add a margin to the market rate, and some charge a fixed fee as well. The ECB rates are published for information only, so treat the result as the fair benchmark to compare offers against.
Does the converter work without internet?
Yes. When you are online it downloads the latest ECB rates and keeps them on your device. Without internet it uses the last rates it saved and tells you their date.
How do you convert between two currencies that are not the euro?
Through the euro. The ECB quotes every currency against the euro, so 100 USD in JPY is 100 × (JPY per euro) ÷ (USD per euro). This is called a cross rate.
Should I pay in the local currency or my home currency when abroad?
Usually in the local currency. When a card terminal or ATM offers to charge you in your home currency, it applies its own conversion rate, which is often worse than your card's rate.
Sources
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