Currency Converter
Convert between world currencies with live exchange rates from the European Central Bank.
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How Exchange Rates Work
An exchange rate is the price of one currency expressed in another. When you see "EUR/USD = 1.08", it means 1 Euro costs 1.08 US Dollars.
Exchange rates are determined by:
- Supply and demand in forex markets
- Interest rates set by central banks
- Economic indicators (GDP, inflation, employment)
- Political stability and events
Our rates come from the European Central Bank (ECB) and are updated daily on business days. For large transactions, always check with your bank for the exact rate they offer.
Fun Facts ๐
๐ The Forex Market is HUGE
The foreign exchange market trades $7.5 trillion per day โ that is:
- More than the entire US stock market trades in a month
- 25x the daily GDP of the United States
- The largest financial market in the world
๐ฑ Currency Nicknames
| Currency | Nickname | Why? |
|---|---|---|
| GBP | Cable | Transatlantic cable once transmitted rates |
| AUD | Aussie | Short for Australian |
| NZD | Kiwi | New Zealand bird |
| CHF | Swissy | Swiss Franc |
| CAD | Loonie | The loon bird on the coin |
๐ Biggest Currency Crashes
| Event | Currency | Drop |
|---|---|---|
| 2022 Turkish Lira | TRY | -44% in one year |
| 2008 Icelandic Krรณna | ISK | -50% in weeks |
| 1997 Thai Baht | THB | -50% (Asian Crisis) |
| 2016 British Pound | GBP | -10% (Brexit vote) |
๐ฆ Most Traded Currencies
- ๐บ๐ธ USD (88% of all trades)
- ๐ช๐บ EUR (31%)
- ๐ฏ๐ต JPY (17%)
- ๐ฌ๐ง GBP (13%)
- ๐จ๐ณ CNY (7%)
Percentages add to 200% because each trade involves 2 currencies
Hidden Bank Fees
When you exchange currency, banks make money two ways:
1. The Spread Banks offer worse rates than the "mid-market rate":
- Mid-market rate: 1 EUR = 1.0800 USD
- Bank buy rate: 1 EUR = 1.0500 USD
- Bank sell rate: 1 EUR = 1.1100 USD
That is a 3-5% hidden fee on each side!
2. Transaction Fees
- Wire transfer: $15-50
- Currency exchange: 1-3%
- ATM abroad: $3-5 + 1-3%
For the best rates when traveling: Use a no-foreign-transaction-fee credit card, or withdraw from ATMs abroad rather than exchanging cash at airports.
Smart Currency Tips
1. Avoid Airport Exchanges Airport kiosks have the worst rates โ often 10-15% worse than banks.
2. Use Multi-Currency Cards Services like Wise, Revolut offer near mid-market rates.
3. Pay in Local Currency When abroad, always choose to pay in the local currency, not your home currency (avoid Dynamic Currency Conversion).
4. Monitor Rates If planning a big purchase or trip, watch rates for a few weeks to find a good entry point.
5. Know the Real Rate Always compare against the mid-market rate (what you see here) to understand how much markup you are paying.