Currency Converter

Features

• 35 major currencies with correct symbols and decimal places
• You control the rate, results are reproducible
• Automatic inverse rate calculation
• Shows the effect of a typical 2.5% conversion fee
• Save frequently used rates on your device

How to use it

1. Pick the two currencies and enter an amount.
2. Enter the rate from your bank or accounting system.
3. Read the converted amount below.
4. Save the rate if you will use it again.

Why the headline rate is not what you get

The rate quoted on financial news sites is the interbank mid-market rate, the midpoint between what buyers bid and sellers ask in the wholesale market. Almost nobody transacting retail amounts receives it. Banks and card networks apply a spread on top, then sometimes a separate fee, so the effective rate is typically 1% to 4% worse than the mid-market figure.

Dynamic currency conversion is the version worth actively refusing. When a foreign card terminal offers to charge you in your home currency, it is applying its own rate with a markup often exceeding 5%. Choosing the local currency and letting your own bank convert is nearly always cheaper.

For accounting purposes the date matters as much as the rate. Most jurisdictions require you to record a transaction at the rate on the transaction date, not the date you noticed it, and many tax authorities publish official monthly or annual rates that must be used instead of market ones. Entering the rate manually, rather than pulling whatever is live right now, is what makes this tool usable for that.