Currency Exchange Fee Calculator
The true cost of changing money: the markup hidden in a quoted rate against the mid-market rate, plus fixed and percentage fees, and what you receive. Compare two providers.
Result…
How it's calculated
Markup = (mid-market rate − offered rate) ÷ mid-market rate Fees = fixed fee + amount × percentage fee Received = (amount − fees) × offered rate (fees taken from the amount) Total cost = amount paid − received ÷ mid-market rate Cost % = total cost ÷ amount paid
When you change money, the provider earns in two ways: fees you can see, and a markup hidden in the rate. The fair benchmark is the mid-market rate, the midpoint between the prices at which banks buy and sell a currency. This page compares the rate you are offered with that benchmark, adds any fixed and percentage fees, and shows what you receive and what the exchange really cost, in the source currency and as a share of the amount. Enter both rates the same way round; you can switch the direction if your quote reads "1 target = x source". With a second provider it shows which one leaves you with more. Rates change all the time, so compare quotes taken at the same moment.
Your numbers, step by step
About the Currency Exchange Fee calculator
This currency exchange fee calculator shows what changing money really costs. A provider can charge you in two ways: a fee you can see, and a markup hidden in the exchange rate it quotes. You enter the mid-market rate (the midpoint between the prices banks buy and sell at, which you can look up), the rate you are offered and any fixed or percentage fee, and the calculator shows what you receive, the markup, and the total cost in your own currency and as a share of the amount. Travellers use it before buying cash or paying abroad by card, and anyone sending money overseas can compare two providers side by side. The page has no live rates, so you control the numbers, and every step of the working is shown. To convert an amount without fees, use the currency converter.
How to use it
- Enter the “Amount to exchange” in the currency you are changing from.
- Choose how “Rates are quoted as”, then enter the “Mid-market rate” and the “Rate you are offered” the same way round.
- Add any “Fixed fee” and “Percentage fee”, and say whether fees are “Taken from the amount” or “Paid on top”.
- Turn on “Compare a second provider” and enter its rate and fees to see which one leaves you with more.
Worked example
You change 2,000 when the mid-market rate is 1.08. Provider A offers 1.05 and charges a fixed fee of 3, taken from the amount: 1,997 is converted, so you receive 1,997 × 1.05 = 2,096.85. At the mid-market rate that is worth 2,096.85 ÷ 1.08 = 1,941.53, so the exchange cost 2,000 − 1,941.53 = 58.47, or 2.92% of the amount. Provider B offers 1.075 with a 0.6% fee: 12 comes off, 1,988 × 1.075 = 2,137.10 arrives, and the cost is 21.20 (1.06%). Provider B gives you 40.25 more.
Updated
Questions people ask
How do I calculate the hidden fee in an exchange rate?
Compare the rate you are offered with the mid-market rate: markup = (mid-market rate − offered rate) ÷ mid-market rate. A rate of 1.05 against a mid-market rate of 1.08 is a markup of about 2.78%, charged on every unit you convert.
What is the mid-market rate?
It is the midpoint between the price at which banks buy a currency and the price at which they sell it. It is the fairest benchmark for a quote, but it moves all day, so compare quotes taken at the same time.
Why is a zero-fee exchange not always the cheapest?
A provider with no visible fee can still earn through a wide markup on the rate. The total cost adds both, so a provider with a small fee and a rate close to the mid-market one can leave you with more money.
What is a common mistake when comparing exchange rates?
Entering the two rates in different directions, for example one as 1 euro = x dollars and the other as 1 dollar = x euros. Pick one direction for both; the calculator can turn rates quoted the other way round for you.
Does this include every charge on a card payment abroad?
Only the rate and the fees you enter. Some banks add charges at the receiving end, cash machine operators may charge their own fee, and paying in your home currency abroad (dynamic currency conversion) uses the merchant's rate. Rules and fees differ by bank and country, so check your provider's terms; for larger transfers a financial adviser can help.