How to use the currency conversion manual rate calculator
- Choose What I will receive to convert an amount, or Amount to start with to work backward from an amount you want.
- Enter the amount and the exchange rate you were quoted: how much of the other currency you get for 1 of the starting currency. The 0.92 shown is an example, not a current rate.
- Optionally type three-letter currency codes as labels, and open More options to add a percentage fee and a flat fee charged in the starting currency.
- Read the amount you receive, the fees, the effective rate after fees and the inverse rate.
Formula
Fees = amount x percentage fee + flat fee
You receive = (amount - fees) x rate
Amount needed = (target / rate + flat fee) / (1 - percentage fee)
Effective rate = you receive / amount
Fees are taken from the starting amount before the conversion. The inverse rate is 1 divided by the rate, and answers "how many of the first currency for 1 of the second".
1,000 USD at a quoted rate of 0.92
With no fees, 1,000 x 0.92 = 920.00 EUR and the inverse rate is 1.086957. With a 2.5 percent fee and a flat fee of 3 USD, fees are 28.00, 972.00 is converted and you receive 894.24, an effective rate of 0.89424. A second case: 250 at a rate of 1.0845 with a 1 percent fee leaves 247.50 after a 2.50 fee and gives 268.41.
Working backward, to receive 1,000 at 0.92 you need 1,000 / 0.92 = 1,086.96 with no fees, and 1,117.90 with the 2.5 percent and 3 flat fees; checking forward, 1,117.90 after those fees converts to 1,000 again.
Why you type the rate yourself
Rates move all day, and the rate you get depends on who is exchanging the money. A bank, a card network, a transfer service and a cash booth each quote a different rate and charge different fees. This page does not look up rates, which means it works offline, is not out of date and keeps your amounts to yourself. You type the rate from your quote, and the page does the arithmetic and shows the effective rate after fees, which is the number to compare between providers.
To see how much extra a provider's rate costs compared with the mid-market rate, use the Currency Exchange Markup Calculator.
Using it for a trip or a transfer
Before a trip, convert your budget to see what you can spend, and use the "need" mode to find how much to exchange for a fixed amount of foreign cash. Add the foreign transaction fee your card charges as the percentage fee. For roaming data or a phone plan abroad, see the Roaming Cost Calculator, and to plan a whole trip, the Trip Budget Planner. Other unit changes are in the Unit Converter.
Assumptions and limits
- The rate is the one you enter. The 0.92 shown is an example and not a current exchange rate.
- Percentage and flat fees are charged in the starting currency and taken before converting.
- Currency codes are labels only and do not select a rate. Leave them blank if you like.
- No amount or rate leaves your browser.
Frequently asked questions
How do I convert currency with a rate I was given?
Multiply the amount by the rate, where the rate is how much of the other currency you get for one unit of yours. At 0.92, 1,000 becomes 920.
What is the effective rate?
It is the amount you receive divided by the amount you started with, after fees. It is always a little lower than the quoted rate when there are fees, and it is the fair number to compare between providers.
Why is the inverse rate shown?
Some quotes give the rate the other way around. If one provider says 1 EUR = 1.087 USD and another says 1 USD = 0.92 EUR, the inverse rate lets you compare them.
Does the tool know the real exchange rate today?
No. It never looks up a rate or sends anything. Get the rate from your bank, card issuer or exchange service and type it in.