Exchange rates change every second based on global markets. The rate you see on Google isn't always what you get from your bank. Here's what to know before converting — and a free converter with live rates.
Why do exchange rates change?
Currency values fluctuate based on supply and demand in the foreign exchange (Forex) market, which trades $7.5 trillion per day. Key drivers: central bank interest rate decisions, inflation data, GDP growth reports, geopolitical events, and market sentiment. Major pairs like EUR/USD can move 0.5–1% in a single session during major news.
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Mid-market rate vs. what you actually get
The mid-market rate (interbank rate) is the midpoint between buy and sell prices — what you see on Google and finance apps. Banks and money transfer services add a 'spread' (markup) on top of this, typically 1–5% for retail customers.
Specialist transfer services like Wise, Revolut, and Remitly offer rates much closer to mid-market (0.5–1% markup vs. 3–5% from traditional banks). For large transfers, the difference is significant.
How to get the best exchange rate
- Avoid airport currency exchange kiosks — they charge 10–15% above mid-market
- Credit cards with no foreign transaction fees often give rates close to mid-market
- Specialist transfer services (Wise, Remitly) beat banks for international transfers
- For large amounts, watch rate trends — a 2-week wait can sometimes save 1–3%
- Always pay in local currency abroad — avoid 'dynamic currency conversion'
Frequently Asked Questions
How often do exchange rates update?
Forex markets update continuously during trading hours. Our converter uses rates updated daily from a reliable open-source API.
Is the Google exchange rate accurate?
Google shows the mid-market rate, which is accurate for reference. The rate you get from a bank or service will be 1–5% worse due to their markup.
What currencies does the converter support?
USD, EUR, GBP, JPY, INR, CAD, AUD, CHF, CNY, SGD, AED, MXN, BRL, KRW, SEK, NOK, ZAR, HKD, NZD, TRY, THB, and PKR — 22 currencies total.