The exchange rate determines how much you get for your money abroad – and it fluctuates daily. Exchanging €1,000 into US dollars can yield significantly different amounts depending on the timing and where you exchange. Our calculator uses current exchange rates and helps you find the best option.
Step by Step: How to Use the Currency Converter
- Select the source currency: For example Euro (EUR).
- Enter the amount: For example €500 – or an amount in the foreign currency for reverse conversion.
- Select the target currency: For example US Dollar (USD).
- Note the current rate: The calculator shows the current reference rate (ECB). Banks and exchange bureaux add 1–4% on top.
- Factor in bank fees: Foreign transactions cost an additional 1.5–2.5% depending on the bank.
Practical Examples
US holiday, budget €2,000: At the ECB rate of 1 EUR = 1.09 USD: €2,000 = $2,180. Bank charges 2% fee: effectively approx. $2,136. With a no-foreign-fee credit card: approx. $2,160.
UK online shop, price £85: 1 EUR = 0.85 GBP → £85 / 0.85 = €100. Credit card billing + 1.5% = €101.50 actually charged.
Weekend trip to Switzerland: Budget 300 CHF. 1 EUR = 0.96 CHF → 300 / 0.96 = €312.50. Withdrawing CHF at an ATM is often cheaper than currency exchange.
Current Reference Rates (updated daily)
- 1 EUR ≈ 1.05–1.12 USD (depending on market conditions)
- 1 EUR ≈ 0.83–0.87 GBP
- 1 EUR ≈ 0.93–0.98 CHF
- 1 EUR ≈ 155–165 JPY
Note: add 1–3% for bank fees on top of these reference rates.
Frequently Asked Questions (FAQ)
Where is the cheapest place to exchange money?
In order of value: 1. Credit card with no foreign transaction fee (Wise, Revolut, Starling). 2. ATM in local currency (use your own bank card and always choose local currency). 3. Your bank at home before travelling. Most expensive: airport exchange bureaux and hotel desks.
What does "rate including markup" mean?
Banks buy and sell currencies at different rates: the buy rate and the sell rate. The margin between them is often 2–4%. The ECB reference rate sits in the middle. Always compare the effective rate you actually receive.
Do exchange rates change a lot?
Yes. Major currency pairs (EUR/USD) typically move 0.5–2% per day. During major political or economic events, swings of 3–5% in a single day are possible. For budgeting purposes, allow a 5–10% buffer.
