Currency Converter | Foreign Exchange Rates | Wise (2024)

FAQs

What is the most accurate currency converter? ›

Exchange-Rates.org is the perfect solution to balance the complicated world of currency exchanges and intuitive and straightforward design.

Divide your current (home) currency by the exchange rate. For example, suppose that the USD/EUR exchange rate is 0.631 and you'd like to convert 100 USD into EUR. To do this, simply multiply the 100 by 0.631 and the result is the number of EUR that you'll receive: 63.10 EUR.

Do You Multiply or Divide To Convert Currency? To convert from a base currency, you would multiply by the exchange rate. If the exchange rate is greater than 1, you will get a larger number—that is, you will get more of the second currency in exchange for the first.

Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online peer-to-peer foreign currency exchanges. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

OANDA's Currency Converter allows you to check the latest foreign exchange average bid/ask rates and convert all major world currencies. OANDA Rates™ are foreign exchange rates compiled from leading market data contributors.

The exchange rate gives the relative value of one currency against another currency. An exchange rate GBP/USD of two, for example, indicates that one pound will buy two U.S. dollars.

To determine what's “good,” you must understand what's normal by checking the mid-market rate. This term refers to the midpoint between the buy and sell prices of any two currencies across different vendors and banks. Anything that hits that range or above is considered a good rate.

If "a" is the money you have in one currency and "b" is the exchange rate, then "c" is how much money you'll have after the exchange. So a * b = c, and a = c/b. For instance, say you want to convert Euros to US dollars. At the time of this revision, 1 Euro is worth 1.09 US dollar.

Conventional wisdom says that a good conversion rate is somewhere around 2% to 5%.

Head to your bank or credit union before you leave to avoid paying ATM transaction costs. You may even receive a better exchange rate. Credit unions and banks will exchange your dollars into a foreign currency before and after your trip when you have a checking or savings account with them.

Is there a fee to convert currency? ›

Many U.S. banks will exchange USD for foreign currencies without charging a fee, but there are often stipulations. For instance, Bank of America customers can exchange foreign currencies for free, but only on orders of $1,000 or more. Otherwise, the bank charges a $7.50 delivery fee for foreign currency orders.

Monthly USD exchange rate against currency of 55 economies in Big Mac Index 2024. One United States dollar was worth over 15,000 Indonesian rupiah in March 2024, the highest value in a comparison of over 50 different currencies worldwide.

Some of the countries where a dollar is worth the most money include Mexico, Peru, Chile, and Colombia. It's possible to exchange dollars for local currency in these countries at favorable exchange rates.

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.

Look at online currency specialists

Online currency exchange brokers, such as Travelex, Eurochange, TravelFX, TorFX, and the Currency Online Group, are all likely to offer more competitive exchange rates compared to the high street banks. These providers offer a wide range of currencies for home delivery.

The good news is that, although the real exchange rate moves up and down all the time, it's easy to find out what the current rate is. You can just google a currency pair using the correct three-letter currency codes — so to check the rate to switch dollars to euros, you'd google USD/EUR, for example.