What the Currency Converter Does
The currency converter shows what a recipient actually receives after the provider's markup — not the headline rate quoted on search engines. The rate you see on Google or XE is the mid-market rate, the midpoint between buy and sell prices on global markets, and no retail provider gives it to you. Banks and card networks shave a percentage off that rate, and that margin, not the visible transfer fee, is usually the largest cost of a conversion. Our editorial analysis consistently finds the markup costing senders two to five times more than the advertised fee.
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Received = Amount × Rate × (1 − Markup)
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What each input means
Worked example
Convert $10,000 USD to EUR at a mid-market rate of 0.92, under three markup levels.
1. No markup (0%): $10,000 × 0.92 × 1.00 = €9,200.00.
2. Bank markup (1.5%): $10,000 × 0.92 × 0.985 = €9,062.00 — €138.00 less.
3. Card markup (3%): $10,000 × 0.92 × 0.97 = €8,924.00 — €276.00 less.
The rate never changed; only the provider's margin did. On a $10,000 conversion, choosing the 1.5% provider over the 3% provider keeps €138 — before either side's fixed fees are even counted.
Limitations — when not to rely on this
The formula isolates the percentage markup only. It excludes fixed transfer fees, intermediary bank charges on wire transfers, and weekend or illiquid-currency loadings. It also uses a single snapshot rate; a transfer settled two days later may execute at a different rate entirely. For large conversions, request the provider's all-in quote — the exact destination amount — and compare quotes, not rates.
> [!TIP]
> When a provider advertises "zero fees," check the rate it offers against the mid-market rate in this converter. The fee has usually just moved into the markup, where it is harder to see.