Currency Converter
Convert currencies and see roughly what your bank will charge
- Reference exchange rates
- Markup and fee estimates
- Common amounts both ways
About Currency Converter
Converts between currencies using reference exchange rates from the open Frankfurter dataset. Reference rates are the mid-market rates that banks and card networks start from, so you can add a percentage markup and a fixed fee to estimate what a card or transfer service might charge. Rates are published once per working day, and MemonaIQ refreshes its copy at most every six hours. Use it for planning and comparison, not for executing trades.
Where the rates come from
Rates come from the open Frankfurter dataset, which publishes reference exchange rates once per working day. MemonaIQ refreshes its copy at most every six hours and shows how old the rate is beside each conversion, with the source and date under About this rate. Over weekends and public holidays, the most recent published rate is used.
Why your bank’s rate is different
Reference rates sit in the middle of the buying and selling price. Banks, card networks and transfer services add a margin, and sometimes a fixed fee, on top. Adding a markup (0 to 5 percent) and a fixed fee in the converter gives you a figure closer to what you’re likely to pay, but the only exact number is the one your provider quotes.
Further reading
Questions people ask
- Are these live exchange rates?
- No. They’re daily reference rates. Markets move during the day, so use your provider’s quote for an actual transaction.
- Can I use this for trading or accounting?
- It’s for planning and comparison. For accounting, use the rates your business or tax authority specifies; for trading, use your broker’s prices.
- Which currencies are available?
- The currencies covered by the reference dataset, which include the major world currencies. If one is missing, it isn’t published in that dataset.