How to use the currency converter
- Enter the amount you want to convert.
- Choose the currency you are converting from and the currency you are converting to.
- The converted amount appears straight away, with the exchange rate in both directions and a table showing the same amount in other major currencies.
How currency conversion works
The converter stores every rate against the US dollar and works out any pair from those two numbers. That's called a cross rate. For example, to convert euros to Pakistani rupees, it divides the rupees per dollar by the euros per dollar.
The rates are mid-market rates: the midpoint between the prices at which banks buy and sell a currency on the global market. They are updated once a day. Rates By Exchange Rate API.
Worked example
Suppose 1 US dollar buys 280.00 Pakistani rupees and 0.9200 euros (illustrative rates; the converter uses today's).
- 100 USD to PKR: 100 × 280.00 = Rs 28,000.00
- 1 EUR to PKR: 280.00 ÷ 0.9200 = 304.35, so 100 EUR = Rs 30,434.78
- 1 PKR to EUR: 0.9200 ÷ 280.00 = 0.003286 euros
The converter does the same arithmetic with the live rates, so the numbers you see will differ from these.
Why you get less than the mid-market rate
Banks, exchange counters, card providers and money transfer services earn money on the difference between the mid-market rate and the rate they give you, and some also charge a fixed fee. When you send money abroad or pay with a card in another currency, compare the amount the recipient actually gets, not just the advertised fee.
| Way to change money | Typical cost above mid-market |
|---|---|
| Specialist transfer services | About 0.4% to 1.5% |
| Bank transfer or card abroad | About 2% to 4%, plus any fixed fee |
| Airport exchange counters | Often 8% or more |
These ranges are rough guides; check the exact rate and fees before you pay.
Frequently asked questions
How often are the exchange rates updated?
Once a day. Rates move constantly during market hours, so for large transfers check the live rate your provider will use at the moment you send.
What is a mid-market rate?
It is the midpoint between the buy and sell prices of a currency on the wholesale market, the rate banks use between themselves. It is the fairest benchmark for comparing what different providers offer you.
Why is the rate on my bank statement different?
Your bank or card network converted the payment at its own rate, which includes a margin, and may have added a foreign transaction fee. It may also have used the rate from a different day, when the payment was settled.
Can I use this for sending money to Pakistan?
Yes, to see what a fair conversion looks like. Then compare it with the amount in rupees your transfer service says the recipient will receive; the closer it is to this converter's figure, the less you are paying in hidden margin.
Related calculators
- Inflation Calculator — What money will cost in the future, and what today's savings will really be worth.
- Sales Tax Calculator — Add sales tax to a price, take it back out of a total, or find the rate from a receipt.
- VAT Calculator — Add VAT to a net price or remove it from a gross price, with standard rates for the UK, EU, Gulf and South Africa.
Results are estimates for educational purposes and are not financial, tax or legal advice. See our disclaimer.