Enter what you sent, what currency you converted to, and what you actually received to see the hidden markup versus the live mid-market rate.
This tool compares the effective exchange rate you actually got to the live mid-market rate, showing the percentage markup and the amount it cost you.
Amount sent/exchanged: From:
To currency:
Amount you actually received:
How It Works
This tool compares the effective exchange rate you actually got to the live mid-market rate, showing the percentage markup and the amount it cost you.
How to Use This Tool
- Enter the amount you sent or exchanged.
- Choose the currency you converted from and to.
- Enter the amount you actually received after the exchange.
- Click Check to see the markup versus the live mid-market rate.
Banks, card networks, and currency exchange counters routinely apply a markup above the mid-market rate; this tool estimates that markup based on what you actually received.
The Formulas
- Effective rate = amount received ÷ amount sent
- Markup % = (mid-market rate − effective rate) ÷ mid-market rate × 100
- Hidden cost = (amount sent × mid-market rate) − amount received
Worked example (rates are for illustration only): you exchange 1,000 US dollars and the mid-market rate is 0.92 euros per dollar, so a fair exchange would give you 920 euros. You actually receive 880. Your effective rate is 880 ÷ 1,000 = 0.88. The markup is (0.92 − 0.88) ÷ 0.92 × 100 = 4.35%, and the hidden cost is 920 − 880 = 40 euros.
What Is the Mid-Market Rate?
The mid-market rate is the midpoint between what buyers and sellers of a currency are willing to pay in the wholesale market. It is the fairest reference point available, and it is the number you see when you search for a currency pair online. Providers rarely offer it to customers. Instead they quote a rate a little worse than the mid-market rate and keep the difference. Because that difference is built into the rate, it does not show up as a line item, which is why it is called a hidden fee.
Ways to Keep the Markup Low
- Compare before you exchange: Check the effective rate offered by a couple of providers against the live mid-market rate.
- Avoid airport counters: They tend to have some of the widest markups.
- Pay in local currency: When a card machine or ATM offers to charge you in your home currency, decline. That option (often called dynamic currency conversion) usually carries a worse rate.
- Watch for extra fees: Some providers pair a decent rate with a flat fee, so enter the amount you actually received after all charges.
Did You Know?
- Airport currency exchange counters often have some of the highest markups of any common way to exchange money.
- Many no-foreign-transaction-fee credit cards still use the mid-market rate with no added markup, which is why cards are often cheaper than cash exchange for travel.
Frequently Asked Questions
What counts as a good exchange rate?
The closer your effective rate is to the live mid-market rate, the less you are paying in hidden fees.
Why would my bank's rate differ from what I see online?
Banks and exchange services build a markup into the rate they offer, which is separate from and often not disclosed the way a flat fee would be.
Is a 1% to 2% markup normal?
Markups vary widely by provider, method, and currency. Some card networks and online services keep the margin small, while cash exchanges and airport counters can be several times higher. Use this tool to see your own number rather than relying on a general figure.
Should I include fees in the amount I received?
Yes. Enter the final amount that actually reached you after any flat fees or charges. That way the result reflects your true total cost, not just the quoted rate.
Is the live rate exact for the moment of my transaction?
Rates move throughout the day, so the live rate may differ slightly from the rate at the exact time you exchanged. For a past transaction, treat the result as an estimate. This tool is for general information only, not financial advice.