Currency Conversion Cost Calculator
Calculate the true cost of converting currency including fees and exchange rate markup.
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Amount you want to convert
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Any flat fee charged on top of exchange rate
Common questions
What is the "mid-market" rate and why does it matter?
The mid-market rate (also called the interbank rate) is the midpoint between buy and sell prices in the global forex market. It's the rate you see on Google, XE.com, or Reuters. No retail customer gets this rate — banks and exchangers add a markup (spread) of 1–5%. Knowing the mid-market rate lets you calculate exactly how much you're paying in hidden fees.
Which services have the lowest conversion costs?
Best rates for international transfers (in order): (1) Wise (TransferWise): 0.3–1% markup over mid-market, transparent fees. (2) Remitly/Instarem: competitive for specific corridors. (3) Online forex aggregators (BookMyForex in India). (4) HDFC/ICICI Niyo forex cards: minimal spread for card transactions. Worst: airport money changers (5–15% markup), traditional bank transfers (3–5% markup hidden in rate). Always compare before large conversions.
What is a forex markup and how do banks hide it?
When a bank says "no fee on forex transfers," they're hiding the cost in the exchange rate. If mid-market is ₹83.50/USD and your bank gives you ₹81.50/USD, the ₹2 difference IS the fee — it's just presented as an exchange rate, not a charge. On ₹1 lakh, that's ₹2,400 in hidden fees at a ₹2 spread. Always compare the rate offered vs mid-market, not just "is there a fee?"
When should I exchange currency — before or after traveling?
Order a forex card or cash before departure from a competitive provider (BookMyForex, bank promo rates). Avoid airport exchanges — they bank on you being captive and in a hurry. Abroad, use ATMs only if your card has no foreign transaction fees (Niyo, Wise card). For online shopping in foreign currency, use a no-markup credit card (HDFC Infinia, Axis Magnus offer 1–1.5% forex mark-up vs typical 3.5%).
How do I avoid forex costs entirely for international payments?
For freelancers receiving foreign payments: (1) Payoneer or Wise account collects USD/EUR locally, then convert when rates are good. (2) For business: open a US/UK bank account (Mercury, Wise Business). (3) For investments: RBI's LRS allows up to $250,000/year for overseas investments — use Vested or Stockal for US stocks via wire transfer.