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Currency conversion (FX) markup calculator

Many money transfers look free but hide their price in the exchange rate. Put in two rates and see the real cost.

2 sources ↓

Result (example values pre-filled — change any field)

You would get at the mid-market rate
920.00
You actually get
885.55
Total cost (in the currency received)
34.45
Exchange-rate markup
3.26%
Total cost as % of the amount
3.74%

Quick answer

The markup is how much worse your rate is than the mid-market rate: (mid-market rate − offered rate) ÷ mid-market rate × 100. Add any fixed fee to get the total cost. EU rules require card and ATM conversions to show charges as a markup over the ECB reference rate⁠[1].

A digital board showing currency exchange rates
Photo: “Exchange rates sign” by Dvortygirl, CC BY-SA 4.0 (edited: cropped, colour-graded)

#What does the calculator compare?

The mid-market rate is the midpoint between the buying and selling prices of two currencies, the benchmark you see on financial news sites. A bank or app usually gives you a slightly worse rate and keeps the difference. The calculator works out what you would receive at the mid-market rate, what you actually receive after the fixed fee and the offered rate, and the gap between the two. Pre-filled numbers are example values, not a live rate.

Rules increasingly force this cost into the open. In the EU, payment providers and parties offering conversion at an ATM or point of sale must express total currency conversion charges as a percentage mark-up over the latest euro foreign exchange reference rates issued by the European Central Bank⁠[1]. In the US, a remittance transfer provider must disclose, before you pay, the exchange rate it uses, its fees, and the total the recipient will get⁠[2]. See cross-border payments explained for why international payments cost more.

Worked example

The pre-filled example

Sending 1,000 with a fixed fee of 5 at an offered rate of 0.89 when the mid-market rate is 0.92 (computed with code):

At the mid-market rate
920.00
(1,000 − 5) × 0.89 actually received
885.55
Total cost
34.45 (3.74% of 920)
Exchange-rate markup alone
3.26%

#How do I find the mid-market rate?

Use a published reference rate for the same moment. Central banks publish daily reference rates; the ECB's euro reference rates are one example. Rates move during the day, so a small difference can be timing rather than markup. Compare like with like: same amount, same time, same delivery speed. The card fee calculator covers the merchant side of card payments, and ACH vs wire vs instant payments compares transfer types at home.

The bottom line

An exchange rate is a price. Comparing it with the mid-market rate turns a hidden cost into a number you can compare between providers.

Frequently asked questions

Is a 0% fee transfer free?

Not necessarily. If the rate is worse than mid-market, the cost is inside the rate. The calculator shows it.

Which currency is the cost shown in?

In the currency the recipient gets, because that is where the rate difference shows up.

Does this work for card payments abroad?

Yes: use the rate on your statement as the offered rate and the reference rate for that day as the mid-market rate.

Sources

  1. Regulation (EU) 2019/518 amending Regulation (EC) No 924/2009 (Article 3a) — EUR-Lex — Official Journal of the European Union, 2019 Primary
  2. 12 CFR 1005.31 — Disclosures (remittance transfers) — eCFR (US Code of Federal Regulations), 2025 Primary

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