Every currency conversion has two prices: the mid-market rate you see in a search result, and the rate you are actually offered. The difference is the markup, and it is usually larger than any fee that appears on the receipt.
USD to EUR
906.2 EUR
1,000 USD at 0.9108 EUR per USD, after every cost
The markup is the cost that does not appear on the receipt: it is already inside the rate, which is why a zero-commission bureau can still be the most expensive option.
| Step | Amount |
|---|---|
| Value at the mid-market rate | 920 EUR |
| Markup of 1% | −9.2 EUR |
| Percentage fee | −0 EUR |
| Flat fee | −4.6 EUR |
| You receive | 906.2 EUR |
| Total cost | 13.8 EUR |
The markup comes out of the rate rather than out of your pocket as a separate charge, which is why it is the hardest part of the bill to see.
| Amount converted | You receive | Cost as a share |
|---|---|---|
| 100 USD | 86.48 EUR | 6% |
| 500 USD | 450.8 EUR | 2% |
| 1,000 USD | 906.2 EUR | 1.5% |
| 5,000 USD | 4,549.4 EUR | 1.1% |
| 10,000 USD | 9,103.4 EUR | 1.05% |
A flat fee is regressive: it is 0.54% of this amount, but the same fee on ten times the money costs a tenth as much in percentage terms. Check the smallest transfer you plan to make before choosing a provider.
| Option | Markup | You receive | Cost as a share |
|---|---|---|---|
| Fintech card | 0.2% | 918.16 EUR | 0.2% |
| Online broker | 0.5% | 915.4 EUR | 0.5% |
| Zero markup, flat fee | 0% | 910.8 EUR | 1% |
| Bank transfer | 2.5% | 897 EUR | 2.5% |
| Airport counter | 6% | 864.8 EUR | 6% |
On this amount the gap between the best and worst option is 53.36 EUR. Markups are typical illustrations rather than quotes: compare the rate you are actually offered on the day.
This calculator takes the amount, the rate you have been quoted, the markup and any fees, and shows what arrives, what the conversion cost in money and in percent, and how the same amount would come out with a bank, a broker, a card or a zero-markup transfer service.
There is no exchange-rate feed on this page. A rate that was correct when a page was built is wrong within minutes, and quoting one would hide the number that actually matters, which is the rate your provider applies to your money.
Enter the rate from your banking app, your transfer quote or the deal in front of you. Everything else follows: the markup is the difference between that rate and the mid-market rate, expressed as a percentage.
Amount received = amount × rate × (1 − markup) × (1 − percentage fee) − flat fee × rate, since the flat fee is charged in the currency you are spending and therefore has to be converted too. The effective rate is that result divided by the amount you sent, and the cost is the difference between the mid-market value and what you receive.
Two conversions with the same headline fee can differ enormously. A 2% markup with no commission and a 0.25% markup with a $5 flat fee are not the same offer, and on a small amount the flat fee is the more expensive of the two.
Markups of 2% to 3% are common on bank transfers and 5% or more at airport counters, while online brokers and travel cards typically sit between 0% and 0.5%. The comparison table shows the spread between them on the amount you entered.
When a card machine abroad offers to charge you in your home currency, the rate used is the machine operator rate, which is usually several percent worse than letting your own bank convert. Accepting that offer is one of the most expensive habits in consumer finance.
Each example below was run through the calculator on this page when the site was built, so the numbers match what you see when you enter the same inputs.
USD to EUR
906.2 EUR
1,000 USD at 0.9108 EUR per USD, after every cost
The markup costs more than the visible fee: the rate alone removes about nine euros, while the flat fee takes five more.
USD to EUR
846 EUR
1,000 USD at 0.846 EUR per USD, after every cost
A commission-free counter is the clearest example of a hidden cost: nothing appears on the receipt, and about six percent of the money is gone.
USD to EUR
227.71 EUR
250 USD at 0.9154 EUR per USD, after every cost
On a small amount a low percentage fee is easier to absorb than a flat fee, which is why the amount table matters when the same provider is used for very different transfers.
It is the midpoint between the prices at which a currency can be bought and sold in the wholesale market, and it is the rate quoted by search results and financial data providers. It is not available to consumers directly: every bank, bureau and card network applies a margin to it.
Because the online rate is the mid-market rate and yours includes the provider margin. A one or two percent difference looks small on a holiday budget and is significant on a house deposit, a salary transfer or a business payment.
No. Commission-free bureaus make their money in the rate. Set the markup field to 0% and compare the result with the offer: if the amount received is lower than the calculation shows at 0%, the cost is in the rate, not on the receipt.
Yes, as a rule. When a card machine offers to charge you in your own currency it is using a rate set by the machine operator or its bank, typically several percent worse than your own bank network rate. Choosing the local currency leaves the conversion to your bank, which is usually the cheaper side of that trade.
They start from the wholesale rate and add a margin that varies by customer, channel and amount, then add any fixed fees. Large business transfers negotiated in advance get much closer to the mid-market rate than a card purchase at a bar, which is why the same bank can be cheap for one transaction and expensive for another.
Look at the effective rate, not the fee list: divide the amount received by the amount sent, and compare that with the mid-market rate. This calculator reports both the total cost in money and as a percentage, which is the number to use when comparing providers.
No. It is deliberately rate-agnostic so that it never shows a stale number: you enter the rate you have been offered, and the calculator tells you what that rate costs against the mid-market rate. Check the current mid-market rate with your bank or a market data source before converting.
Last reviewed 2026-09-14. This page is an estimate tool, not financial, tax or legal advice.Read the full disclaimer.