Currency converter

Where the rates come from and how often they change

The rates come from the European Central Bank's daily reference list. The ECB sets them once a day based on a coordinated procedure between central banks and publishes them every working day at around 16:00 Central European Time. At weekends, on public holidays and on days when the TARGET payment system is closed, no new list is issued — the last published one stays in force.

The converter caches the rates for at most 24 hours and shows the date they apply to directly beneath the calculator. If you see an earlier working day there, nothing is broken — a new list simply hasn't been published yet.

Reference rate vs. the rate at your bank or bureau

The ECB reference rate is a mid rate — the theoretical midpoint between buying and selling, with no markup at all. Nobody actually exchanges money at it; it exists for statistics, accounting and orientation.

Banks and bureaux de change add a margin (spread) to the mid rate, which is what pulls their buy and sell rates apart. At a typical bank the one-way margin runs to a few per cent, at bureaux usually more, and at airports or tourist hotspots by far the most. That's why an actual exchange always leaves you with slightly less than this converter shows — the difference is precisely that margin.

Cross rates: converting between two non-euro currencies

The ECB always publishes rates against the euro. Converting between two other currencies — say Czech koruna to Polish złoty — therefore goes via the euro: the amount is converted into euros first and then into the target currency. The result is called a cross rate, and banks derive their own mid rates the same way.

The practical consequence is that such a conversion depends on two rates at once. For more exotic pairs the gap against the rate your bank quotes can therefore be a little wider than for a pair involving the euro.

Paying by card abroad and DCC

When you pay by card outside your home currency area, the conversion is done at the card network's rate (Visa or Mastercard), to which your bank adds its own markup. That rate tends to sit closer to the reference rate than a cash bureau does.

Terminals and ATMs will often offer to charge you in your home currency instead — so-called DCC (Dynamic Currency Conversion). In that case the rate is set by the merchant's bank and is almost always worse than the one your own bank would use. It's worth declining the offer and letting the transaction be billed in the local currency.

How often are the rates updated?

The ECB publishes reference rates every working day at around 16:00 CET. This converter caches them for at most 24 hours; the date the rates apply to is shown directly beneath the calculator.

Why does the rate differ from my bank's rate?

The ECB reference rate is a mid rate without any margin. Banks and bureaux de change add a markup (spread), usually 2–5%, and airport bureaux even more. The actual exchange rate will therefore always be somewhat worse.

What is the ECB reference rate?

The official mid rate set by the European Central Bank based on market data. It is used for statistics, accounting and orientation – it is not a guaranteed rate for exchanging money.

Which currencies does the converter support?

20 currencies published by the ECB, including all Central European ones (Czech koruna, złoty, forint, leu, lev) and world currencies such as the dollar, pound, franc and yen.

Can the rates be used for trading?

No. The rates are for orientation only – the forex market moves every second, while the reference rate is set once a day. For real transactions, your bank's or bureau's rate is what counts.

How is the rate between two non-euro currencies calculated?

As a cross rate via the euro. The ECB always publishes rates against the euro, so converting Czech koruna to Polish złoty, for example, goes into euros first and out into złoty — exactly how banks do it.

Is it better to exchange money at a bank or a bureau de change?

It depends on the margin each adds to the mid rate. Banks tend to be more predictable, high-street bureaux are sometimes cheaper, and airport bureaux are almost always the most expensive. Compare their buy and sell rates against the rate here — the gap is exactly what you pay extra.

Abroad, should I pay in my home currency or the local one?

The local one. If the terminal offers to charge you at home (DCC), the rate is set by the merchant's bank and is usually worse than your own bank's. Decline it and the card network handles the conversion.

Why do the rates show an earlier date?

The ECB doesn't publish a new list at weekends, on public holidays or on days when the TARGET system is closed. The last published rate then applies, and its date is shown beneath the calculator.