How exchange rates work
An exchange rate tells you how much of one currency you get for one unit of another. Rates move constantly during trading hours. The mid-market rate is the midpoint between what banks pay to buy and sell a currency; it's the rate you see in news and search results.
The rate you actually get
Banks, airports and card networks add a markup to the mid-market rate, often 1% to 3% and sometimes more for cash exchange. Some cards also add a foreign transaction fee. For an exact figure, enter the rate you've been quoted in the “Today's rate” field.
Example
Exchanging $1,000 with a 3% markup costs you about $30 compared with the mid-market rate. On a $5,000 trip budget, that's $150.
Frequently asked questions
Are these live rates?
No. The built-in rates are approximate reference figures and don't update. Enter today's rate for accurate results.
Should I pay in dollars or the local currency abroad?
Usually the local currency. When a card terminal offers to charge you in dollars, the merchant's exchange rate is often worse than your card's.