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Currency Converter

Convert between 170+ world currencies using live exchange rates updated continuously. The Forex Charges tab shows the true cost of any bank or service - comparing the mid-market rate to what you actually receive after markup and GST. See your conversion in 14 currencies at once, or calculate the real cost of international transfers and travel money.

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Multi-Currency Conversion

Enter an amount and see its value in major world currencies.

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Forex Charges Calculator

Calculate the true cost of currency conversion including bank markups, transaction fees and forex markup.

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Bank/Service Markup
%
Transaction Fee (flat)
GST on Forex (18%)

Currency Conversion Guide

Basic Conversion

Converted Amount = Amount × Exchange Rate Exchange Rate (USD/INR = 84) means: 1 USD = 84 INR To convert USD to INR: 100 USD × 84 = 8,400 INR To convert INR to USD: 8,400 INR / 84 = 100 USD OR: 8,400 × (1/84) = 100 USD Cross rate (EUR to JPY via USD): EUR/USD = 1.08, USD/JPY = 149 EUR/JPY = 1.08 × 149 = 160.92

Forex Charges Calculation

Mid-market Rate: The "true" exchange rate (average of buy and sell rates) Bank/Service Rate = Mid-rate × (1 + Markup%) Total Cost = (Amount × Markup%) + Flat Fee + GST on markup (18% in India) Example: Convert USD 1,000 to INR Mid-rate: 84.00 Bank rate: 84 × 1.025 = 86.10 (2.5% markup) You get: 1,000 × 84 = 84,000 INR (mid-rate) You actually get: 1,000 × 86.10 = 86,100? NO Wait - bank buys USD at their rate: You get: 1,000 × (84 / 1.025) = 81,951 INR Loss to markup: 2,049 INR

Cheapest Ways to Exchange Currency

Ranking by effective rate (best to worst): 1. Wise / Revolut / Niyo / FXKART - near mid-rate 2. Airport forex counters (pre-order online) 3. Major bank forex cards (2-3% markup) 4. Credit cards (3-5% forex + cross currency charge) 5. Airport counters (walk-in) - 4-8% markup 6. Hotel exchanges - 8-15% markup (avoid!) For India: RBI Reference Rate: Published by RBI daily FBIL Rate: Used for TT (telegraphic transfer) Card rates: Bank rate + Forex markup 1.5-3.5%

Frequently Asked Questions

The mid-market rate (also called the interbank rate or fair rate) is the midpoint between the buy and sell prices for a currency pair - the 'real' exchange rate that banks use between themselves. It's what appears on Google, Reuters, and Bloomberg. No retail customer gets the mid-market rate from a bank. Banks and exchange services add a markup of 1.5–8% on top. The mid-market rate is your baseline: compare any offered rate to it to calculate the hidden charge in percentage terms.
Online rates (Google, this converter) show the mid-market rate. Banks and exchange services add a spread on top - their profit margin - which is why the rate you receive is always slightly worse. A 'no commission' sign at an exchange counter means the entire charge is hidden in the exchange rate itself. The only way to avoid this is to use services like Wise that charge a small transparent fee and actually use the mid-market rate. For large amounts, even a 0.5% difference in rate matters significantly.
GST of 18% is charged on the forex service fee in India - not on the full amount exchanged. The taxable service value is tiered: for amounts up to ₹1 lakh, 1% of the exchanged amount (minimum ₹250); for ₹1–10 lakh, ₹1,000 + 0.5% of amount above ₹1 lakh; above ₹10 lakh, ₹5,500 + 0.1% (max ₹60,000). Then 18% GST is applied to this service value. Example: exchange ₹1 lakh → taxable value = ₹1,000 → GST = ₹180. Often not shown clearly; ask your bank to itemise it.
Ranked from best to worst: (1) Wise or Revolut - mid-market rate plus small transparent fee, best for transfers and online spending. (2) Niyo Global or FXKART cards - near mid-market, zero markup, designed for Indian travellers. (3) Online bank forex card pre-orders - 2–3% markup but locked rate. (4) Credit cards with no forex markup. (5) Bank branch walk-in. (6) Airport pre-ordered forex. (7) Airport walk-in counters (4–8% markup, very expensive). (8) Hotel exchanges (8–15%, always avoid). For any amount above ₹50,000, the difference between option 1 and option 7 is thousands of rupees.
TT (Telegraphic Transfer) rate is the rate used for international wire transfers (SWIFT). It is close to the FBIL benchmark rate with a small bank margin added. The card rate is the rate applied when you use a debit or credit card in a foreign currency - it's the bank's TT rate plus their forex markup (1.5–3.5%) plus the Visa/Mastercard cross-currency fee (approximately 1% if the transaction is not in USD). So when you use your Indian card abroad, you're paying the card rate, which includes two layers of charges on top of the underlying benchmark rate.
A cross rate is the exchange rate between two currencies, both of which are quoted against USD. Example: EUR/USD = 1.08, USD/INR = 84. EUR/INR cross rate = 1.08 × 84 = 90.72. Most currencies are traded via USD as the intermediary. When you exchange EUR to INR directly, the bank or service calculates this cross rate. Banks may add a wider spread on cross-currency pairs (non-USD pairs) than on direct USD pairs, so it's sometimes worth converting via USD in two steps if the fees allow.
The RBI (Reserve Bank of India) actively manages the rupee under a 'managed float' policy - not fully free-floating like USD/EUR, but not pegged either. The RBI intervenes by buying dollars (adding rupees to the market) when the rupee depreciates too sharply, or selling dollars when it appreciates too much. Key factors affecting USD/INR: India's current account deficit, foreign institutional investment (FII) flows into Indian markets, global oil prices (India imports approximately 85% of oil in dollars), US Federal Reserve interest rate decisions, and global risk sentiment.
Both have a role. Use a forex card for: hotels, restaurants, large purchases - locked-in rate at time of loading, widely accepted, safer than cash, reload online. Use cash for: local markets, small vendors, taxis, tips - many smaller businesses don't accept cards, especially in Asia and Africa. Recommended split: 20–30% in local cash, 70–80% on a zero-markup travel card. Avoid exchanging cash at airport walk-in counters (rates 4–8% worse than mid-market). Pre-order your cash online through BookMyForex or FXKART for much better rates.

Major Pairs vs INR

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Typical Forex Charges

Wise / Revolut0.4–1.5%
Forex cards1.5–3.5%
Credit cards3–5%
Airport counters4–8%
Hotel exchange8–15%

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Currency Converter - Live Rates, Forex Charges & the Real Cost of Currency Exchange

Most people check an exchange rate on Google, hand over their money at a bank or airport counter, and never calculate how much they actually lost to the markup. A 3% forex charge on ₹5 lakh works out to ₹15,000 quietly transferred from your pocket to the bank's. This converter shows the mid-market rate - the real rate - alongside what you'd actually receive after a bank's markup, so you can see the hidden cost before you exchange.

Quick example - Converting $1,000 USD to INR: Mid-market rate at ₹84/USD = ₹84,000. With a bank's 2.5% markup: effective rate = ₹81.9/USD, you receive ₹81,951. Add 18% GST on the service fee: you receive approximately ₹81,480. That's ₹2,520 lost to charges - over 3% - on what looks like a straightforward transaction.

The Mid-Market Rate - What It Is and Why It Matters

The mid-market rate is the exact midpoint between the buy price and the sell price for a currency pair. It's the rate interbanks trade at, the rate that appears on Google, Reuters, and Bloomberg, and the rate used in this converter. No retail customer gets the mid-market rate from a bank - banks and exchange services always add a spread on top.

Understanding the mid-market rate gives you a baseline to evaluate any exchange service. If a service offers 1 USD = ₹82 when the mid-market rate is ₹84, the markup is approximately 2.4%. Services like Wise typically charge 0.4–1.5% markup. Bank branches charge 2–3.5%. Airport walk-in counters charge 4–8%. The service with a "no commission" sign just means the entire charge is hidden in the rate.

Forex Charges in India - How the Costs Add Up

When you exchange currency in India, several charges may apply simultaneously. Understanding all of them prevents bill shock:

Bank & Exchange Service Charges

  • Exchange rate markup - 1.5–8% added to mid-market rate, depending on service
  • Transaction fee - Fixed flat fee per transaction (₹100–₹500 at some banks)
  • SWIFT wire fee - ₹500–₹2,000 for international transfers
  • Card forex fee - 1.5–3.5% on every foreign currency purchase
  • Cross-currency fee - Visa/Mastercard charge ~1% if currency isn't USD

GST on Forex (India)

  • 18% GST applied to the forex service fee (not total amount)
  • Up to ₹1 lakh: taxable value = 1% of amount (min ₹250)
  • ₹1 lakh to ₹10 lakh: ₹1,000 + 0.5% of amount above ₹1 lakh
  • Above ₹10 lakh: ₹5,500 + 0.1% (max taxable value ₹60,000)
  • Total GST on ₹1 lakh exchange at 1% = ₹180
  • Often not itemised clearly - ask your bank

Cheapest Ways to Exchange Currency - Ranked

Not all exchange services are equal. For any significant amount of currency exchange - especially for travel or international transfers - choosing the right service can save thousands of rupees:

  1. Wise (formerly TransferWise) - Uses the real mid-market rate with a transparent small fee (0.4–1.5%). Best option for most international transfers. Not available for all corridors.
  2. Revolut / Niyo Global - Near mid-market rates, good for travel spending. Niyo Global specifically designed for Indian travellers with zero forex markup.
  3. FXKART / BookMyForex - Online forex aggregators in India. Pre-order at near-mid-market rates, home delivery or pickup. Much better than bank walk-in.
  4. Bank forex cards (pre-ordered online) - Load before travel at bank's online rate (2–3% markup). Better than airport rates and provides exchange rate lock-in.
  5. Credit cards with no forex markup - Several Indian cards (Niyo, HDFC Regalia, SBI Elite) waive the 2–3.5% forex charge. Use a card with zero markup abroad.
  6. Bank branch walk-in - 2–3.5% markup. Fine for small amounts but significantly worse than online alternatives.
  7. Airport walk-in counters - 4–8% markup. Use only in genuine emergencies. Pre-ordering through airport forex operators online gives much better rates.
  8. Hotel exchanges - 8–15% markup. Never exchange at a hotel unless there are absolutely no alternatives.

Understanding the Key Forex Rates in India

India has several different "official" exchange rates used in different contexts, which can cause confusion:

  • RBI Reference Rate - Published by the Reserve Bank of India each business day at around 12:30 PM, based on the noon market rates. Used as a benchmark. Not available to retail customers directly.
  • FBIL Rate (Financial Benchmarks India Ltd) - The daily reference rate published by FBIL for various currency pairs. Used for benchmarking telegraphic transfers and certain financial contracts.
  • TT Rate (Telegraphic Transfer Rate) - The rate at which your bank processes incoming or outgoing wire transfers. Typically close to the FBIL rate with a small bank margin added.
  • Card Rate - The rate applied when you use a debit or credit card in a foreign currency abroad. Bank's TT rate + their forex markup (1.5–3.5%) + Visa/Mastercard cross-currency charge.
  • TC Rate (Traveller's Cheque Rate) - Slightly worse than TT rate, mainly relevant for US dollar traveller's cheques still used by some older travellers.

How this calculator works, and where the numbers come from

The Currency Converter applies the standard formula for this calculation to the values you enter and updates the result as you type. The calculation itself happens in your browser, and the page explains the method so you can check any result by hand. Exchange rates are fetched from a third-party rates feed when you use the tool.

Please note: Exchange rates move constantly and what you actually get depends on your bank or provider. Treat results as indicative, not as a quote.

Sources and further reading

Last reviewed: by the CalcQube Editorial Team. See our editorial policy for how we build and check calculators, or report an error.