Currency conversion cost calculator
Compare what you actually pay when converting currencies across banks, Wise, and Revolut.
Potential savings vs your bank
€35.00
per transfer, or €420.00 per year
Cost per transfer
€35.00
You receive
~€965.00 in USD
Annual cost
€420.00
Cost per transfer
€5.80
You receive
~€994.20 in USD
Annual cost
€69.60
Cost per transfer
€0.00
You receive
~€1,000.00 in USD
Annual cost
€0.00
Cost per transfer
€0.00
You receive
~€1,000.00 in USD
Annual cost
€0.00
Looking for multi-currency accounts?
Compare platforms that let you hold and convert multiple currencies.
Costs shown are approximate estimates based on typical fee structures. Exchange rates fluctuate. Actual costs may differ. Always check current rates on the provider website before transferring.
The real cost of currency conversion
When you convert money from EUR to another currency, the rate you get is almost never the mid-market rate (the "real" rate). The difference between the mid-market rate and the rate you receive is where providers make their money.
Hidden markups are the biggest cost
Traditional banks typically add 1.5-3% to the exchange rate without showing this as a fee. On a €5,000 transfer, that is €75-150 in hidden costs. Fintech providers like Wise show the mid-market rate and charge a transparent fee instead.
For European expats who regularly send money home or receive their salary in a different currency, these savings add up quickly. Switching from a traditional bank to a provider like Wise or Revolut can save hundreds or thousands of euros per year.
When to use which provider
For one-off large transfers, Wise often provides the best combination of transparency and low cost. For regular small conversions (daily spending abroad, travel), Revolut is convenient thanks to its free tier. For salary conversions, compare the annual cost since the savings on each transfer compound.
Common questions
What is the cheapest way to convert EUR to USD?
For most people, Wise or Revolut offer the lowest currency conversion costs. Wise charges a transparent percentage fee (typically 0.4-0.6%) with no markup on the exchange rate. Revolut offers free conversion up to a monthly limit on its free plan. Traditional banks typically charge 1.5-3% in hidden markups.
Why do banks charge more for currency conversion?
Banks add a markup to the mid-market exchange rate (the "real" rate you see on Google). This markup is typically 1.5-3% but is not shown as a separate fee, making it appear like you are getting a worse exchange rate. Fintech providers like Wise show the mid-market rate and charge a separate, transparent fee.
Is Revolut free for currency conversion?
Revolut Standard (free) plan allows fee-free currency conversion up to a monthly limit. Beyond the limit, a 1% fee applies. Revolut Premium and Metal plans offer unlimited fee-free conversion. Weekend conversions may have a small markup due to closed FX markets.