Currency Conversion Guide — USD, GBP, EUR, INR Explained

Whether you are travelling, sending money abroad, or shopping internationally, understanding currency exchange can save you significant money.

How Currency Exchange Rates Work

Exchange rates fluctuate constantly based on supply and demand in the global forex market, central bank policy, inflation differentials, and economic data. The rate you see quoted is the mid-market rate — the midpoint between buy and sell prices. Banks and exchange services add a spread on top of this.

Approximate Key Rates (June 2026)

Where You Lose Money on Currency Exchange

• Airport exchange bureaux: Worst rates, typically 10–15% spread. Never use these.
• Hotel exchanges: Similarly bad.
• High-street banks: 2–5% spread above mid-market rate.
• Credit cards with foreign transaction fees: Usually 2.9% extra.

Where You Get the Best Rates

• Wise (TransferWise): Mid-market rate with small transparent fee — best for transfers
• Revolut / Starling (UK): Mid-market rate on weekend, small fee on weekdays — best for travel spending
• Charles Schwab debit card (US): No foreign transaction fees + ATM fee rebates worldwide
• Local ATMs abroad: Often better than exchange bureaux if your card has no foreign fees

Sending Money Internationally

For large transfers (over $1,000 / £1,000), the provider makes a huge difference:

• Wise: ~0.5% fee, mid-market rate — best for most transfers
• Remitly: Often competitive for specific corridors (US to India, UK to Philippines)
• Traditional bank wire: $25–50 flat fee + poor rate — avoid for large amounts