Currency Calculator
Convert between currencies at your own rate
Understand the result
About the Currency Calculator
How does currency conversion really work?
Every currency conversion uses an exchange rate — how many rupees one unit of another currency costs. The rate you see in the news is the mid-market rate, halfway between buying and selling prices. Banks, card networks and money changers add a markup to that rate and may charge fees, so the rate you actually get is always a little worse.
This currency calculator converts between major currencies at a rate you enter, adds the provider’s markup and any flat fee, and shows the true cost of the conversion — so you can compare a bank transfer, a forex card and a credit card.
How this calculator works
Converting currency is a multiplication, but the rate you get is rarely the rate you see quoted. Banks, cards and transfer services add a markup — a spread over the mid-market rate — and often a fixed fee on top.
This calculator applies the fee first, then converts at the marked-up rate, which is how most remittance services actually work. The “cost of conversion” line shows what that combination costs you compared with the mid-market rate.
Formula
Effective rate = mid-market rate × (1 − markup ÷ 100) Converted = (amount − fixed fee) × effective rate Cost = amount × mid-market rate − converted
Worked example
- Converting $1,000 to INR at a mid-market rate of 88.00 with a 2% bank markup.
- Effective rate = 88 × 0.98 = 86.24, so you receive ₹86,240.
- At the mid-market rate you would have received ₹88,000 — the 2% markup cost ₹1,760.
What a markup costs on US$1,000
| Markup over mid-market | You pay | Extra cost |
|---|---|---|
| 0% (mid-market) | ₹88,000 | — |
| 1% | ₹88,880 | ₹880 |
| 2% | ₹89,760 | ₹1,760 |
| 3% | ₹90,640 | ₹2,640 |
Credit and debit cards typically add a foreign transaction fee of 2%–3.5% plus GST on it; forex cards and specialist remittance services usually cost less. A small GST also applies to currency conversion itself.
Assumptions & important notes
What this calculator assumes
- The rate you enter is the mid-market rate. If you enter the rate your bank already quoted, set the markup to zero.
- The fixed fee is charged in the source currency and deducted before conversion.
- Rates move continuously; the figure is only as current as the rate you type.
Important notes
- Card networks typically add 1.5–3.5% on foreign transactions, plus a cross-currency fee charged by the issuing bank.
- Outward remittances from India attract TCS above the annual threshold under the Liberalised Remittance Scheme, which is not included here.
Frequently asked questions
Why does the calculator not fetch live rates?
PaiseWise runs entirely in your browser with no network calls, which is what lets it work offline and keeps your figures private. Enter the rate from any source you trust.
What is the mid-market rate?
The midpoint between the buy and sell prices in the global currency market — the rate you see on financial sites. It is what banks trade at, not what they give retail customers.
How much markup do banks charge?
Typically 1.5–3.5% for card transactions and wire transfers. Specialist transfer services are usually cheaper. Comparing the effective rate, not the advertised fee, is the only reliable way to tell.
Is it cheaper to pay abroad in rupees or in local currency?
Usually in local currency. When a card terminal or website offers to charge you in rupees (“dynamic currency conversion”), it typically applies its own, less favourable rate. Choose the local currency and let your card network convert.
PaiseWise runs entirely in your browser — the figures you enter are never sent anywhere. Results are estimates for planning only, not financial, tax or investment advice.