Q1: Are the exchange rates real-time?
The exchange rates shown are approximate and may not reflect real-time market rates. Currency rates fluctuate constantly throughout the day. For actual transactions, always check current rates with your bank or a reliable financial service.
Q2: Why do exchange rates change?
Exchange rates change due to economic factors like interest rates, inflation, political stability, economic performance, trade balances, and market speculation. Central bank policies and geopolitical events also significantly impact currency values.
Q3: Do I get the same rate when exchanging money?
No, banks and currency exchange services add a margin (spread) to the market rate, so you'll pay slightly more when buying foreign currency and receive slightly less when selling. Always compare rates and fees from multiple providers.
Q4: What is the difference between buying and selling rates?
The buying rate (bid) is what you receive when selling currency, while the selling rate (ask) is what you pay when buying. The difference (spread) is how exchange services make money. The spread varies by currency pair and provider.
Q5: How accurate are online currency converters?
Online converters provide good estimates for planning, but rates may differ slightly from actual transaction rates. For large transactions, always verify rates with your bank or exchange service, as they may include fees and different rates.
Q6: Can I use this for international money transfers?
This calculator provides estimates only. For actual transfers, use your bank or a money transfer service, which will apply their own exchange rates and fees. Compare multiple providers to get the best rate and lowest fees for your transfer.