Whether you're travelling abroad, shopping from an international retailer, transferring money internationally, or tracking a foreign investment, knowing the current exchange rate is essential. An online currency converter with live rates gives you an accurate, up-to-date conversion in seconds.
How to Convert Currency for Free
iConvertU's Currency Converter uses live exchange rates from the European Central Bank (ECB) to convert between 150+ world currencies.
Step by step
- Open iConvertU Currency Converter
- Select the source currency (e.g. USD)
- Select the target currency (e.g. EUR)
- Enter the amount
- See the converted value instantly
Rates are updated daily from the Frankfurter API, which sources data from the European Central Bank. No account required.
Understanding Exchange Rates
An exchange rate is the value of one currency expressed in terms of another. If the USD/EUR rate is 0.92, then 1 US Dollar buys 0.92 Euros.
Base currency: The currency you're converting from. Quote currency: The currency you're converting to.
Exchange rates fluctuate constantly during trading hours, driven by economic data, interest rate decisions, political events, and market sentiment.
Mid-Market Rate vs Transaction Rate
The rate shown in a currency converter is usually the mid-market rate (also called the interbank rate) — the midpoint between the buy and sell prices used by banks when trading with each other.
This is not necessarily the rate you'll get when actually exchanging money:
| Method | Typical Rate vs Mid-Market |
|---|---|
| Bank branch | 3–5% worse |
| Airport exchange | 5–10% worse |
| Credit/debit card abroad | 1–3% worse (varies by card) |
| Wise (TransferWise) | ~0.3–0.8% worse |
| Revolut (weekday, in limit) | Mid-market |
For large transfers (house purchase, business payment), even a 1% difference on £100,000 is £1,000. Use a specialist transfer service rather than a high-street bank.
Major World Currencies
| Code | Currency | Region |
|---|---|---|
| USD | US Dollar | United States |
| EUR | Euro | Eurozone (20 countries) |
| GBP | British Pound | United Kingdom |
| JPY | Japanese Yen | Japan |
| CHF | Swiss Franc | Switzerland |
| CAD | Canadian Dollar | Canada |
| AUD | Australian Dollar | Australia |
| CNY | Chinese Yuan | China |
| INR | Indian Rupee | India |
| AED | UAE Dirham | United Arab Emirates |
| SGD | Singapore Dollar | Singapore |
| NOK | Norwegian Krone | Norway |
Currency Codes (ISO 4217)
Every currency has a 3-letter ISO 4217 code. The format is usually the 2-letter country code + the first letter of the currency name: US + Dollar = USD, EU + Ro = EUR (special case), GB + Pound = GBP.
Knowing currency codes avoids ambiguity — "dollar" could mean USD, CAD, AUD, NZD, SGD, or many others.
Practical Tips for Travellers
Check rates before you go. Know the approximate rate so you can spot poor exchange deals.
Use your card abroad. Debit and credit cards from providers like Revolut, Wise, or Starling typically offer rates close to mid-market. Traditional bank cards add foreign transaction fees of 1–3%.
Avoid dynamic currency conversion (DCC). When a card machine abroad offers to charge you in your home currency rather than the local currency, decline. Your bank's rate is almost always better than the merchant's.
Withdraw cash in local currency. If you need cash, withdraw in the local currency — not your home currency. Pay in the local currency always.
Keep some local cash. While cards are accepted almost everywhere in developed cities, small shops, rural areas, markets, and tips often require cash.
Frequently Asked Questions
How often do exchange rates update? Currency markets are open 24 hours Monday–Friday. Rates change continuously. iConvertU's converter uses rates updated daily from the European Central Bank — accurate for reference and planning, though real transaction rates fluctuate throughout the day.
Why is the rate I get at a bank different from the converter? Banks and exchange services add a markup to the mid-market rate to make their profit. The mid-market rate shown in a converter is the "pure" rate without any markup.
What is a pip in currency exchange? A pip (percentage in point) is the smallest price movement in an exchange rate. For most currency pairs, it's 0.0001 (one ten-thousandth). Used in forex trading to measure rate movements.
Is the currency converter free? Yes. iConvertU Currency Converter is completely free. No account, live rates from the ECB.
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