Currency Converter

ECB Reference Rates Explained

Each business day at about 16:00 CET the European Central Bank publishes reference rates for 29 currencies against the euro. This converter loads them through the free Frankfurter service and converts between any two of the 30 currencies (the euro included) by way of the euro. Banks and card issuers add their own margin, so treat the result as the mid-market benchmark.

The European Central Bank publishes official reference exchange rates every business day at approximately 16:00 CET. These rates are the gold standard for financial reporting, taxation, and international business. This converter fetches them automatically via Frankfurter.app, a free ECB data mirror.

The rates shown are mid-market rates - the midpoint between buy and sell prices. When you exchange money at a bank or bureau de change, they add a spread on top of this rate, typically 0.5% to 3% for major currencies, up to 8% or more at airports. Online services like Wise or Revolut typically offer rates much closer to the ECB reference rate.

The table below shows what 1 US dollar buys at the ECB rates the page has loaded. The date of those rates is in the badge under the Convert button.

Major Currency Pairs Explained

Exchange rates fluctuate constantly during trading hours based on interest rate differentials, inflation data, trade balances, political events, and market sentiment. The ECB rates used here are published once per business day and represent the official reference rates used by banks and financial institutions across Europe.

How the Rates Are Loaded and Updated

1. The ECB sets the rates once a day. Around 16:00 Central European Time on each TARGET business day, the ECB publishes one reference rate per currency against the euro. There are no rates on weekends or ECB holidays.
2. The page downloads the latest set. When you open the converter it requests the newest rates from the Frankfurter API, which republishes the ECB data. The badge shows the ECB date of the rates in use.
3. It reuses them for an hour. Rates downloaded in the same browser tab are kept for 60 minutes, so reloading does not trigger a new download.
4. It falls back safely. If the download fails, the page uses the last rates saved in your browser and the badge says Cached. With nothing saved, it uses rates built into the page and says Static fallback.

What it does not do: show live market prices, update during the day, or quote a rate you can deal at. For a real quote, ask the bank or service that will make the transfer.

How a Cross Rate Is Calculated

Every ECB rate is quoted against the euro, so a pair such as dollar to pound is worked out through the euro. On one recent business day the ECB published:

• 1 EUR = 1.1460 USD
• 1 EUR = 0.8588 GBP

So 1 USD = 0.8588 ÷ 1.1460 = 0.7494 GBP, and 1 GBP = 1.1460 ÷ 0.8588 = 1.3344 USD. Converting $500 gives 500 × 0.7494 = £374.69. The converter does exactly this for every pair, then shows the rate, the inverse rate and a table of common amounts.

What a Margin Costs You

Converting $1,000 to euros at an example mid-market rate of 0.8726 euro per dollar. Banks, airport kiosks and card networks build their fee into a worse rate, which is easy to miss.

Common mistakes

• Using the inverse rate. If 1 EUR = 1.1460 USD, then 1 USD = 0.8726 EUR, not 1.1460 EUR. The converter shows both lines so you can check.
• Paying in dollars abroad. When a card terminal outside the US offers to charge you in US dollars, the conversion it offers usually carries a larger margin than your card issuer's. Choosing the local currency is normally cheaper.
• Expecting weekend rates. On Saturday and Sunday the converter still shows Friday's ECB rates. Markets move, so a weekend quote from a bank will differ.

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