Exchange rate markup calculator.

Worked example

Worked example. You convert 1,000 when the mid-market rate is 1.40. At that rate it is worth 1,400.00, but you are offered 1.358 and receive 1,358.00. The markup is (1.40 - 1.358) / 1.40 = 3.00%. You lose 42.00 in the receiving currency, which is 30.00 of the money you sent. Fixed and percentage fees on the transfer are on top of that, and the Wise fee calculator adds them in.

How it works

Mid-market rate is the midpoint between the rate at which a currency can be bought and sold. Because it has no margin in it, the difference between it and the rate you were given is the margin the provider kept, even if the receipt says "no fee".

With rates written as the amount of the receiving currency per 1 unit sent, markup % = (mid-market - offered) / mid-market x 100. The cost in the receiving currency is amount x (mid-market - offered). Dividing that by the mid-market rate gives the same loss in the currency you sent.

Mid-market rates move through the day, so the markup you calculate is only as good as the reference you use. For a reference see the Bank of Canada daily rates below, which are an official daily figure, not a live trading rate. This page does not look up a rate for you.

Everything runs in your browser. Nothing you type is sent or stored. This is an estimate for planning, not tax, legal or financial advice.

FAQ

How do I find the hidden fee in an exchange rate?

Compare the rate you were offered with a mid-market reference rate for the same moment. The percentage gap is the markup, and the gap multiplied by your amount is what it cost you.

What is a good exchange rate markup?

There is no single answer; it depends on the currency pair and the route. A lower markup is always better, so use this to compare quotes from different providers for the same amount.

Where do I get the mid-market rate?

From an exchange-rate feed you trust. The Bank of Canada publishes official daily rates for a range of currencies, which is a sensible daily reference though not a live rate.

What if the offered rate is better than mid-market?

The calculator flags it. It usually means the two rates are from different times or one is typed the wrong way round (units of currency received per 1 sent).