Currency conversion cost calculator

Convert an amount between two currencies and see what the spread and fees cost against the mid-market rate. You type every rate. Nothing is fetched.

The figures are an estimate from the rates you enter, not a quote and not advice. See the disclaimer.

AmountSource currencyTarget currency

Rate quote

HKD per 1 USD

Mid-market rateType a rate from a reference source. This page does not fetch live rates.

How the fee is chargedDeducted before conversionAdded on topCharged in the target currency

Provider priceOffered rateMarkup percentOffered rateFixed fee in HKDPercentage fee

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Conversion cost

Amount received: USD 1,251.57
Amount at the mid-market rate: USD 1,282.05
Amount paid: HKD 10,000.00
Spread cost: HKD 187.74
Fees: HKD 50.00
Total cost: HKD 237.74
Total cost as % of the amount: 2.38%
Effective rate: 7.9899 HKD per 1 USD

How this is calculated

Formula

The rate you type is read as units of the source currency for 1 unit of the target currency, unless you swap the quote. A higher number in that direction means you pay more source currency for each unit you receive.

Amount received (fee deducted first) = (amount − fixed fee − amount × percentage fee) ÷ offered rate

Spread cost = amount converted × (1 − mid-market rate ÷ offered rate)

Total cost = spread cost + fees

Effective rate = amount paid ÷ amount received

Assumptions

The calculator does not look up a rate, and it does not store one.

Mid-market rate: You copy it from a reference source at the moment you compare. The same rate is used for every provider.
Offered rate or markup: Enter the provider rate, or a markup percent. The markup raises the source-per-target rate: offered = mid × (1 + markup).
Fee deducted first: The fixed fee and the percentage fee come out of the source amount, then the rest is converted. This is the default.
Fee added on top: The full amount is converted, and the fees are charged in addition. You pay the amount plus the fees.
Fee charged in the target currency: The fixed-fee number is in the target currency, and the percentage applies to the converted amount. Both are taken off what you receive.
Rounding: Money on screen is rounded to 2 decimal places. The effective rate is the full-precision ratio, cut (not rounded) to 4 decimal places. The cost identity uses the unrounded values.

Worked example

HK$10,000 to US dollars. Mid-market rate 7.80 HKD per 1 USD. Offered rate 7.95 HKD per 1 USD. A HK$50 fee is deducted before conversion.

Step	Result
Amount after the fee	HK$9,950.00
Amount received	US$1,251.57
Same amount at the mid-market rate	US$1,282.05
Spread cost	HK$187.74
Fee	HK$50.00
Total cost	HK$237.74 (2.38%)
Effective rate	7.9899 HKD per 1 USD

Common questions

Where do I get the mid-market rate?

Look it up yourself from a market data source or a financial news page, then type it in. This calculator does not fetch a live rate, so the figure does not go stale on the page.

What does the effective rate mean?

It is the source currency you actually paid for each unit you received, after the spread and the fees. In the worked example that is 7.9899 HKD per 1 USD, against a mid-market rate of 7.80.

Why can a no-fee quote cost more?

A provider can widen the spread instead of showing a fee. Compare the amount received, or the total cost against the same mid-market rate. The headline fee is not the whole cost.

Related guides

Currency conversion cost: mid-market rate, spread, fees and DCC explained