Currency converter

Where the rates come from

The converter uses the euro reference rates published by the European Central Bank (ECB) on every working day at around 16:00 Central European Time. They are mid-market rates: halfway between the price banks buy and sell at. The page shows the date of the rates in use.

The UAE dirham and Saudi riyal aren’t in the ECB’s list, but both are pegged to the US dollar at fixed rates: 1 US dollar = 3.6725 dirhams and 3.75 riyals. The converter works them out from the ECB’s US dollar rate, which is how banks in both countries price them too.

Why your bank gives you less

Banks, card providers and exchange bureaus add a margin to the mid-market rate, and some charge a fee as well. The difference is often 1% to 3% with banks and cards, and more at airport kiosks. To compare offers, convert with this tool first, then see how much less the provider is giving you.

Tips for sending or spending money abroad

• When a card machine abroad asks whether to pay in your home currency or the local one, choose the local currency. Paying in your own currency (dynamic currency conversion) usually comes with a worse rate.
• For transfers home, specialist money transfer services usually beat high-street banks. Compare the total amount received, not just the fee.
• Rates move every day. For large amounts, some services let you lock in a rate in advance.

Sources

• European Central Bank: euro foreign exchange reference rates
• Central Bank of the UAE and Saudi Central Bank (SAMA) for the dollar pegs