Tools To India

Currency Converter

Convert between the rupee and major currencies using the European Central Bank’s published reference rates. These are indicative — the rate you actually get from a bank or card will differ.

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Rates are the European Central Bank’s published daily reference rates. They are indicative — your bank or card will apply a different rate and may add a markup.

How this calculator works

This converter uses the European Central Bank’s daily reference rates, published each working day at around 16:00 Central European Time. They are widely used as a neutral benchmark because they are official, free to access and not set by any commercial party with an interest in the result.

They are not the rate you will be charged. A bank converting your money adds a spread to the interbank rate, and card networks apply their own conversion rate plus, in most cases, a foreign currency markup of two to three and a half percent. Money transfer services quote a rate that already includes their margin.

The gap is worth quantifying. On a ₹1,00,000 foreign transaction, a 3.5% markup is ₹3,500 — considerably more than most people expect from a conversion that appears to happen automatically.

Reference rates are published on working days only, so the figure shown over a weekend or a European public holiday is the most recent working day’s rate.

The formula

Converting between two currencies

amount in target = amount × (rate of target vs base) ÷ (rate of source vs base)

The reference rates are all quoted against the euro, so a rupee-to-dollar conversion goes through the euro as a common base. The result is a cross rate.

What a card actually charges

charged amount ≈ interbank rate × (1 + network spread + bank markup) + GST on the markup

This is why a card statement rarely matches a converter. The markup is disclosed in the card’s terms and is typically two to three and a half percent.

Worked example: a $500 online purchase

Paying $500 on an international website with an Indian credit card carrying a 3.5% foreign currency markup, at an interbank rate of ₹86 to the dollar.

Step-by-step calculation for the worked example
Amount$500
At the reference rate of ₹86₹43,000
Card network and bank markup at 3.5%₹1,505
GST on the markup at 18%₹271
Approximate amount charged₹44,776
Difference from the reference rate₹1,776

The card charges roughly ₹1,776 more than the reference rate implies — about 4.1% of the transaction. A card with a lower markup, or a multi-currency account, would reduce it.

Things worth knowing

  • These are indicative reference rates, not quotes. No bank, exchange or card network is obliged to transact at them.
  • Cards issued in India typically charge a foreign currency markup of two to three and a half percent, plus GST on that markup. Check your card’s terms for the exact figure.
  • If a foreign merchant offers to bill you in rupees, that is dynamic currency conversion and it almost always costs more than letting your bank convert. Choose the local currency.
  • Outward remittances from India fall under the Liberalised Remittance Scheme, with an annual limit per person and tax collected at source above a threshold. Check the current rules before a large transfer.
  • Rates are published on European working days. Over a weekend or holiday you are seeing the last published rate, not a live one.
  • For anything that must be exact — an invoice, a tax computation, a customs valuation — use the rate published by the relevant authority for that purpose, not a converter.

Frequently asked questions

Why is the rate my bank gives different from this one?
Because a reference rate is a benchmark, not an offer. Banks add a spread to cover their cost and margin, card networks apply their own conversion rate, and a foreign currency markup plus GST is added on top. The difference is commonly three to five percent on a card transaction.
Should I pay in rupees or in the foreign currency when a website offers a choice?
Almost always the foreign currency. Being billed in rupees by a foreign merchant is dynamic currency conversion, where the merchant’s payment processor sets the rate and keeps the margin. It is usually worse than your own bank’s rate, sometimes substantially.
How much foreign currency can I send abroad from India?
Outward remittances by resident individuals fall under the Liberalised Remittance Scheme, which sets an annual limit per person across all permitted purposes, with tax collected at source above a threshold for certain categories. The limits and TCS rates change, so check the current position on the RBI website before transferring.
Are these rates live?
They are the most recently published European Central Bank reference rates, updated once each European working day. They are not tick-by-tick market rates, and over a weekend you will see Friday’s figures.

Sources

Every figure on this page is traceable to the official source below. If a source has changed since the date shown, please tell us and we will correct it.