Calculators
Currency converter
Conversion including typical broker markups.
Inputs
Typically 0.25 % at cheap providers and 1 % or more at high-street banks.
A buy and a sell count as two; every foreign-currency dividend adds one more.
- Mid-market rate
- 1.0900 USD
- Effective rate
- 1.0846 USD
At the mid-market rate
US$10,900.00
€10,000.00 × 1.0900
After the broker's markup
US$10,845.50
0.50 % markup
Cost of the markup
US$54.50
equals €50.00
Cost per year
€600.00
at 12 conversions
The red share is the markup — exaggerated so it stays visible.
Static reference rates, compiled 2026-08-01 — not a live quote. The mid-market rate is here to size the markup, not to price a transaction; settlement uses your broker's rate.
What the markup costs across order sizes
The same percentage applied to typical order sizes. The yearly column uses the number of conversions set above.
| Order size | At mid-market | You receive | Cost per conversion | Cost per year |
|---|---|---|---|---|
| €1,000 | US$1,090.00 | US$1,084.55 | €5.00 | €60 |
| €5,000 | US$5,450.00 | US$5,422.75 | €25.00 | €300 |
| €25,000 | US$27,250.00 | US$27,113.75 | €125.00 | €1,500 |
| €100,000 | US$109,000.00 | US$108,455.00 | €500.00 | €6,000 |
The markup against the market
The same conversion at the markups that actually occur in the retail market. The last column shows what you save or pay extra per year against your current setting.
| Markup | Typical of | Per conversion | Cost per year | Difference p.a. |
|---|---|---|---|---|
| 0.15 % | Cheap neo-brokers | €15.00 | €180 | -€420 |
| 0.25 % | Direct banks (good) | €25.00 | €300 | -€300 |
| 0.50 % | Common standardYour setting | €50.00 | €600 | €0 |
| 1.00 % | High-street bank / CFD broker | €100.00 | €1,200 | +€600 |
| 2.00 % | Expensive | €200.00 | €2,400 | +€1,800 |
Why this cost rarely gets noticed
An FX markup never appears as a line item. The broker settles at a rate that sits slightly off mid-market — the gap is the fee. That is exactly why "zero commission" offers look cheaper than they are: on a US share the markup is charged on the way in, again on the way out, and often on every dividend as well.
The most expensive hidden cost: FX conversion at your brokerAssumptions behind this calculation
- The markup is modelled as a percentage worsening of the mid-market rate — the way most brokers and banks actually charge it.
- Fixed conversion fees (e.g. CHF 2 per transaction) are excluded. They come on top and bite hardest on small amounts.
- Annual cost assumes conversions of equal size. Holding a foreign-currency sub-account means converting less often and paying less.
- Buying and selling a foreign-currency position is two conversions. Dividends and interest credits add one more per payment.
- This page's reference rates are rounded, dated mid-market levels, not tradable quotes.
Note: These calculators are for information only and are not investment advice. Content on Brokaro is for information purposes only and is not investment, legal or tax advice. All information is provided without guarantee; only the provider's own statements are authoritative.
How this is calculated
The markup is a worsened rate, not a line on the statement. A broker charging 0.5 % does not bill "mid-market plus 0.5 % fee"; it simply settles at a rate 0.5 % away from mid. The contract note then shows a single rate — and it looks perfectly plausible.
That is why comparing "zero commission" against "EUR 4.90 per order" is almost always misleading once foreign currency is involved. On a EUR 5,000 US share purchase, a 0.5 % markup costs EUR 25 on the way in — and the same again on the way out. The supposedly free order ends up roughly ten times more expensive than the one with an explicit fee and cheap conversion.
The arithmetic is linear; the effect is not. The markup scales with volume: converting EUR 25,000 four times a year costs about EUR 500 annually at 0.5 %, and EUR 150 at 0.15 %. Compounded over a decade with the forgone return, that becomes a four-figure sum that shows up neither in the performance figure nor in any headline fee comparison.
There are two effective defences. First, a broker with a genuine multi-currency account, where dollar balances stay in dollars instead of being round-tripped on every transaction. Second, fewer and larger conversions — every conversion avoided is a fee saved in full.
Watch for fixed conversion charges too. Some providers pair a small percentage with a per-transaction minimum. On a EUR 500 order, a EUR 2 minimum can weigh more in percentage terms than the markup itself.
In depth in the guide: The most expensive hidden cost: FX conversion at your broker
Every exchange rate on this page is a static reference rate compiled on 2026-08-01, not a live quote.