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Today’s live exchange rates

Latest exchange rates compared with the US Dollar

Refreshing in: 60s | Tue, 12 Dec 12:42am GMT
USD AUD CAD EUR CNY GBP INR MXN PHP
1 USD = 1.0000 1.3297 Inverse: 0.7520 1.2858 Inverse: 0.7777 0.849437 Inverse: 1.1773 6.6201 Inverse: 0.1511 0.749506 Inverse: 1.3342 64.3556 Inverse: 0.0155 19.0583 Inverse: 0.0525 50.314469 Inverse: 0.0199
1 AUD = 0.7520 Inverse: 1.3297 1.0000 0.9670 Inverse: 1.0342 0.6388 Inverse: 1.5654 4.9785 Inverse: 0.2009 0.5636 Inverse: 1.7742 48.3968 Inverse: 0.0207 14.3323 Inverse: 0.0698 37.8376 Inverse: 0.0264
1 EUR = 1.1773 Inverse: 0.8494 1.5654 Inverse: 0.6388 1.5137 Inverse: 0.6606 1.0000 7.7935 Inverse: 0.1283 0.882356 Inverse: 1.1333 75.762629 Inverse: 0.0132 22.4364 Inverse: 0.0446 59.2327 Inverse: 0.0169
1 GBP = 1.3342 Inverse: 0.7495 1.7742 Inverse: 0.5636 1.7155 Inverse: 0.5829 1.1333 Inverse: 0.8824 8.8326 Inverse: 0.1132 1.0000 85.864003 Inverse: 0.0116 25.4278 Inverse: 0.0393 67.1302 Inverse: 0.0149

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting
Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 18.992 Online, Phone, Bank Account to Bank Account MXN 94,958 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for 100+ currencies.
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USD 1 3 - 5 days USD 75.00 19.058 Online MXN
93,862
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
1 day - - Online, Phone, Bank Account to Bank Account Exclusive exchange rate discounts
No-maximum limit transfers with competitive exchange rates for 100+ currencies.
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USD 100 3 - 5 days USD 5.00 18.973 Online, Phone MXN 94,768 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details
USD 1 Within an hour - - Online, Bank Account to Bank Account, Cash Transfer Use promo code FREE to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details

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About foreign exchange

Foreign exchange refers to the act of converting the currency of one country to the currency of another. Today, foreign exchange — also called forex or FX — generally refers to dealing with international currencies. It can refer to trading currencies, where investors buy and sell different currencies to make a profit, like a stock trader does with stocks, or applying simple exchanges of currencies for personal or business use. Forex can be particularly important if you live or have family overseas, invest in a foreign country or pay clients or suppliers worldwide.

How does the foreign exchange market work?

Currencies are traded regularly through electronic communications networks (ECNs) and by phone worldwide — to the tune of $1.5 trillion daily. The forex market is the largest financial market in the world, encompassing companies investing in foreign companies or services, tourists exchanging their home currency for trips around the world and experts looking to leverage rates to turn a profit.

Factors that affect how a country’s currency trades against another are the sociopolitical atmosphere, prices and inflation rates, foreign trade and monetary policy and export-to-import price ratios. Less-aggressive factors are consumer confidence about the economy and economic growth, the strength of other currencies, investor speculation and day-to-day news about natural disasters, elections and new government policies.

Converting currency

You have many options when it comes to convert currencies, each appeal to a specific situation.

  • Banks. Nearly all banks offer a selection of currencies that allow you to convert funds. But more exotic currencies may not be available on short notice. Banks typically charge high conversion fees and offer weak exchange rates.
  • International money transfer specialists. More companies are popping up in the US to offer a full range of forex services with larger varieties of available currencies. These companies typically offer transfer services that allow you can send your money worldwide with competitive exchange rates and low fees, sometimes through peer-to-peer trading.
  • Foreign exchange kiosks and post offices. Usually found within airports, kiosks run by such companies as Travelex or banks offer foreign exchange services. Your post office may also convert funds to other currencies. Compare the rates and fees you’ll be charged before converting with these services.
  • Credit and debit cards. Many credit and debit cards automatically convert US dollars into foreign currencies when you’re overseas. You’ll typically pay foreign transaction and ATM withdrawal fees, whereas cards designed for international travel may allow you to lock in currencies at specific rates and waive foreign transaction fees.
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“Hedge” your options to save on currency exchange

Many foreign exchange providers offer flexible tools that can insulate you against rapidly fluctuating market exchange rates — and help you better protect when it’s best to complete your exchange. These hedging and planning tools include:

  • Forward contracts. If the current exchange rate is in your favor, a forward contract could allow you to lock it in for future transaction, sometimes as far as two years into the future.
  • Limit orders. Specify your ideal exchange rate with a limit order, and when the market reaches that rate, it’s locked in for you to complete your transaction.
  • Stop-loss orders. A stop-loss order is nearly the opposite of a limit order: Instead of specifying an ideal rate, you indicate a rate you want to avoid dropping below. If the market falls to that rate, your currency is purchased automatically, giving you the potential to profit when the market rises again.
  • Recurring exchanges. If you need to send regular cross-border transfers — weekly, monthly or quarterly payments to the same recipient — many services will allow you to lock in more favorable exchange rates with lower fees.

How can I hedge with an online forex broker?

To begin hedging your forex trades, you’ll need to:

1. Determine your options. Learn whether your broker offers forward contracts, limit orders, stop-loss orders and hedging tools or find one that does.
2. Assess your risk tolerance. No trade carries zero risk, so you’ll need to determine how much risk you’re willing to take.
3. Choose two currencies to trade. Consider pairing the “majors” — for example, dollars and pounds — against the euro.
4. Contact a forex broker. If you’re a new client or will make ongoing exchanges, ask if you’re eligible for any bonuses or perks.

Speak to a forex broker that can help you buy or sell currency

Enter your details to speak to a foreign exchange expert

By submitting this form, you agree to finder.com privacy policy
Ofx Logo

Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting

How do I compare foreign exchange services?

  • Conversion fees. Most banks and exchange companies will charge a fee for converting currencies. Because these fees can vary wildly, find out whether the provider charges a percentage of the total sale amount when buying or a flat fee, which can be as much as $10 or more.
  • Exchange rates. Nearly all providers skew exchange rates for a profit. Some add a large margin to the mid-market rate, while more competitive providers will minimize this margin. Exercise your due diligence before going with one provider and you’ll be sure to get more value out of your exchange. Look for the smallest margin between the mid-market rate and the rate you’re offered.
  • Processing times. Depending on why you’re converting money and how much, how long it takes for your transaction to complete matters. Many companies provide priority services for an extra fee, so be sure to factor this fee into your comparison.
  • Processing options. You might need to conduct regular transactions if you’re making overseas mortgage payments. If so, add the availability of recurring exchanges to your comparison of providers.
  • Extras. A providers may offer one-on-one services to business clients along with the ability to negotiate the rate. You might also be able to take advantage of forex market analysis with your foreign exchange provider.

While some providers offer competitive rates but higher fees, others could offer lower fees but weaker rates. Weigh rates and fees against convenience and compare at least three providers — banks and online specialists — before deciding on a service.

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What are the pros and cons of foreign exchange?

Pros

  • It’s a convenient way to exchange one currency for another.
  • Some companies can organize regular money transfers to pay overseas bills or mortgages easily.
  • Competitive rates and fees are available through specialized money transfer companies.
  • You can trade currencies to turn a profit.

Cons

  • Currencies fluctuate daily, which means trading currencies can be risky.
  • Exchanging currencies can be expensive, depending on the provider.
  • The market can be complicated and difficult to fully understand.

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