You can cut the cost of exchanging currency to a few dollars by doing three things: checking every quote against the mid-market rate, refusing the markup banks hide inside the exchange rate, and matching the provider to the size of your transfer. The cheapest provider for a $1,000 transfer is not the cheapest for $25,000. The tables use the current mid-market reference; Wise may use an account-holder API estimate, while other providers use stored published fee and markup models rather than live quotes. The reference can move, but the comparison logic does not.
- The markup is the hidden cost. The fees you can see are small. The exchange-rate markup hidden in the rate is where the money goes.
- Banks are the expensive default: about 3% in the rate plus a ~$35 wire. A specialist costs roughly 90% less on the same transfer.
- Match the product to the size and job. Revolut can rank well for small weekday exchanges; Interactive Brokers can show a low commission estimate when a larger conversion supports investing, trading or hedging in the account.
- Weekends can change the math. Revolut's out-of-market-hours pricing varies by country and plan, so the table excludes it and recommends waiting until the next weekday when possible.
Where the money actually goes
Every currency exchange costs you some mix of three things:
- A fixed fee, a flat amount per transfer. Wise charges about $0.61.
- A percentage fee that scales with the size. Wise adds about 0.41% on popular routes like US dollars to euros.
- An exchange-rate markup, a worse rate than the real one. Some providers, Revolut among them, build a small spread into the rate even when they charge no visible fee.
The benchmark underneath it all is the mid-market rate. Right now $1 buys 0.863185 euros at that rate. Stack the charges on top and you get the all-in cost, the single number this site ranks every provider by.
On a $1,000 transfer, Wise charges about $3.44 all-in, near 0.34%. A bank that charges no visible percentage but marks up the rate by 3% keeps roughly $30 in the rate alone on that same $1,000, and adds a ~$35 wire on top. The hidden markup is where most of the money goes.
Why banks are the expensive default
Most people exchange money through their bank out of habit, and that habit is costly. A typical bank adds 2.5–4% inside the exchange rate plus a $25–45 outgoing wire fee. On this site's modelled typical bank (3% in the rate plus a $35 wire), a $25,000 transfer costs around 3.14%, or roughly $783.95.
The tell is that the bank never quotes you a percentage. You see a rate and a fee, not a cost, so the 3% disappears into a number that looks official. Cutting from about 3% to about 0.4% is roughly a 90% reduction on the same transfer, more than any other choice you make.
The same transfer at two sizes
The cheapest provider changes as the amount grows. Here is the same transfer at two sizes, calculated from current inputs (we keep a dedicated USD→EUR page updated with the current figures).
$1,000: Revolut's cheap weekday rate
Inside its monthly limit of roughly $1,450, Revolut Standard converts close to the mid-market rate on a weekday. Its only cost is a small built-in spread: 0.10% all-in, about $1.00 on this transfer. Wise charges its percentage from the first dollar, about $3.44 here.
Interactive Brokers shows up in this table too, but its USD 2 equivalent minimum works against it at this size: $2.00 on $1,000 is 0.20%, cheaper than Wise yet still above Revolut's spread.
$25,000: Interactive Brokers can take over for investment-linked exchanges
Scale changes everything, and it changes in Interactive Brokers' favour. It charges a commission of 0.20 basis points (0.002%) with a USD 2 equivalent minimum, so at $25,000 the all-in cost is about 0.01%. The bigger the transfer, the closer its effective cost falls to zero.
On a weekday, Interactive Brokers tops this table. Revolut's unlimited Metal plan is next at 0.10%, but that's a $13.99-a-month product, not a cheap option for a one-off. Wise runs about $72.84, and Revolut Standard about $142.61 once the 0.5% kicks in past its limit.
The waterfall makes the bank's case in one picture: a thin gold slice of visible fee and a thick red block of rate markup. On $25,000 that red block is roughly $750 of hidden cost, the reason "no fee" from a bank is never the same as cheap.
At this size, Interactive Brokers should be the first extra price check when the conversion will fund an investment, trade or currency hedge inside the brokerage. A dedicated transfer service remains more direct for paying somebody else. See the full breakdown on the Interactive Brokers provider page.
The savings in context
Across the displayed estimates, choosing Interactive Brokers over MoneyGram leaves an extra €811.63 (3.91%) in the recipient's account.
Same 25,000 USD and the same market rate before fees. Provider availability, how you pay and the final price can change the result.
On $25,000, the gap between the best route and a typical bank is hundreds of dollars, and most of it never appears as a fee because it's hidden in the rate. That is the whole argument for bothering to compare.
Is a paid plan ever worth it
A simple rule for picking
Sending small amounts on weekdays, under Revolut's limit? Use Revolut Standard. Its cost is just the small built-in spread (0.10% at $1,000), the lowest we track at that size.
Sending a few thousand, likely to go over the limit, or transferring on a weekend? Use Wise. Its ~0.41% is flat, has no monthly limit, and carries no weekend surcharge.
Converting $10,000 or more for an investment, trade or hedge inside IBKR? Check Interactive Brokers first. Its USD 2 equivalent minimum can produce the lowest commission estimate, but the final traded price and any withdrawal cost remain outside the model.
Just sending money once and don't want to overthink it? Run your exact amount through the comparison tool, then choose the highest-ranked provider that supports the payment you need. An IBKR row applies to an exchange connected to investing or trading in the brokerage, not an ordinary payment to somebody else. For a deeper one-on-one, our Wise vs Revolut guide tests every Revolut plan head to head.
Frequently asked questions
What is the mid-market rate, and why does it matter?
It's the rate banks trade at with each other, the one a currency converter shows. A provider that gives you the mid-market rate plus a small fee is cheap; one that gives you a worse rate is charging a hidden markup, even if it advertises "zero fees."
Why are banks so expensive for currency exchange?
Banks add 2.5–4% inside the exchange rate plus a $25–45 wire fee, because most customers never compare. On a $25,000 transfer that works out to roughly $785 on our modelled typical bank. A specialist charges a fraction of a percent, which is why the gap is usually around 90%.
Does Revolut charge a fee on weekends?
It may. Revolut's out-of-market-hours pricing depends on your country and plan. These tables intentionally exclude weekend adjustments, so check the in-app quote or wait until the next weekday before exchanging. Wise remains available in the comparison on weekends.
Sources: Wise pricing (opens in a new tab), Interactive Brokers commissions (opens in a new tab), IBUK and IBLLC Client Agreement (opens in a new tab), Interactive Brokers third-party withdrawals (opens in a new tab), Revolut exchange fees (opens in a new tab). Accessed 22 August 2026.