Currency converter: How we calculate
How we calculate
The ECB publishes euro reference rates on working days. Cross-rate = target quote / source quote. With your own rate, amount is multiplied by the entered quote: 1 source unit = that many target units. Swapping uses its reciprocal. Reference rates are not transaction prices.
Worked example
Assume for this example that 1 EUR = 1.10 USD. Then 100 EUR = 110 USD and the reciprocal is 1 / 1.10 ≈ 0.9091 EUR per USD. This is not a current market quote; bank spreads and fees are excluded.