FAQ About the Best Euro to Dollar Exchange Rate

• Is a high or low exchange rate better?

  If you have euros and want US dollars in exchange, then the higher the exchange rate (or as close to the mid-market exchange rate) the better. You want one euro to be worth as many US dollars as possible.

• What is a strong exchange rate?

  The highest EUR rate recorded against the US dollar in the past 10 years was at 1 EUR = 1.39303 USD. If the current market rate can reach this level, then this would be a relatively strong exchange rate. The lowest recorded rate in that time period is 1 EUR = 1.03905 USD.

• What is the normal exchange rate?

  The normal exchange rate is the mid-market exchange rate, also known as the interbank exchange rate. This is the standard rate at which major international banks trade currencies with each other.

  As a retail customer who wants to do foreign currency exchange, it is very rare to be offered the mid-market exchange rate by a bank. Banks charge rates that are poorer, which is why Monito recommends using an international money transfer service.

• Is it cheaper to get US dollars in the US or in Europe?

  The experts at Monito recommend travellers purchase euros with Wise, which applies the same market rate regardless of if you are in the United States or in Europe.

  Foreign exchange services, banks, and credit unions markup their rates without a transparent schedule. You will lose money if you present your euros to either a US bank or to a European one. The best way to ensure you get the best deal for your exchange is to check the mid-market exchange rate, which is the one you see on Google or XE.com.

  Then, use Monito's search engine to compare money transfer services that have the strongest rate and the lowest fees.