Banks and other institutions charge consumers a fee for currency conversions. Their fee is built into the exchange rate which is why your real rate will be different from these market rates shown above. Consumers can typically expect to pay between 2 and 4% when exchanging currency in small amounts "over the counter". You'll likely get the best rate from your bank or a foreign exchange company. Converting larger amounts will generally yield better rates though discounts are not generally available for exchanged amounts below $10,000.

Most of currency exchange takes place between international banks. There is no central exchange like those used to trade equities. The largest three foreign exchange trading centers are in New York, Tokyo and London, of which London is the largest. Other large trading centers are located in Hong Kong, Singapore, Paris, Frankfurt and elsewhere. Since these major centers are located around the world, the FOREX market can operate 24 hours a day during the week.