Visa exchange rates: what are they and how can you benefit from them when paying from France?

If you have a Visa card from a French bank, your foreign payments and withdrawals are processed using either the Visa exchange rate or the interbank rate. However, that doesn’t mean you automatically benefit from these rates — extra fees often apply.

So, what’s the difference between the Visa rate and the interbank rate? And how can you avoid unnecessary fees when paying abroad from France? Let’s take a closer look.

To save on exchange costs, you could use an online platform like Wise, which applies the mid-market rate (also known as the interbank exchange rate) and transparent, low fees.

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Understanding the market exchange rate

What is the "interbank exchange rate"?

The interbank exchange rate, also called the mid-market rate, reflects the true market value of currencies — the price banks pay when they buy and sell currencies on the global market.

It’s essentially the midpoint between the buy and sell rates of major banks and is the fairest benchmark for currency conversion.

What is interchange?

“Interchange” (or interchange fee) refers to the commission that the merchant’s bank pays to the customer’s bank when a card payment is made.

For example, when you buy something in a shop and pay by Visa card, your bank first sends the money to the shop’s bank. The shop’s bank then pays your bank a small interchange fee to cover costs such as transaction processing, fraud protection, and deferred debit options. This fee helps balance operational costs between banks.

What is the Visa exchange rate?

The Visa exchange rate is set by the Visa payment network and is used to convert one currency into another. It often differs from the interbank (mid-market) rate.

Visa typically converts currencies immediately, but sometimes it performs a two-step process — first converting your purchase currency into a primary currency, then converting that into the currency of your card.

Keep in mind that Visa uses the rate effective on the day the transaction is processed, not necessarily the day of purchase. As a result, there can be small variations in the final amount.¹

Visa’s exchange rate calculator

Visa provides an online exchange rate calculator so you can check conversion rates and estimate how much your transaction will cost.
Simply enter the transaction details — amount, date, currencies, and your bank’s overseas fee — to see the total amount that will be charged to your card.

When is the Visa exchange rate used?

Most banks that issue Visa cards use this rate as the basis for conversions. However, many also add their own commissions on top of it, which they might not always disclose clearly.

If your bank refers to a “preferential rate” or “bank rate,” it likely means the Visa rate has been marked up.

Are there extra fees when using your Visa abroad?

When you use a Visa card outside the Eurozone, you might face both exchange rate differences and additional charges, such as:

• Fixed transaction fees: applied to each withdrawal or payment.
• Variable commissions: a percentage of the transaction amount.
• ATM usage fees: local banks may charge for withdrawals at their machines.
• Dynamic currency conversion surcharges: if you choose to be billed in euros instead of the local currency, the rate will almost always be worse. Always opt to pay in the local currency.

Which cards should you prefer for spending abroad?

Do banks always use the Visa rate?

Some French banks use the Visa exchange rate, others don’t. Even when they do, many add extra fees. Some banks reduce visible fees but make up for it by marking up the rate itself.

Either way, you’ll often end up paying more than if you used a provider that applies the mid-market rate with no hidden commissions.

Better alternatives for international payments

If you want to avoid hidden bank fees, consider using a provider like Wise, which always uses the mid-market rate — the same rate you’ll find on currency markets.

With a Wise multi-currency account, you can hold 40+ different currencies and convert them instantly at the mid-market exchange rate, without hidden markups.

How to get your Wise card?

To order a Wise card, open an account online and submit your ID and proof of address for verification.
Once verified, your card will be sent to you. Activate it through your Wise account to retrieve your PIN and start using it.

Why choose Wise?

Wise offers several benefits compared to most French banks:

• Hold 40+ currencies in one account.
• Pay like a local with the currency you hold in your account.
• Benefit from conversions at the mid-market exchange rate with small, transparent fees starting from 0.47% for popular currencies.

How does the Wise multi-currency card work?

The Wise card operates across both Visa and Mastercard networks. Simply top it up before use.

You can pay abroad like you would with any debit card. If you already hold the transaction currency, there are no fees. If a conversion is needed, a small exchange fee applies. Withdrawals are free up to €200 per month (two withdrawals), after which a 1.75% + €0.50 fee applies.

What are Wise’s withdrawal and payment fees?

Wise applies a simple, transparent fee structure for foreign payments:

• 2 free ATM withdrawals per month (up to €200).
• 1.75% + €0.50 per withdrawal beyond that limit.
• No fees when paying in currencies you already hold.
• Conversion fees starting from 0.47%.

Can I use my Wise card once I’m back in France?

Yes. You can continue using your Wise card back in France for payments in euros without any extra charges.

It also comes with an IBAN, so you can receive transfers as easily as with a French bank account.

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This article is a translation of the original article published in French and was translated within 365 days of publication. While the content has been translated for accessibility, the data and sources referenced have not been updated since the original publication date.