A "commission-free" currency exchange does not charge any fixed fee on your transaction: its earnings are already included in the displayed rate. We explain how to read this rate and how to spot the real hidden fees before exchanging your currency.
What does "commission-free" really mean?
When you exchange euros for foreign currency (or vice versa), an establishment can earn money in two ways: by adding a commission (a fixed fee or a percentage charged on top), or simply through the gap between its buy rate and its sell rate. A commission-free currency exchange chooses the second option: it does not add any separate fee. The price you see is the price you pay.
This is an essential point, because some establishments display a seemingly attractive rate, then apply a commission of several euros, or even a percentage, at the time of payment. The amount actually received is then well below what the rate had suggested. At Paris Change, a currency exchange approved by the ACPR (Banque de France) and located at 4 Boulevard Saint-Michel, 75005 Paris, the principle is clear: no commission is added to the transaction.
How is the counter rate set?
The "counter rate" is the rate applied in the shop for cash. It is based on the foreign exchange market rate (the interbank rate seen in the media), but it is never exactly identical. Why? Because a currency exchange has to cover real costs: sourcing and secure transport of banknotes, holding stock in more than 53 currencies, insurance, staff, and the risk linked to daily market fluctuations.
To do this, the establishment sets two rates for each currency:
- The buy rate: the price at which the exchange buys your currency from you (for example, when you come back from a trip with foreign banknotes).
- The sell rate: the price at which the exchange sells you currency (for example, before a trip abroad).
The difference between these two values is called the buy/sell gap (or "spread"). It is within this gap that the margin of a commission-free currency exchange lies. The tighter the gap, the more advantageous the transaction is for the customer. This is, in fact, the only true criterion to compare between two honest establishments. Note: counter rates are indicative and vary every day, depending on the markets.
Why "commission-free" is advantageous for you
The absence of a commission offers three concrete benefits. First, transparency: the displayed rate is the rate applied, with no nasty surprise at the till. Second, simplicity of calculation: you just multiply your amount by the rate to know the sum received, without having to deduct an additional fee. Finally, the advantage on small amounts: a fixed commission weighs heavily when you exchange little. With no commission, exchanging €50 or €500 follows the same rate logic.
This does not mean that an exchange is "free": the margin exists, but it is readable in the buy/sell gap rather than hidden. You can check our commission-free rates of the day to compare with complete clarity before coming in.
Demystifying hidden fees
Hidden fees often lurk where you least expect them. Here are the most common traps:
- The misleading "0% commission" claim paired with a very unfavorable rate: the buy/sell gap then largely makes up for the absence of a commission.
- ATM fees abroad and the "dynamic currency conversion" (DCC) offered by payment terminals, which apply a disadvantageous rate.
- Airport or train station rates, often inflated due to a captive location.
The good practice is to plan ahead: prepare your exchange before departure, from Paris, rather than in a rush once you arrive. Whether you are preparing a trip to London, Morocco or elsewhere, the transaction is done in advance, in the shop or by booking online with in-store pickup.
Booking online and collecting in store
Paris Change lets you book your currency online and come collect it at the counter. This is handy for large amounts or less common currencies: you secure your request and reduce waiting time. Our single shop is located at 4 Boulevard Saint-Michel, in the heart of the Latin Quarter, accessible via the Saint-Michel metro (line 4) as well as the RER B and C (Saint-Michel–Notre-Dame). It is open 7 days a week: Monday to Saturday from 9:00 a.m. to 8:00 p.m. and Sunday from 10:00 a.m. to 7:30 p.m. — a rare availability for a Parisian currency exchange.
Frequently asked questions
Does "commission-free" mean the exchange is free?
No. The exchange's earnings are included in the gap between the buy rate and the sell rate. But no fee is added on top of the displayed rate: what you see is what you pay.
How do you compare two honest currency exchanges?
Compare the buy/sell gap for the same currency on the same day. The tighter the gap, the more advantageous the transaction. Since the rates are indicative counter rates, they vary every day.
Do I have to book in advance?
It is not mandatory, but it is recommended for less common currencies or larger amounts, in order to ensure the banknotes are available on the day of your pickup.
Ready to exchange your currency with complete transparency? Check our rates of the day, book online, then come collect your currency at 4 Boulevard Saint-Michel, open 7 days a week, commission-free.
