ECB reference rates are mid-market snapshots — a high-street FX quote usually costs you more both ways.
Reference rates ignore the bid/ask spread, fees, and weekend gaps that retail FX products embed. Use them for estimates; lock a real quote for transfers.
The gap is not always large. On a major pair in size, a competitive provider can quote within a few basis points of mid-market — while a 'zero commission' bureau at the airport can be 10% away with no fee at all. The spread, not the fee line, is where the cost hides.
Estimate with the rule, then check it against the calculator that models it properly.
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