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Given declines in biodiversity and ecosystem services, funding to support conservation must be invested effectively. However, funds for conservation often come with geographic restrictions on where they can be spent. We introduce a method to demonstrate to supporters of conservation how much more could be achieved if they were to allow greater flexibility over conservation funding. Specifically, we calculated conservation exchange rates that summarized gains in conservation outcomes available if funding originating in one location could be invested elsewhere. We illustrate our approach by considering nongovernmental organization funding and major federal programs within the US and a range of conservation objectives focused on biodiversity and ecosystem services. We show that large improvements in biodiversity and ecosystem service provision are available if geographic constraints on conservation funding were loosened. Finally, we demonstrate how conservation exchange rates can be used to spotlight promising opportunities for relaxing geographic funding restrictions.