Funding available to support conservation must be invested effectively given declines in biodiversity and ecosystem services. Unfortunately, conservation dollars often come with 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 allow greater flexibility over conservation funding. Specifically, we calculate conservation exchange rates that summarize gains in conservation outcomes available if funding originating in one location can be invested elsewhere. We illustrate our approach by considering NGO funding and major federal programs within the United States 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 restrictions on conservation funding can be loosened. We demonstrate how conservation exchange rates can be used to spotlight promising opportunities for relaxing geographic funding restrictions.