A thermal‐voltage converter for high‐frequency (HF‐TVC) AC–DC transfer standard has been developed. The HF‐TVC was designed such that the frequency characteristic is calculable from the shape and dimension of the input circuit. A new multi‐junction thermal converter element (JSTC04) has been developed, which has a simple and straight heater configuration to minimize the parasitic impedances in the input circuit. The AC–DC difference of the HF‐TVC was evaluated by two independent methods, with agreement better than 7 µV/V up to 1 MHz. © 2011 Institute of Electrical Engineers of Japan. Published by John Wiley & Sons, Inc.