A converter includes a converter bridge (101) adapted to transfer electrical energy between the AC terminal (102) and the DC terminal (103) of the converter. The converter also includes electrical paths bypassing the converter bridge for conducting overvoltage transients occurring in the AC terminal around the converter bridge to the DC terminal. Each electrical path includes a unidirectionally conductive semiconductor component (104a, 104b, 104c), such as a diode, and a voltage-limiting component (105) for which the ratio of voltage change to current change is small when the voltage of the voltage-limiting component is greater than a predetermined threshold voltage. Because of the overvoltage protection thus achieved, AC chokes can be omitted from the AC terminal or at least they can be designed smaller, reducing the load-dependent voltage drop of the DC terminal.