A magnetoelectric converting element includes a substrate, a magnetosensitive layer, a first insulating layer, an underlying conductive layer, a second insulating layer, and a terminal conductor. The magnetosensitive layer is formed on the substrate. The first insulating layer is formed with first opening for exposing a part of the magnetosensitive layer. The underlying conductive layer is formed on the exposed part of the magnetosensitive layer. The second insulating layer is formed with a second opening for exposing a part of the underlying conductive layer. The terminal conductor is formed on the exposed part of the underlying conductive layer. The second opening is arranged to be located inside the first opening in plan view.