A currency converter shows the worth of one currency amount when it’s converted to a foreign currency. Currency conversions calculations can be made based on the foreign exchange (FOREX) market which is always open. Over 3 trillion dollars are traded over the FOREX everyday.
A currency converter is useful when visiting foreign countries and you need to determine the price of a product based in your own currency. The visitor can then determine if they’re getting a good deal based on how much he’ll have to pay laid out in his home currency.
Every major airport has a currency converter that has exchange rates. These booths can also exchange money but they charge quite a hefty fee so this isn’t the recommended way to convert currency. It’s better to find a bank and convert your currency there, although if you’re on the go an airport currency converter is very convenient.
There are some internet sites that can also convert currency. Their fees aren’t quite as good as banks but there may be added convenience to converting currency online. You can easily setup an account, convert your currency, then load it into your online account.
All you need to convert currencies online is to pick the currencies you want to convert, check the exchange rate, then select your desired amount of money to convert. You can usually pay with a credit card or a checking account debit. You can then determine your method for receiving the currency, either through direct deposit, wire transfer, or cash.
Online currency converters usually have minimum and maximum for amounts they’re willing to convert. If you need large sums of money converted you should go to a bank to avoid excessive fees.