What You Need to Know About Currency Calculators

May 7th 2016

                     

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If you are planning a trip abroad, you will want to know how much your travel money is worth in foreign currency. Knowing the exact value of your currency can help you negotiate the best deal and avoid being exploited at local exchange kiosks. The easiest way to find up-to-date and accurate foreign exchange rates is to use a currency calculator. Here, you can learn more about some of the most popular online currency calculators and how they work.

How to Use an Online Calculator

The first step should be to determine either how much money you want to have in foreign currency or the amount of local currency you wish to exchange. For example, imagine that you need €1000 for your trip to Paris. You would enter this figure into the first box of the currency calculator. You would set the second currency to US dollars. At the current exchange rate, you will discover that you need $1,354 USD in order to receive €1000.

Alternatively, you may want to calculate how much your local US dollars are worth in a foreign currency. If you were planning a trip to Japan, you might have $500 USD for the trip. For the first part of the equation, you would set $500 as the value of the US dollar amount. In the second box, you would select Japanese yen. You would then find out that your $500 USD are worth 51,131 Japanese yen.

If you only want to determine what the current exchange rate is, then set the first figure to 1. This will allow you to see how much one unit of your local currency is worth in the foreign currency.

The Best Free Online Calculators

XE

One of the most popular free currency calculators is XE, which provides exchange rates for all major currencies. On the home page, you can select a specific amount to convert into a foreign currency. XE has a number of other additional currency tools, including historical currency rates and a travel expenses calculator. You can set up currency email updates so that you can track how the currency is moving. This helps you choose the best possible time to convert your currency.

XE provides a mobile currency app that enables you to check currency movements on a smartphone. If you want to exchange currency immediately, XE offers cheap money transfers. You can request to be provided with a free online quote. Alternatively, you can enter your preferred rate and have multiple currency exchanges for your business.

OANDA

OANDA is a FOREX trading platform that also provides a free currency calculator. One of the standout features of this currency converter is its simple and easy-to-use interface. OANDA divides the currency calculator into “currency I have”and “currency I want,” which makes it easier to understand which box you should use to calculate the currency conversion. Below the currency calculation is an overview of the currency pairs. This includes a chart that shows the recent historical prices for that currency pair along with the bid and ask rates. You can set the historical chart for 30 days, 60 days or 90 days.

OANDA offers mobile currency tools that allow you to check currency rates on your smartphone. The OANDA mobile currency tools allow you to check up to 190 different currencies. You can add a percentage to the currency rate that you are quoted so that you will have a better idea of what a bank will actually charge you for a currency exchange.

X-Rates

X-Rates is a free currency calculator that is relatively easy to use, although the layout of the website is not as user-friendly or attractive as some of the other free currency calculators. Other tools available on X-Rates include a rates table, monthly averages and a historic lookup tool.

Currency calculators allow you to immediately know how much your local currency is worth in a foreign currency. Whether you are transferring funds internationally, sending money overseas or planning a trip abroad, currency calculators are a very useful tool to have at your disposal.

REFERENCES


www.x-rates.com/calculator/
http://www.oanda.com/currency/converter/
http://www.xe.com/

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