Currency Conversion Calculator | Currency Converter – Forbes Advisor
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Our currency conversion calculator converts over 200 currencies and rates are updated every five minutes. Among the currencies available, our calculator converts Mexican pesos, Indian rupees, Russian rubles, Jamaican dollars and Ghanaian cedi. It also calculates the conversion value of various cryptocurrencies, such as Bitcoin and Dogecoin.
Simply enter the amount, your starting currency and your ending currency to get an estimate based on current rates.
Warning: Our currency calculator uses the Open Exchange API to collect current exchange rates. We pull new rates every 5 minutes to make sure the conversion you see is accurate and up-to-date. However, the rate you see here may not be the same rate a bank or other financial institution offers you.
How does a currency conversion calculator work?
Our currency conversion calculator uses the current exchange rate to determine the value of your money in a different currency. Since this value can fluctuate due to various economic conditions, it is important to know the current exchange rate before converting your money.
Keep in mind that the conversion provided here does not take into account any fees charged by the institution performing the exchange, be it a bank, digital app, or travel kiosk.
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How does currency exchange work?
At a bureau de change, you can convert your money into money that you can use in another country or region.
Bureaux de change are businesses that deal in various currencies. But this service is rarely free. Exchange companies make money by charging a fee for the convenience of converting your money. Additionally, the value of your currency on the forex market can influence the value of your money once it is converted to a new currency.
It’s not as simple as exchanging a US dollar for its equivalent in Mexican pesos – the current value of each form of currency in the fluctuating foreign exchange market must also be taken into account.
How to convert currency
If you plan to exchange money for personal use, expert travelers will tell you to avoid the currency exchange kiosk at the airport – they charge some of the highest fees and often have the worst exchange rates.
Instead, use a debit or credit card with no foreign transaction fees and select the local currency at the register (if available).
If you must use cash, make an international ATM withdrawal.
If you have a bank account in another country, you can also use an app like Wise to transfer money to you for a few dollars per transaction. Once your transfer is complete, you can withdraw local currency at an ATM.
Read more: 6 Tips for Trading Forex Without Paying Huge Fees
When is the best time to exchange money?
Many factors can impact the value of the currency you plan to send or exchange, from economic events to the time of day.
If you are not in a rush to exchange your currency, check the conversion value several times before completing the transaction. You may be able to grow your dollar (in any currency).
It can also be useful to check currency values during popular currency trading periods. Currency exchanges in the United States and London overlap between 8 a.m. and 12 p.m., for example, and currency values can fluctuate a lot during this window. If you plan to convert US Dollars to Euros, you may want to check the values during this overlap period.
How to send money online
It’s easier than ever to send money to friends and family abroad with online tools.
Apps like WorldRemit and Xoom allow you to send money to people internationally, as does PayPal. But keep in mind that this ease can come at a price. PayPal charges 4% to convert payments in addition to the exchange rate. Xoom (owned by PayPal) charges $5 per transaction and transactions through WorldRemit start at $2.99.
Since the average transaction cost for international transfers is around 7%, these options may be cheaper. Just make sure you fully understand the conversion rates and fees before finalizing the transaction.
Read more: Foreign transaction fees vs. Currency conversion fees: what’s the difference?
Frequently Asked Questions (FAQ)
How to calculate the exchange rate?
One way is to use a currency conversion calculator. Our currency conversion calculator uses the current exchange rate to determine the value of your money in a different currency.
To calculate this by hand, you can divide the starting amount of your home currency by the current exchange rate to convert it to the currency of your choice. The result will be the value of your money in the new currency.
Here is an example :
You want to convert your US dollars into Mexican pesos. Suppose you learn that the exchange rate that day is 0.0495.
Suppose you want to exchange 20 USD for Mexican pesos. Divide 20 by the exchange rate of 0.0495 and you will get 404.04 MXN.
If you’ve already converted your money and want to know the exchange rate afterwards, find the exchange rate by dividing the starting amount for your original currency by your ending amount for the new currency.
Let’s use the same USD-MXN example here. You exchange your 20 USD and receive 404.04 MXN. Divide $20 by $404.04 and you’ll get an exchange rate of 0.0495.
What currencies can I convert with the currency converter?
Our currency conversion calculator supports over 150 currencies from around the world. Here are some of the most popular conversions supported by our calculator:
- US Dollar to Indian Rupee
- US Dollar to Philippine Peso
- US Dollar to Mexican Peso
- US Dollar to Colombian Peso
- US Dollar to Pakistani Rupee
- US Dollar to Chinese Yuan Renminbi
- US Dollar to Brazilian Real
- US Dollar to Russian Ruble
- US Dollar to Jamaican Dollar
- US Dollar to Dominican Peso
- US Dollar to Indonesian Rupiah
- US Dollar to Ghanaian Cedi
- US Dollar to Peruvian Nuevo Sol
- US Dollar to Argentine Peso
- US Dollar to Honduran Lempira
- US Dollar to Haitian Gourde
Where can I exchange old foreign currency?
Call your local bank or currency exchange for more information on exchanging old or obsolete currencies. They may be able to convert your old foreign currency. Online companies also exist to help exchange old foreign currency, but check the applicable fees before committing to such a service.
Which banks exchange foreign currencies for US dollars?
Most major banks offer foreign exchange services to customers with checking or savings accounts. Call your local branch to find out more about currency exchange and the time it may take for your branch to get the currency you want to receive.