Our currency conversion calculator converts more than 200 currencies, and the 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 (USD to BTC) and Dogecoin (USD to DOGE).
All you have to do is input the amount, your starting currency and your ending currency to get an estimate based on current rates.
Disclaimer: Our currency calculator uses Open Exchange API to gather current exchange rates. We pull new rates every 5 minutes to ensure that the conversion you see is accurate and up to date. However, the rate you see here may not be the same rate that a bank or other financial institution offers you.
Related: International Money Transfer: 5 Best Ways To Send Money
How Does a Currency Conversion Calculator Work?
Our currency conversion calculator uses the current exchange rate to determine how much your money is worth in a different currency. Since this value can fluctuate due to various economic conditions, it’s important to know the current exchange rate before converting your money.
Keep in mind that the conversion provided here doesn’t consider any fees charged by the institution completing the exchange, whether it’s a bank, digital app or travel kiosk.
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How Does Currency Exchange Work?
At a currency exchange, you can convert your cash into money you can use in a different country or region.
Currency exchanges are businesses that trade various currencies. But this service is rarely free. Currency exchange companies make money by charging fees for the convenience of converting your cash. In addition, the value of your currency on the foreign exchange market can influence the value of your money once it’s converted to a new currency.
It’s not as simple as trading one American dollar for its equivalent in Mexican pesos—the current value of each form of currency on the fluctuating foreign exchange market must also be considered.
How to Convert Currency
If you plan to exchange money for personal use, expert travelers will tell you to skip 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 zero foreign transaction fees and select local currency at the register (if you’re given the option).
If you must use cash, make an international withdrawal from an ATM.
If you have a bank account in another country, you can also use an app like Wise to transfer money to yourself for a fee of a few dollars per transaction. Once your transfer is complete, you can withdraw local currency at an ATM.
Read more: 6 Tips To Exchange Currency Without Paying Huge Fees
When Is the Best Time to Exchange Money?
Many factors can impact the value of the currency you’re planning to send or exchange, from economic events to the time of day.
If you’re not in a rush to exchange your currency, check the conversion value on a few different occasions before completing the transaction—you may be able to make your dollar (in whichever currency) go further.
It may also be worth checking currency values during popular currency trading periods. United States and London currency trading overlaps between 8 a.m. and 12 p.m., for example, and currency values can fluctuate a lot during that window. If you’re planning to convert U.S. dollars to Euros, you may want to check values during that overlap period.
How to Send Money Online
It’s easier than ever to send money to friends and family internationally, thanks to 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 premium. PayPal charges 4% to convert payments on top of the exchange rate. Xoom (owned by PayPal) charges $5 per transaction, and transactions via 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 conversion rates and fees before finalizing the transaction.
Read more: Foreign Transaction Fees Vs. Currency Conversion Fees: What’s the Difference?
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