Currency Converter Tool

Currency rates fluctuate with the market like other assets such as precious metals and stocks. Often the market price of a currency will vary from the rate you will receive at your bank.

What Is a Universal Currency Converter?

A universal currency converter is a software application or website that provides for the easy conversion of currency values based on present-day exchange rates. Such currency converters can easily be found for free on the Internet, and can quickly convert the value of one currency to another, such as dollars to euros, or euros to pounds, and back again.

Currency conversion is of practical use to tourists who travel abroad, to businesses who do business overseas or are involved in imports and exports, and to FX traders. 

Financial Instruments that you can use Currency Converter

Foreign Exchange

Foreign exchange, or forex, is the conversion of one country’s currency into another. In a free economy, a country’s currency is valued according to the laws of supply and demand.

Commodities

A basic good used in commerce that is interchangeable with other goods of the same type. Traditional examples of commodities include grains, gold, beef, oil, and natural gas.

Index

Index trading is a type of trading of a group of stocks that make up the index. An index is a measurement of the value of a section of the stock market.

Crypto Currencies

Cryptocurrency is a digital payment system that doesn’t rely on banks to verify transactions

Understanding Universal Currency Converters

Universal currency converters are almost always free when found online, and they’re especially useful for travelers looking to figure out how much of their own home currency will stretch or contract when visiting a new foreign country. For instance, a traveler leaving New York for a set of business trips might need to exchange U.S. dollars for pounds, euros, yen, or more. An easily accessible online currency converter is very useful to show travelers how their own currencies will fare when exchanged with other foreign currencies.

Moreover, currency converters help international import and export businesses by helping them determine the selling and buying profits of different products. Currency conversion is also useful for forex traders, offering the ability to track changes in exchange rate valuations in real-time. even when not at the trading desk. Some of the more commonly used online currency converters are offered by XE, Yahoo! Finance, and several others.

A universal currency converter is “universal” in the sense that you can not only convert your home currency into any other but also any foreign currency for any other as well.

Currency convertibility is essential in a global economy and critical for international commerce and finance. A currency that is inconvertible poses big barriers to trade, foreign investment, and tourism.