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. 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. Currency exchange companies make money by charging fees for the convenience of converting your cash. Via CurrencyFair's Website Live Exchange Rates How Does Currency Exchange Work?Īt a currency exchange, you can convert your cash into money you can use in a different country or region.Ĭurrency exchanges are businesses that trade various currencies. 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. Since this value can fluctuate due to various economic conditions, it’s important to know the current exchange rate before converting your money. Our currency conversion calculator uses the current exchange rate to determine how much your money is worth in a different currency. Related: International Money Transfer: 5 Best Ways To Send Money How Does a Currency Conversion Calculator Work? However, the rate you see here may not be the same rate that a bank or other financial institution offers you. We pull new rates every 5 minutes to ensure that the conversion you see is accurate and up to date. It also calculates the conversion value of various cryptocurrencies, such as Bitcoin ( USD to BTC) and Dogecoin ( USD to DOGE).Īll you have to do is input the amount, your starting currency and your ending currency to get an estimate based on current rates.ĭisclaimer: Our currency calculator uses Open Exchange API to gather current exchange rates. Among the currencies available, our calculator converts Mexican pesos, Indian rupees, Russian rubles, Jamaican dollars, and Ghanaian cedi. dollar, the euro, the British pound and the Japanese yen.Our currency conversion calculator converts more than 200 currencies, and the rates are updated every five minutes. For decades, the most important base currencies of the world have been the U.S. On the currency market, there is a larger trade volume than on the credit or the stock market.
Thus, there are worldwide more than 160 official currencies that can be traded on the currency market at constantly changing exchange rates. Today, almost every country has its own currency, with the exception of countries with a common currency (such as the Eurozone) or countries that have adopted a foreign currency (such as the euro in Kosovo). Minting of coins from precious metals was developed about 2500 years ago in ancient Greece paper money has existed for about 1000 years. In the beginning, different items were used as currency, including metals, pearls, shells or agricultural products. The functions that a currency took on (means of payment, value storage, unit of value) were essential to the development of an efficient economy with division of labor. (read more)Ĭurrencies have existed for several millennia they arose primarily as a replacement for the ineffective barter trade. Here, the currency calculator shows the opening and closing rate as well as the lowest and highest rates for the respective date. The result provided by the currency calculator is displayed in a clearly arranged table.
This way, the Markets Insider currency calculator allows you to search for historical exchange rates.
Additionally, you can also choose whether to calculate the result based on the current exchange rate or the exchange rate on a certain date. Once you select the base and target currencies from the list and enter the desired amount into the provided field, the currency calculator immediately gives you the result. In total, there are about 160 different currencies available on the currency calculator. With the currency calculator, you can quickly and easily convert amounts between any currencies. Do you deal in shares in different currencies? Do you like to travel? Do you like to shop on foreign online shops? The currency calculator of Markets Insider is the ideal tool for you.
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