Choose an online currency converter that is updated daily, allows conversion to and from multiple currencies, and has features like archived exchange rates. Look for converters offered by major financial institutions and with storage options for past rates. Convert using both nominal and cash rates.
Whether you are shopping online, converting holiday funds into foreign currency, or just doing research, you can detect a quality online currency converter by researching its features. The best currency converters are the ones that are updated daily, allow you to convert to and from a variety of different currencies, and include extra features like archived exchange rates. To narrow down your choices of online currency converters, you can start by selecting the one made available by a major financial institution in your country. Many large banks offer free currency converters on their websites that cater to the official currency and language of their home country.
You should always choose an online currency converter that clearly states that it is updated on a daily basis. The converter should confirm the current day’s date in bold and also indicate when it is updated during the day. An online currency converter should also allow the user to convert an amount to and from up to 50 foreign currencies. A quality online currency converter will recognize global currencies and allow you to convert any amount, including foreign exchange, into another currency.
If you need to convert past earnings for income tax purposes or research global markets, the filing features of an online currency converter could prove especially useful. The best storage options for online currency conversion will allow you to view daily conversion rates up to 10 years in the past. For greater comparability, they may also include tools such as average monthly rates, average annual rates, and graphs to illustrate data at a glance.
A comprehensive online currency converter should also allow the user to convert currencies using both the nominal rate and the cash rate. Nominal exchange rates allow you to see a bank estimate of where the market was on a given day and will typically vary, depending on the financial institution where the online currency converter is hosted. The cash rate conversion takes into account the fee most financial institutions will charge for converting to cash, which is usually about 4% of the total amount for major currencies. While useful as a point of reference, an online currency converter’s cash rate conversion isn’t exact, as the amount also depends on whether the transaction involves the conversion of checks, cash, or credit card.
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