Choose a quality online currency converter that updates daily, allows conversion to and from a wide range of currencies, and has archival functions. Look for converters available from major financial institutions and that offer both nominal and cash rates.
Whether you’re shopping online, converting holiday funds into foreign currency, or simply researching, you can spot a quality online currency converter by researching their resources. The best currency converters are updated daily, allow you to convert to and from a wide range of different currencies, and include extra features like archived exchange rates. To narrow your options for online currency converters, you can start by selecting one that is available from a major financial institution in your own country. Many large banks offer free currency converters on their websites that serve the official currency and language of the home country.
You should always choose an online currency converter that clearly states that it is updated daily. The converter should confirm the current day’s date in bold and also indicate when it updates during the day. An online currency converter should also allow you the option of converting 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 change, to another currency.
If you need to convert past earnings for income tax purposes or research global markets, an online currency converter’s archival functions can be especially helpful. The best archival options for online currency conversion allow you to see daily conversion rates up to 10 years into the past. For greater comparability, they may also feature tools such as average monthly rates, average annual rates, and charts to quickly illustrate the data.
A comprehensive online currency converter should also allow you 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 typically vary depending on which financial institution the online currency converter is hosted. The cash conversion rate takes into account the fee most major financial institutions will charge for cash conversion, which is usually around 4% of the total value of major currencies. While useful as a point of reference, the cash rate conversion from an online currency converter is not exact, as the amount also depends on whether the transaction involves converting a check, cash, or credit card.
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