Currency Converter: Currency Exchange Rate Calculator Online (2024)

FAQs

Where can I get the best currency conversion rate? ›

Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online peer-to-peer foreign currency exchanges. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

If you don't know the exchange rate, you can use the following simple currency conversion calculation to find it: take your starting amount (original currency) and divide it by ending amount (new currency) = exchange rate.

Look at online currency specialists

Online currency exchange brokers, such as Travelex, Eurochange, TravelFX, TorFX, and the Currency Online Group, are all likely to offer more competitive exchange rates compared to the high street banks. These providers offer a wide range of currencies for home delivery.

If "a" is the money you have in one currency and "b" is the exchange rate, then "c" is how much money you'll have after the exchange. So a * b = c, and a = c/b. For instance, say you want to convert Euros to US dollars. At the time of this revision, 1 Euro is worth 1.09 US dollar.

The core equation is RER = eP*/P, where, in our example, e is the nominal dollar/euro exchange rate, P* is the average price of a good in the euro area, and P is the average price of the good in the United States.

Calculate an FX rate using this simple formula: Your starting figure (in your local currency) divided by the final number (in the new foreign currency) = the exchange rate.

Exchange rates are ultimately determined in global foreign exchange markets by the supply and demand of currencies. Economic factors like inflation, interest rates, and geopolitical events influence these market forces.

How do exchange rates work for dummies? ›

The exchange rate gives the relative value of one currency against another currency. An exchange rate GBP/USD of two, for example, indicates that two dollars will buy one pound. The U.S. dollar is the most commonly used reference currency, which means other currencies are usually quoted against the U.S. dollar.

Today 1 Indian Rupee = 501.16 IRR.

Currently, the Iranian Rial is considered the world's least valuable currency. This is the result of factors like political unrest in the country. The Iran-Iraq war and the nuclear program also played a huge part.

If you know the exchange rate, divide your current currency by the exchange rate. For example, suppose that the USD/EUR exchange rate is 0.631 and you'd like to convert 100 USD into EUR. To accomplish this, simply multiply the 100 by 0.631 and the result is the number of EUR that you will receive: 63.10 EUR.

SBM Bank India brings you the best forex rates. Backed by the most reliable leading currency rate providers around the globe, enjoy competitive forex rates like no other.

Ordering currency from your bank before you travel is almost always better than using the airport currency exchange. Sally French is a travel rewards expert who joined NerdWallet in 2020. She previously wrote about travel and credit cards for The New York Times and its sibling site, Wirecutter.

To avoid dynamic currency conversion fees when traveling internationally, choose to pay credit card transactions in the local currency rather than in US dollars. Some merchants will attempt to make this decision for you, so confirm which currency you're transacting in before you pay.

You can exchange currency at banks, authorised money changers, airports and online forex platforms. Q. How much foreign currency can be exchanged in India? Certain limits may apply to transactions.