Currency converter: who needs one, and why

Posted by Mords1944 on September 19th, 2019

Do you know what your money is worth? Do you realize that the bills in your pocket have a different value in other currencies? The currency is exchanged around the world through the exchange of foreign exchange (Forex). US dollars become Chinese yuan, they become euros. If you've ever traveled outside your own country, you've probably noticed that several nations are doing business in different currencies. If you travel to countries with different currencies, if you trade abroad, if you trade in Forex, you will need to know how much your currency is worth compared to other currencies. This is where a currency converter is useful.

As you might guess by name, you are allowing yourself to convert the value of one currency to another. If you have $ 100 in USA UU. And you will buy anything offered in British Pounds Sterling (£), you will need to know the exchange rate between the two currencies. You can find these converters all over the internet; Most are free. As you can imagine, they are used quite often.

Why would anyone use a currency converter and how would they use it? There are several types of people who will use them, each for a different reason.

Of course, foreigners should use them to know the exact value of what they are doing. There are websites dedicated to determining the exchange rate. A currency converter is always just a click away on these pages.

Importers and exporters also need these online converters. Suppose you are an American merchant who wants to sell products made in China. You need to convert your US dollars to yuan, and vice versa. That way you will know how much you paid for your item and you can make money.

Who else needs a currency converter? You can do that if you are traveling abroad. Suppose you live in the US and decide to take a trip to Europe. If you travel to countries that are part of the euro zone, you need to convert your US dollars to euros. To budget your trip, calculate the exchange rate to know exactly how much you can spend.