Currency Converter Calculator
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This currency converter allows you to convert an amount of one currency into another, in order to check it's value. In order to use this currency converter, enter the amount of your currency and choose the origin currency and the destination currency. The converter will automatically display the calculated amount in the destination currency.
This currency converter can be useful for travelers, because it's allow to check the value of the foreign currency, before traveling or exchanging money. It's also useful when checking the price of a good or service, that is quoted in a foreign currency.
For example, if you want to know how much Euros are worth 1,000 United States Dollars, enter:
- 1000 in the Amount Field
- "USD" in the "From" field
- "EUR" in the "To" field
Below the form, you will see how much Euros are worth 1,000 United States Dollars. For example, if the current exchange rate from Euros to United States Dollars is 1 USD = 0.863 EUR, the value of 1,000 USD in EUR would be 863 EUR.
If you go to a bank and exchange 1,000 United States Dollars for Euros, you might get slightly less, because the bank might give you less than €0.863 per dollar. For example, a bank might pay €0.860 per dollar. In that case, you will receive €860 and not €863.
But if you want to sell €863 to the bank, the bank may not give you $1000, because the bank will not buy each Euro at 1/0.860. If we divide 1/0.860, we get 1.1628. But the bank, in order to earn money, will pay less dollars per Euro. For example, instead of paying $1.1628 they will pay $1.1600. The difference is called "Spread".
A Forex Broker is a firm that allows to buy and sell foreign currencies, in order to earn a profit by the exchange rate volatility. Forex Brokers have smaller spread than banks, but they are not intended to provide cash or be a travelers exchange service.
All rates in this online currency converter calculator are mid market rates for informational purposes only. Information provided by the European Central Bank and can have a delay of some minutes. This rates can be slightly different from the than the rate you will receive from a bank, a currency exchange business, or a Forex broker. This rates do not include spread.
Nominal Exchange Rate
Definition: The nominal exchange rate is the number of domestic currency units that are needed to purchase a unit of foreign currency.
The nominal exchange rate is called
nominal because it takes into account only the numerical value of the currencies, it doesn't take into account the purchasing power. The Real Exchange Rate does takes the purchasing power into account.