DEFINITION of 'Universal Currency Converter'
A program that allows for the quick conversion of currencies based on current exchange rates. A universal currency converter can often be found online and can convert the value of one currency to another, such as dollars to euros. Currency converters are usually free when found online, and are useful when determining how much of your home currency (base currency) you will need to exchange when traveling to a foreign country.
BREAKING DOWN 'Universal Currency Converter'
For example, a U.S. citizen who is traveling to the U.K. would need to exchange U.S. dollars to Great Britain pounds. This is where the use of an online currency converter becomes important. The calculator shows the traveler how much domestic currency is needed to get a predetermined amount of the foreign currency.