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.

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RELATED FAQS
  1. What is a currency converter and how do I use one?

    A currency converter is a calculator that converts the value or quantity of one currency into the relative values or quantities ... Read Answer >>
  2. Why do forex traders use a currency converter?

    All currencies are quoted in pairs - one country's currency against another country's currency. A currency converter is used ... Read Answer >>
  3. How do I convert dollars to pounds, euros to yen, or francs to dollars, etc.?

    Currency can be converted using an online currency exchange or it can be converted manually. To use either method, you must ... Read Answer >>
  4. What is foreign exchange?

    Foreign exchange, or Forex, is the conversion of one country's currency into that of another. In a free economy, a country's ... Read Answer >>
  5. How are international exchange rates set?

    International currency exchange rates display how much one unit of a currency can be exchanged for another currency. Currency ... Read Answer >>
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    The foreign exchange market, also called the currency market or forex (FX), is the world's largest financial market, accounting ... Read Answer >>
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