Universal Currency Converter

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.

RELATED TERMS
  1. International Currency Converter

    An electronic program that allows for the quick conversion of ...
  2. Cross Currency

    A pair of currencies traded in forex that does not include the ...
  3. Currency

    Currency is a generally accepted form of money, including coins ...
  4. Repatriation

    The process of converting a foreign currency into the currency ...
  5. Electronic Currency Trading

    A method of trading currencies through an online brokerage account. ...
  6. International Currency Exchange ...

    The rate at which two currencies in the market can be exchanged. ...
Related Articles
  1. Investing

    Why Include Convertible Securities in Your Portfolio

    What are convertible securities and why you should include them in your portfolio.
  2. Options & Futures

    20 Investments: Convertible Security

    What Is It? A convertible, sometimes called a CV, is either a convertible bond or a preferred stock convertible. A convertible bond is a bond that can be converted into the company's common stock. ...
  3. Financial Advisors

    Worried About Stocks? Try on Convertibles

    Convertibles are a good hedge against equity market risk (if you're o.k. with losing a bit of upside potential).
  4. Bitcoin Tax Guide: Trading Gains And Losses - Alt-Currencies

    The IRS may have been intentionally vague with its very definition of taxable virtual currencies to avoid burdening domestic miners with tax-reporting requirements for other fledgling cryptocurrencies ...
  5. Forex Fundamentals

    Here's How You Calculate An Exchange Rate

    Struggling to get a grasp on exchange rates? Here's what you need to know.
  6. Mutual Funds & ETFs

    3 Best High-Yielding Convertible Bond Mutual Funds (LACFX, FACVX)

    Discover an often overlooked asset class and how your portfolio can benefit from it, and learn about three of the highest-yielding options available.
  7. Savings

    The Worst Place to Exchange Currency

    Exchanging currency is a necessary part of traveling, but not all currency exchanges are created equal.
  8. Stock Analysis

    The Convertible Way To Play This Market

    Investors are certainly facing a quandary. The broad market has gone up by leaps and bounds since the end of the recession. That’s worrisome. Yet, more gains could be in store as the Fed isn’t ...
  9. Forex Education

    Forex Currencies: Conclusion

    By Brian Perry Conclusion The currency markets are the largest and most actively traded financial markets in the world with daily trading volume of more than $3 trillion (Triennial Central ...
  10. Mutual Funds & ETFs

    3 Best High-Yielding Convertible Bond ETFs (CWB, ICVT)

    Discover how convertible bond ETFs can offer investors growth and income while hedging fixed income portfolios in a rising rate environment.
RELATED FAQS
  1. 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 >>
  2. Why is the U.S. dollar shown on the top of some currency pairs and on the bottom ...

    All currencies are traded in pairs. The first currency in the pair is called the base currency while the second is called ... Read Answer >>
  3. What is a 'busted' convertible bond?

    Learn about busted convertible bonds; these are hybrid securities with conversion prices significantly higher than the market ... Read Answer >>
  4. How do I find out my bank's bid-ask spread for currency conversions?

    Learn how to find your bank's bid-ask spreads for currency conversions, and understand why you should consider alternative ... Read Answer >>
  5. Why isn't the EUR/USD currency pair quoted as USD/EUR?

    In a currency pair, the first currency in the pair is called the base currency and the second is called the quote currency. ... Read Answer >>
  6. Where does the stock come from when convertible bonds are converted to stock?

    First, let's define convertible bonds. A unique combination of debt and equity, they provide investors with the chance to ... Read Answer >>
Hot Definitions
  1. MACD Technical Indicator

    Moving Average Convergence Divergence (or MACD) is a trend-following momentum indicator that shows the relationship between ...
  2. Over-The-Counter - OTC

    Over-The-Counter (or OTC) is a security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, ...
  3. Quarter - Q1, Q2, Q3, Q4

    A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.
  4. Weighted Average Cost Of Capital - WACC

    Weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is ...
  5. Basis Point (BPS)

    A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly ...
  6. Sharing Economy

    An economic model in which individuals are able to borrow or rent assets owned by someone else.
Trading Center