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.

  1. Currency Convertibility

    Currency convertibility is the degree to which a country can ...
  2. Conversion Rate

    The ratio at which one currency can be exchanged for another. ...
  3. Limited Convertibility

    A situation in which government regulations prevent the free ...
  4. Online Currency Exchange

    An online system for exchanging one country's currency for another. ...
  5. Permitted Currency

    A currency that is free from legal and regulatory restrictions ...
  6. Market Conversion Price

    An investor's effective cost to purchase common stock when it ...
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  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. How do I convert dollars to pounds, euros to yen, or francs to dollars, etc.?

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    Trading money, particularly in the forex market, is a speculative risk, as you are betting that the value of a currency will ... Read Answer >>
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