What Is a Universal Currency Converter?

A universal currency converter is an online application that enables the easy conversion of currency values based on present-day exchange rates. Such currency converters can easily be found on the Internet, and can quickly convert the value of one currency to another, such as dollars to euros, or euros to pounds.

Understanding Universal Currency Converters

Universal currency converters are almost always free when found online, and they're especially useful for forex trader and travelers looking to figure out how much of their own home currency will stretch or contract when visiting a new foreign country.

Currency convertibility is essential in a global economy and critical for international commerce. A currency that is inconvertible poses big barriers to trade and tourism.

A universal currency converter is useful, of course, for United States citizens who are traveling to South America, the United Kingdom, the European Union, the Middle East, Africa, Asia, Australia or other countries around the world.

Such a traveler would need to exchange U.S. dollars to pounds, euros, yen, or more. So an easily accessible online currency converter is very useful to show travelers how their own currencies will fare when exchanged with other foreign currency.

But it's also beneficial for forex traders, offering the ability to track changes in valuations in real time. Some of the more commonly used online currency converters are offered by XE, Oanda, Yahoo! Finance and others.

Usefulness of a Universal Currency Converter

There are many benefits for investors, forex traders, business people and tourists using such tools, as one online currency converter, CurrencyKart, explains. According to the site, the converter will do all the calculations to provide an up-to-date rate of exchange.

Moreover, currency converters help international import and export businesses by helping them determine the selling and buying profits of different products. 

A currency converter can help international travelers do research on the price of goods and services abroad, helping cost-conscious tourists figure out how much their money is worth when they're traveling overseas. For forex traders, using an online currency converter is critical for achieving speed and accuracy in trades.