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.

BREAKING DOWN 'Universal Currency Converter'

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 citizen who is 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, yens oe more. So an easily accessible online currency converter is very useful to show travelers how their own currencies will go 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 experts 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 abroad. Forforex traders, using an online currency converter is critical for achieving speed and accuracy in trades. 

  1. Currency Convertibility

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

    A convertible currency is one that is freely traded and trusted ...
  3. Busted Convertible Security

    A busted convertible security is a convertible bond where the ...
  4. Convertible Bond

    A convertible bond is a bond that can be converted into a predetermined ...
  5. Senior Convertible Note

    A senior convertible note is a debt security that contains an ...
  6. Currency History

    Currency history is a term that refers to the values of a base ...
Related Articles
  1. Investing

    An Introduction to Convertible Bonds

    Getting caught up in all the details and intricacies of convertible bonds can make them appear more complex than they really are.
  2. Investing

    Can a Bond ETF Work in a Rising Rate Environment?

    The CWB Convertible Securities ETF could be the perfect solution for a rising rate environment.
  3. Investing

    Introduction to Convertible Preferred Shares

    These securities offer an answer for investors who want the profit potential of stocks but not the risk.
  4. Managing Wealth

    The Mandatory Convertible: A "Must Have" For Your Portfolio?

    Mandatory convertibles are a little understood security with some distinct advantages. Find out if they are right for you.
  5. Trading

    6 top-traded currencies and why they're so popular

    Every currency has specific features that affect its underlying value and price movements in the forex market. Learn why these currencies are especially popular for trading.
  6. Trading

    How to Calculate an Exchange Rate

    Struggling to get a grasp on exchange rates? Here's what you need to know.
  7. Trading

    Top 5 Hardest-Hit Currencies

    The value of a country's currency is dependent on many factors that will cause it to fluctuate, relative to other world currencies.
  1. Do convertible bonds have voting rights?

    Convertible bonds usually have no voting rights until they are converted. Even after conversion, they may not be granted ... Read Answer >>
  2. Why would a corporation issue convertible bonds?

    Discover how corporations issue convertible bonds to take advantage of much lower interest rates as a result of a conversion ... Read Answer >>
  3. What are 'death spiral' convertible bonds?

    Conventional convertible bonds give the bondholder the right to exchange the bond for a certain amount of the issuer's common ... Read Answer >>
  4. How do you make money trading money?

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

    Foreign exchange is the conversion of a country's currency into another. In a free economy, a country's currency is valued ... Read Answer >>
  6. What is stock dilution?

    Stock dilution occurs when company actions reduce the ownership percentage of current shareholders. Find out how ownership ... Read Answer >>
Trading Center