Benefits of Using an Online Currency Converter

November 4th, 2020

Whether you are an investor, collector, or world traveler, you realize you need accurate information when converting one currency into another. If you’ve traveled, and questioned whether you got a good deal when you exchanged your money, you understand the importance of understanding currency conversions. You look down at your fistful of bills, and feel a sense of shame that you didn’t place close enough attention to the exchange rate.

An online currency converter can change your interaction with foreign currency. There are a handful of benefits you’ll see when you use an online currency converter, especially when you can get real-time data from currency exchangers, no matter where you are on your currency journey. Let’s jump straight into the many benefits of using an online currency converter.

Why You Should Use an Online Currency Converter

Whether you’re planning for international travel, you’re an investor, or you’re a collector, here are some reasons you should use an online currency converter:

Portability

Today, everyone has a smartphone with internet access, and you can access an online currency converter anywhere from your smartphone. Real-time data can help you make good decisions about trading, exchanging, and collecting currency. Maybe you’re interested in exotic currencies such as the Iraqi Dinar or Vietnamese Dong. You can quickly pull up a web browser and find the exchange rate and even look at historical data.

Speed and Reliability

If you are involved in any international transactions, you can make decisions quickly without waiting for new data. Exchange rates can be locked in without wondering if data will change down days later after you have made your currency decisions. A good currency converter relies on publicly available data from FOREX markets, so they are reliable. They do not markup values with profits that a bank or payment provider includes. Knowing this will help you determine which currency exchangers have the lowest fees and markups.

Simplicity

Once you familiarize yourself with the way an online currency converter operates, you can readily identify opportunities. The time it takes to become competent with these tools is relatively short compared to other financial calculators and databases. You only have to learn the order in which you want to exchange to understand the values. For example, if you want to understand the number of Iraqi Dinar you can buy with one US dollar, just use the expression: x = USD/IQD. An online currency converter will do this math for you using publicly available data from FOREX markets.

Our online currency converter lets you convert between USD and over 20 different currencies.

The only learning curve is remembering the order of operation. The currency in the first position always equal 1. So in this example, 1 USD equals x IQD. With a good online currency converter, you can flip the order for a simple comparison. 

Travel Planning

An online currency converter is great for travel planning. If you see a weak currency compared to the USD, this could create great value in planning a trip where your money would stretch much further than other parts of the world you might consider.

Collecting

Perhaps you are just a collector-- a hobby numismatic. You can periodically check your collection to understand market value for live currencies you collect. It could help you discover currencies you never considered and open up a whole new world of exploration.

Ease of Calculations

Just for fun, you should do currency calculations by hand. Then attempt to keep track of the ones you are interested in, and run those daily. You will soon realize why it is so easy to pull up an online currency converter. It places tremendous power at your finger tips. Great sites will be updated quickly, and won’t have to worry about making decisions based on bad or old information. Being able to see historical data at the click of button gives you confidence as you continue your currency journey.

The Bottom Line

Today, there’s no reason to avoid foreign currency as an investor, traveler, or collector. So much information is readily available for you to use. There’s always more to learn when dipping into the currency markets, and the right online currency converter can help you stay on top of exchange rates, spot deals, and place orders through reputable dealers.

At US First Exchange, our goal is to be a continued source of education about the wide variety of currencies in the marketplace. We also give you the tools to make decisions about currencies. You can order foreign currency online and have your money shipped straight to your door in 24-48 hours. All shipments are fully insured for home delivery, and we pride ourselves on having the industry’s lowest spreads.

Try our currency converter or sign up for our exchange rate alerts to keep track of your favorite currencies.

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