Free Currency Converter Foreign Exchange (Forex)

Whether you’re shopping online and the shop you’re buying from is in a different country, receiving income from Google adsense in $US dollars, travelling overseas and withdrawing money from an ATM or need to send money to a relative overseas you’ll need to know what the exchange rate is between your currency and the local currency.

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In finance, the exchange rate between two currencies specifies how much one currency is worth in terms of the other. For example an exchange rate of 120 Japanese Yen (JPY) to the U.S. dollar means that ¥120 is worth the same as $1. An exchange rate is also known as a foreign-exchange rate, forex rate or FX rate. The foreign exchange market is one of the largest markets in the world. By some estimates, about $2 trillion worth of currency changes hands every day.

An exchange rate quotation is given by stating the number of units of a price currency that can be bought in terms of 1 unit currency. For example, in a quotation that says the Euro-U.S. dollar exchange rate is 1.2 U.S. dollars per Euro, the price currency is the U.S. dollar and the unit currency is the Euro

XE.com’s FREE Universal Currency Converter is the world’s favorite currency site, providing Internet-based foreign exchange tools and services to individuals and corporations around the globe and calculating the current exchange rate between many currencies as diverse as the Malaysian Ringgit, Chilean Peso or the Australian Dollar.

20 thoughts on “Free Currency Converter Foreign Exchange (Forex)”

  1. But what is even easier is to use google calculator to do it. eg: to calculate 521 usd in aud go to http://www.google.com.au/search?&q=521 usd in aud

    EDITOR: perhaps for currencies you know the code for and for very rough results. eg: at the moment:

    Google says 521 U.S. dollars = 690.889802 Australian dollars
    XE.com says = 521 USD = 694.675 AUD

    From previous foreign transactions (eg: ATM withdrawals and Google cheques), i’d say XE.com is more accurate

  2. Great post david. I checked out the converter at XE.com. It does more with more currency pairs than any other currency converter I’ve used. thanks

  3. In a sign of the times, a Sydney-based bank has developed a new indicator for foreign exchange movements based on Apple’s iPod music player, and as an alternative to the long-standing Big Mac Index.

    Launched on Thursday, the CommSec iPod Index is predicting a 15 per cent drop in the Australia dollar against the US dollar – music to exporters’ ears

    – excerpt from SMH article “iPod ‘may hit the note for forex trade”

    EDITOR: I hope Commsec is right because I earn a large part of my income in $US

  4. While the initial results for the CommSec iPod are at odds with many analysts, we will have to wait and see. The index suggests that the US dollar has potential to appreciate against a range of major currencies, with the Aussie dollar around 15 per cent over-valued against the greenback.

  5. I noticed your post about the free currency converter foreign exchange (forex) and if you’re interested in another great currency converter which tells you the current Visa card conversion rates check it out here: http://www.fanwithaplan.com/#cc

    This is a great tool found on a new site recently launched by Visa called FanWithaPlan (www.fanwithaplan.com). This site is the only online destination built around travel and sport. It also offers useful advice and other tools, such as an ATM locator http://www.fanwithaplan.com/#atm

    Enjoy,
    Lisa

    EDITOR: readers should note that this comment was made by “digitalinfluencegroup” who are obviously marketing on behalf of Visa. I let it through because it seems useful to Visa card holders.

  6. Thanks for sharing this currency converter. It is really in great use. I will use it in my day trading forex sessions to calculate my profits. Have a nice day!

  7. thank you for this helpfull article! i suggest that every forex-newbie should start with some micro-account to get experienced and keep potential losses small.

  8. Nice post, I am going to America later in the year, I am hoping the dollar stays weak until I get back!

  9. Well it was nice tool and looks better. As a business owner, I need online currency conversion to check daily Exchange Rates so I can make online payment to my clints or take payments from them since I am from India and doing business with US people.

  10. I am trying to decide if it is worth it to try and get a small account and run an auotomated trading system on it. On the demo account it was doing good but after all trading with real money is different

  11. As always, another great post, Neerav! I love reading your blog because I always learn something. I took a peek at XE.com’s currency converter and it’s really useful. Thanks!

  12. Hi Neerav,

    I really need your help with something!

    I have an Adsense account, much like you, and of course it is in USD.

    I was wondering whether you knew of any good authoritative websites that could help me learn whether I should cash the money now or later, as I want more information on the future of the AUD vs the USD.

    I dont want to cash a big cheque in USD when I could wait 6months to find it double in price!

    How do you deal with this issue? I know we could dollar cost average, in the sense that we just cash the money when we want and in the end it will even out, but I want to get the most money possible from my USD’s so I can use it to build more websites.

    Cheers mate,
    Alex

    EDITOR: Alex that’s a really good question. My advice to you is take the automatic EFT bank payment from Google every month.

    No one can pick movements in currencies even very knowledgeable people who work for banks eg: look at the predictions of this article which was published just before the $AUS plunged in value against the $US Financial Face Off: Australian Dollar versus US Dollar

  13. Alex -As the editor says there is big money involved in predicting when to exchange currency, and i mean big big currency.

    I wouldn’t worry to much, but if you get to know the major Press releases that affect your currency on a monthly basis then you’ll be able to work it out.

    Can’t you get a AUD account or is it just USD and GBP?

  14. Hi, I’m looking for information on trasferring money from Australia to Canada. Does anyone have any forecasts of whether the AUD will be trading up or down against the CAD in coming months?

  15. Using google is the best and fastest way to convert a currency. Other than that I prefer Oanda’s converter on the mainpage of their site, its always accurate and easy to read.

  16. thanks for the useful currency converter tools. Forex trading can be a challenging task to do without proper knowledge and experience. It’s always better to test drive your system in a demo account/paper trade before going live.

  17. i agree with axa. i learned to trade forex by simply practicing with a paper/demo account for quite a while. http://www.xe.com is my favourite place (other than google) for a quick and accurate currency converter!

  18. Great tools – knowledge is key and I couldn’t agree more about trading on paper first. Just be sure to be realistic with yourself about how well you’re doing…paper money and real money are two very different things.

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