The various uses of currency converters
Currency converters have been around for decades, but these days you can do anything from your computer instead of going to your local bank or whatever to ask how much your money is worth in the form of another currency. There are all kinds of currency converters, whether you want to change dollars to euros, euros to pounds, pounds to Japanese yen, etc. There are several reasons why one person may need to convert one currency to another, including the following:
Currency Trading: If you have ever been involved in currency trading, you will know how the value of a currency can rise or fall in a relatively short period of time. In a matter of minutes, you could have made a fortune or lost a fortune, so it is extremely important that you regularly check the value of a currency. You can use a currency converter to double check what a particular currency is worth.
Traveling Abroad: In addition to serious business such as currency trading, you can also use a currency converter for other times when the situation is less severe, such as going abroad. Most converters allow you to enter the amount you have in one currency so you can see exactly how much you can expect to get from it in another currency. This is really helpful if you are in a country that has a currency other than the country you are traveling to as you can see how much money you want to spend while you are away!
Importers and exporters: Importers and exporters must always verify the value of the different Currency converter. The reason for this is because they have to decide whether it is worthwhile to make an agreement with someone in a country with a different currency or if they simply have to deal with people who are in their own country. Eg. Does an importer have to see how much money it will cost them to import goods from another country compared to what they would pay if they buy goods from the country where they already operate.
However, it is important to remember that there will generally be small bank fees etc. that can change the money you actually get in your pocket, so don't forget to remember this when looking at converters. Forex!