The Advantages of Using Online Tools for Currency Conversion

Posted by Allison on 18 May 2011, 15:54

There could be many reasons you may have for wanting to convert one currency into another. But whatever reason you have, it makes sense that you perform the conversions online.

The internet has made many things a lot easier than they used to be. We can include converting currencies in this list as well. There are lots of tools you can use to help you find the answers to your currency questions, and it makes sense to use them whenever you can.

Easy access

Currency conversion is always much easier when you do it online. This is because you have instant access to the sites you need that have the tools you want. Once you go online it is a simple matter of finding the required website and performing whatever calculations you have to make.

It’s worth checking out each individual site as well, as some of them give you extra options when it comes to working out your conversions. For example you may be required to enter a percentage rate that is above the usual Interbank rate. This allows you to get more in depth calculations that would be the same as getting the rates for ATM withdrawals for example. It gives you more options, and these options may prove useful from time to time.

Simple to calculate

Another advantage of using online tools is that it automatically becomes easier to work out your calculations. Once you have entered the amount you want to convert from one currency to another, you simply have to specify the currencies that are relevant to your calculation. The website will always use the most up to date conversion rates to enable you to get the most accurate conversions, so you don’t need to work out any figures on your own.

Most modern websites also provide an attractive converter that provides a drop down list of all the currencies in use as well. It may give you the most popular ones with an option to search for others, or they may all be there right from the start. In any event they are always easy to use and the relevant currency codes are also present.

Historical data is available as well as up to the minute currency rates

One of the big advantages to using these tools online is that they also give you access to historical data concerning different currencies. For instance if you were writing a report focusing on how the exchange rates have differed between countries over a period of time, you would need more than just today’s rates. You would also need older rates, and historical data would enable you to perform the currency conversion you need.

It is easy to see that online tools can be exceptionally helpful. Just imagine having to try and manually look up the exchange rate between the British pound and the US dollar from 4th January 2007. You wouldn’t know where to begin. But with reliable online tools it becomes much easier to figure out the information you need within a matter of seconds. Once you have found a website that can provide such information you can bookmark it to return to for later use as well.

In short, if you are not yet taking advantage of these online tools, now is the time to get started.