Currency calculator converter exchange rate

Scan me! Over 70 million downloads worldwide. Since , the Xe Currency Converter has provided free mid-market exchange rates for millions of users. Our latest currency calculator is a direct descendent of the fast and reliable original "Universal Currency Calculator" and of course it's still free! Learn more about Xe , our latest money transfer services, and how we became known as the world's currency data authority. Xe Currency Converter Check live foreign currency exchange rates. Convert Send Charts Alerts.

We use midmarket rates These are derived from the mid-point between the "buy" and "sell" transactional rates from global currency markets. They are not transactional rates. Learn more. EUR — Euro. Xe Live Exchange Rates Inverse. Some examples include coins, barley, gold, silver, squirrel pelts, 8-ton carved limestone rocks, salt, knives, cowrie shells, stamps, potato mashers, peppercorn, tea bricks, and cheese.

As history has shown, anything that a group of people in an economy attaches value to can be used as currency. For practical reasons, Lydian currency took on the form of a round coin, which became the first ever standardized unit of currency. Paper currency, on the other hand, was invented in Asia and was brought back to Europe by Marco Polo after his travels to Asia. Modern currency is much more uniform and regulated. Major currencies in the world today take on the physical form of paper bills or coins which are easily carried on a person, but most of a person's currency is typically stored in digital accounts.

The value of these currencies is backed by the promise of their issuing governments, which makes them fiat money currency declared by the government to be an official medium of payment but is not backed by a physical commodity. Before fiat money existed, currencies were usually backed by a commodity such as gold or silver. While modern currency is physically represented by coins and paper bills, most large-scale currency transactions are done electronically.

Modern technology utilizes sophisticated currency exchange mechanisms and systems to exchange currencies between digital accounts rather than physically. Even the exchange of currency for everyday goods and services such as groceries or haircuts involves physical currencies less and less due to the growing popularity of debit cards, credit cards, and mobile payments. Cryptocurrencies are digital currencies operating independently of a central bank or authority, in which encryption techniques are used to regulate the generation of units of currency as well as to verify the transfer of funds.

The current technology behind cryptocurrencies is called blockchain, which is a decentralized ledger of all transactions across a peer-to-peer network. A prominent feature of blockchain is that participants can confirm transactions without the need for a central clearing authority, such as a central bank or government. The value of cryptocurrencies fluctuates, just like a regular currency, and they can be traded in the same way as any other currency.

Some experts say that there is a slight chance that cryptocurrencies become the currency of the future. For the purposes of this calculator, Bitcoin is the only cryptocurrency available for conversion at the moment. Currencies used in different countries are rarely, if ever, exactly equal in value. As a result, exchange rates the rate at which a currency is exchanged for another exist to enable the equal exchange of currencies.

To get the best bang for your U. According to Douglas Stallings, senior editor for Fodor's Travel, travelers need to be aware of currency exchange options abroad because of costs. In lieu of foreign currency exchange desks at airports and major hotels, there are more convenient and cheaper ways to exchange currency, Stallings says. While some desks advertise "no-fee" exchanges, they still build in a hefty profit by offering a high rate.

Before your next trip, take a look at the best and worst methods of currency exchange by following Bankrate's "thumbs-up" or "thumbs-down" rating:. Credit cards offer some of the lowest currency exchange rates. Card companies base their exchange rates on wholesale prices offered to bigger institutions, so you're bound to get a fair rate. Foreign transaction fees are a different story.

You can save money on fees by making some calls before you go and knowing which cards to use," says Tom Meyers, editor in chief of EuroCheapo. Some major card companies have eliminated foreign transaction fees on all of their cards. Others are just offering a few cards without foreign fees. In addition to cards without fees, think about getting a card with the latest technology. Maria Brusilovsky, spokeswoman for Travelex Currency Services, says chip and PIN technology is now the preferred way of making credit card and debit card transactions in Europe, and some vendors only accept chip and PIN cards.

The "chip" refers to a microchip embedded into the card to secure account information. The "PIN" refers to a personal identification number that the cardholder enters to authorize payment. Heads up: With or without chip and PIN, alert your card company that you'll be traveling. Otherwise, it may freeze your card, thinking it's been stolen. Using your debit card at ATMs is one recommended way to get cash when traveling abroad.

Fees vary by institution. Some charge a flat rate, others charge a percentage, and still others charge both, Meyers says. To save money, keep ATM trips to a minimum.

And do your homework. Stallings says if you take money out of a bank that has a relationship with your bank, you may be able to avoid some fees.