For international travelers, or those in the global finance industry, knowing your currency converters basics is a must. Simply, a foreign currency converter will provide you with the value of your currency in relation to another country's currency. This can save you both time and money while abroad.

At the very least, an international currency converter will allow you to make sure you're getting good currency exchange rates when choosing currency exchanges. Many websites also provide a currency exchange forecast, which can help prevent nasty surprises during your trip and may even affect your vacation choice. Currency converters are easy to find and are available both digitally and in retail stores.

1. Often around the size of a credit card, a physical currency calculator can be found in many larger electronic retail stores or online.

2. Download a currency exchange calculator onto your laptop computer's hard drive. Note that while many are free, some charge a modest fee.

3. The most popular choice is to access a free online currency converter. These are plentiful on the Internet, so when you find one you like, be sure to bookmark it.

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Download a currency calculator onto your computer

If you travel frequently to international destinations, a downloaded universal currency converter could be a wise investment. Many will allow you to evaluate the program before purchasing, and it's wise to take advantage of this trial period to make sure you're getting the right currency calculator for your needs.

I recommend: Exefind.com is a treasure trove of downloadable currency converters ranging in price from free to $20. Softonic International has a smaller selection of Windows-based currency converters but these include the popular programs Ace Currency Calculator and Aquarius Soft PC Currency Calculator.

Find and bookmark a currency conversion website

If you were to search for a currency exchange converter on the Internet, you'd probably be overwhelmed by the list you'd get. As always, it's wise to go to the pros for any type of financial information, so your best bet will probably be found at a respected finance-oriented website.

I recommend: Access an easy-to-use currency calculator with a comprehensive selection of currency types at Bloomberg, Thomson Reuters, ICCFX or Yahoo! Finance.

Visit a financial website for the latest news on your destination's currency exchange rate

You can get a currency conversion forecast or simply keep informed on currency exchange rates via real-time charts, newsletters or articles on some financial websites. These websites are primarily geared toward investors.

I recommend: Sign up for Discount Currency Exchange's currency market newsletter or currency exchange alerts for up-to-the-minute information. You can also review a six-month forecast, available on several countries, at Financial Forecast Center. For a wealth of currency information, ExchangeRate.com is the go-to source for everything from a frequently-updated currency exchange rate chart to gold and oil prices.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  When doing a currency conversion, make certain that you are using a currency calculator that is up-to-date. Currency exchange rates fluctuate frequently and some currency converters may not be current.

In today’s global economy, both travelers and business people often need to know a currency exchange rate quickly and conveniently. Fortunately, there are several websites that offer reliable and easy-to-use currency rate conversion programs to make currency conversion a snap.

The need for currency conversion before traveling is obvious. Whether your travel is for business or pleasure, you need to know exactly how much money will be enough when you reach your destination. Ease your travel worries by calculating currency rates before you leave.

Many businesses need to take advantage of currency converters as well. If your company does online business with foreign companies or customers, they should have easy access to currency exchange rates in order to know how much your products are in their own currencies. Making this easy for your customers eliminates confusion and allows for better sales.

Your own business also benefits directly when you speed up payments across currencies and avoid fraud from false currency exchange rates.

Currency conversion on the Internet can help:

1. Increase international business by including a currency calculator on your website.
2. Find currency exchange rates for travel.
3. Avoid money loss and fraud by knowing the exact rates you should be getting.

Action Steps
The best contacts and resources to help you get it done

Use an online currency calculator

There is a wide variety of currency converters available on the Internet. Choose the one that best suits your targeted usage.

I recommend: XE.com offers a quick and easy, up-to-the-minute currency converter with exchange rates for the top 85 currencies. For more detailed currency exchange, use the currency exchange converter from Oanda. This converter offers rates for 164 currencies and three metals that are updated daily. The site also allows for personalization of the tool, exchange rate histories, tables of up to 20 rates and the option of choosing which type of rate you need.

Find currency exchange rates before you leave for a trip

In order to avoid bad exchange rates, exchange money before your departure. Using currency converters targeted at the traveler can let you know exactly how much money you need to exchange.

I recommend: Rubicon International provides exchange rates, quoted from the Bank of Montreal, for the traveler in a format similar to that of most exchange offices. When you leave for your trip, you can take the Traveler's Currency Cheat Sheet, which can be customized to show multiple currencies and their bank, cash and credit card exchange rates.

Include a currency exchange calculator on your desktop or website

There are a number of applications that will allow you to have a currency exchange converter installed directly onto a website, allowing visitors to easily and quickly convert prices.

I recommend: GoCurrency.com offers a customizable currency converter and a live rates tool for use on a website. The rates used are updated frequently and accurate. A currency converter for a computer desktop, also usable as a calculator, is available as a free download from Mioplanet.

The currency exchange rate for any country can and does change at a moment's notice. This rate tells you what a currency is worth in any foreign market. This information is vital to many people, from the world traveler to expert investors working in foreign markets. A currency converter or currency calculator can help to determine whether investing in foreign markets will be profitable or not.

Many simple currency converters are easy to find. But you can find converters that provide a more complex system to calculate currency rates. You can find currency converters education and training through:

1. Support and instruction information for companies that provide online currency exchange calculators.

2. Online courses and resources that teach the fundamentals of foreign currency for investors.

3. Currency conversion topics at workshops and seminars.

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Learn to use a foreign currency converter by reading instructions

Many online currency conversion calculators are easy to use. Most have drop-down boxes where you can choose the type of currency you hold, the type you want to covert it to, and the amount you have. More complicated calculators may require you to know the three-letter currency codes for common currencies around the world.

I recommend: XE, a website that provides a universal currency converter, also supplies a full list of three-letter currency codes. Many sites, like OANDA, also provide easy-to-follow instructions for using a currency converter.

Attend seminars and workshops to learn more about currency exchange rates

A currency conversion calculator is not the only tool you need to invest in foreign markets. To invest wisely, you will also need to grasp the basic concepts of foreign trading, how it is carried out, and what the risks are. Many workshops and seminars are held throughout the country to educate and inform potential foreign market investors.

I recommend: Forex.com offers many webinars that cover topics related to foreign currency conversion and trading on global markets. The Market Traders Institute offers live online seminars that cover all the basics of short-term foreign currency trading.

Find out how currency exchange forecasts and related topics affect currency prices

If you plan to invest in foreign markets, knowing how to read changes in the market is a vital asset. There are many online training options for beginners and advanced traders. Most of these resources are free, and come in written and video formats.

I recommend: FX Trading provides a self-guided education center for those who want to learn more about currency conversions. Topics range from basic foreign currency knowledge to advanced trading concepts. The Forex Club provides training videos to teach about currency conversions and its impact on foreign markets.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  When performing a currency rate conversion, make sure to use the amount that you hold in one currency to get the amount that it's worth in another. If you mix these up, you'll get a bad number.

Currency converters give you the power to see how much one country's money is worth in terms of a different country's currency. As technology has improved, currency converters became more accurate. Companies now update converters regularly to reflect the latest exchange rates and market events. In practice, currency converters are easy to use, but knowing how they work means you'll need to understand the foreign exchange. A good place to start is by knowing currency converters key terms.

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Forex

Short for foreign exchange, forex is simply the technical name for currency conversion. The network of banks and individual investors that trade currencies is the forex market.

I recommend: You get more information at Investopedia, which provides a brief definition of forex.

Exchange rate

The exchange rate is a ratio that expresses the value of one currency in terms of another. Currency converters use the exchange rate to calculate how much foreign currency you can buy with what you already have.

I recommend: For a list of current exchange rates, check out the tables at CNNMoney.com. You can also find cross rates for the world's most important currencies like the dollar, pound, yen and euro.

Mid-market currency rate

A mid-market rate falls somewhere between a currency's buy rate and sell rate. It's supposedly a more accurate reflection of the currency's value, since it doesn't take into account each exchange provider's profit margins and overhead.

I recommend: To learn more, read about mid-market currency rates at XE.

Dinar

The dinar is the official currency of many Central Asian and African countries. Iraq, Kuwait, Jordan and Tunisia all use the dinar, making it an important currency in the Arabic economic region.

I recommend: Learn more about the dinar at IraqiDinar.org.

Currency data feed

Sometimes abbreviated CDF, a currency data feed is a real-time Internet stream containing exchange rates and other important financial data. These are valuable time-savers for businesses that rely on the foreign exchange for pricing, trades, and decision-making.

I recommend: Visit Oanda, which offers a variety of currency data feeds in different formats.

Troy ounces

Companies don't measure gold, silver and other precious metals in traditional ounces. Instead, they use Troy ounces, which are 12 ounces to the pound instead of 16. This is important to remember when converting currency into gold.

I recommend: You can learn more by visiting CoinNews. It offers an explanation of the difference between Troy and Avoirdupois ounces.