Euro conversion can be accomplished by a variety of means, both physical and electronic. Knowledgeable business travelers can reduce their overseas expenses by learning which conversion of euros to dollars works best for them. Launched as physical bank notes and coins in 2002, the euro is now the official unit of currency in 15 European countries. For business travelers, conversion to euro—a single currency—is easier than converting American dollars into multiple currencies, such as lire, deutschmarks and francs, when trips to different countries required this monetary flexibility.

Despite this ease, savvy business travelers should plan for all expected monetary needs before leaving home. The euro conversion rate is constantly changing, and depending on the trends and the amount of cash you expect to use, deciding whether to use a currency exchange at the airport or an ATM on foreign soil can mean significant dollars. You should know:

1. The conversion rate to euro on the day of your trip and the general trend over the course of two weeks prior;

2. Fees your bank will charge you for withdrawing cash from ATMs in Europe;

3. Fees associated with using your credit card abroad.

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

Use an online money transfer service to conduct your euro conversion

As more and more transactions are conducted electronically, the old paradigm of euro-to-dollar conversion at the airport is no longer an economical strategy. Transferring funds electronically from one currency to another is a good way to lock in a low euro-dollar conversion rate and deliver it to yourself electronically overseas.

I recommend: Sign up for a corporate account with a currency and foreign exchange site like XEtrade or FXGlobalTransfer with OANDA. This will enable you to perform a euro-US conversion at a locked-in rate while at home and collect your cash in Europe.

Understand the features of each euro conversion chart

Many sources of information will give you the 'current' conversion to euro rate. However, the global currency market is always in flux, and the euro-US conversion is always changing. The needs of the business traveler vary from those of the foreign currency trader.

I recommend: Use a dependable but easy-to-understand euro conversion chart to stay knowledgeable about the rate of exchange. Currency calculators at Yahoo! or Ask.com provide midmarket rates updated every 30 minutes in a user-friendly format that doesn't overwhelm users with graphs and decimal conversion data.

Watch for hidden fees when using ATMs for euro exchange

ATMs are not always the cheapest way to get cash in Europe. As returns from traveler's check diminish, banks are looking to find alternate ways of getting cash from travelers. So-called 'conversion fees' are being surreptitiously added on to Visa or MasterCard currency exchange charges. This is in addition to the base transaction fees most banks charge for making ATM withdrawals overseas.

I recommend: Bankrate.com provides a summary of major banks and their associated fees for debit and credit card purchases overseas. A well-regarded euro conversion ATM option is EverBank, an online-only bank that charges a low 1% international service fee and no foreign ATM charge.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Using a credit card abroad is the safest way to get the best euro conversion rate, but make sure you take one that is universally accepted (Visa or MasterCard) and doesn't charge excessive fees for use overseas.

The Euro is fast becoming the ubiquitous currency of the European Union, but not every country has made the conversion to Euro currency yet. Making sure you get the right currency—and that you don't get cheated out of your hard earned money—means brushing up on a few basics before you travel to EU countries.

Luckily, it won't take long to master the Euro fundamentals. The following steps will help you catch up on the Euro conversion basics you should be familiar with before traveling or trading, such as:

1. Which countries use the Euro and what the Euro looks like;

2. Rates of conversion to Euro or from Euro currency;

3. How and where to manage a conversion of Euro currency.

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

Familiarize yourself with basic Euro conversion information

While the Euro is close to being the universal European currency, there are still a few countries, like Britain, Switzerland and Denmark, that don't use it. Before exchanging your money, first determine whether you should be dealing with Euros or another currency like the British pound, then familiarize yourself with your new currency.

I recommend: Travel Pete Company lists which European countries use the Euro and which don't. Asia Travel Tips.com provides photos of Euro bills and coins to help you familiarize yourself with the currency.

Learn about Euro US conversion rates

As with any other world currency, the value of the Euro against the US dollar goes up and down as both currencies are traded in the world market; so your dollars may be worth more, or less, in Euros on one day than in days past.

I recommend: Yahoo! Finance offers a currency converter that allows you to convert to and from the Euro and other world currencies, while Index Mundi displays a euro conversion chart tracking the most recent changes in value of the Euro against the US dollar.

Find out where to conduct Euro conversions

ATMs are very common in Europe and are one of the easiest ways to quickly get local currency at a reasonable exchange rate. This doesn't mean you don't have to be prepared before you travel, though: You can conduct a Euro exchange in most banks, over the phone or even online. You can also buy and sell Euros at money changing kiosks in major international airports, but this method may carry extra fees and commissions.

I recommend: Wells Fargo lets you order foreign cash, including Euros, online, over the phone, or in person at their banking stores. EZforex.com is a broker that lets you purchase foreign cash online, and also gives you the option of selling it back, with a guarantee of receiving the same exchange rate as when purchased.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  If you're planning to travel between European countries that don't use the Euro and those that do, research the Euro conversion rate against other local European currencies, not just against the dollar.

Why get your staff conversant on the Euro and Euro conversion? Well, if you're importing or exporting any product, you'll need to know how to convert the Euro into a dollar and vice versa. For any client transactions across the Atlantic, there's the same need. And some companies even use the Euro as a financial tool for "currency hedging" and other accounting methods.

For all of these, the web offers resources for training staff on the Euro, whether to get Euro-dollar figures integrated into accounting or to actually do conversion to Euro when using the currency in trade. Readers can find:

1. Handy Euro-calculating tools and items to get a Euro conversion rate fitted neatly into the books, together with training programs.

2. Training classes on aspects of dealing with a Euro US conversion.

3. More tips and tricks of Euro use and trading and Euro to dollar conversion information on open investors' or traders' sites.

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

Look for useful Euro conversion and comprehensive training online

One way the web can help train staff is by offering online access to training programs that address using the Euro in a variety of ways: for Euro conversion chart options and accounting, this can be an easy fix, as staff use the information in these sessions to develop their own sense of the Euro's worth.

I recommend: Find seminars on the Euro and money handling at Central Banking, a resource for Anglo-European finance. For more Euro training options, try Training-Classes online where e-learning is presented as a viable option on learning about the Euro dollar conversion and much more.

Find Euro training courses and materials for Euro conversion

For conducting an in-depth campaign, different companies can help out with Euro education over the web. Find courses and ask reps about the nature of their Euro training products to get a fit for your business.

I recommend: Look to EuroMoney training for a world-class instructional center for how to use the Euro as a financial tool. Get more classes and training for the Euro from Action Forex where conversion principles are offered alongside other in-depth information about this dynamic currency and how to use it in the world market.

Glean Euro conversion info from user forums

Forums for the trader, the investor and the business leader let workers get a glimpse of how the Euro is being handled elsewhere on the market. This can lead to a substantial education about how the Euro is valued and used within a home company.

I recommend: Find out all about a Euro exchange at the DailyFX forum where industry leaders post about the European currency. Find more Euro news and views at the Traders Log.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  For any kind of Euro conversion education and training, try to anticipate how you will use the Euro in your business. See when trades or exchanges will take place, who will be in charge, and determine the difference between long-term and short-term financial aspects of the Euro's conversion.

Anyone traveling or doing business in Europe needs to stay current with Euro conversion rates to take advantage of the best times to convert money. One good way to keep up with exchange rates is to use a currency converter. Many converters are posted online and can give you an idea of the going rates.

Savvy investors also take advantage of Euro conversion to make money. Most global investing, trading, and transfers can be done over the Internet, making investing and purchasing in Europe easier and quicker.

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

Conversion fees

Be aware that Euro conversion can cost you hidden fees, especially if you use a credit card for the transaction. Most credit card companies charge a fee to convert your money from one currency to another. These fees generally range from 1-3%.

I recommend: Bankrate discusses conversion fees and provides an updated table showing major credit card currency-conversion-fee policies.

Currency converter

A currency converter makes Euro conversion easier. Using economic data that is updated daily, or sometimes even more frequently, a currency converter gives the current exchange rates so travelers know what their money is worth and how much they will receive for it when they convert it into Euros.

I recommend: OANDA tells how they determine the rates for their currency converter and allows you to convert the Euro into more than a hundred different currencies.

Euro denominations

Euros come in a variety of coins and banknotes. Those who are converting funds to Euros need to become familiar with the appearance of the bills and coins, so they can recognize the different denominations.

I recommend: ASIA Travel Tips.com has information and pictures of each of the different denominations of the Euro.

Banknote authentication devices

If your business accepts Euros, then banknote authentication devices are vital to security. These machines detect counterfeit Euros, which will keep your company from accepting fake currency. The European Central Bank (ECB) tests the devices for accuracy to be sure they are performing correctly.

I recommend: The European Central Bank (ECB) offers additional information on banknote authentication devices and the testing they do.

Euro investments and trade

Many people invest in foreign currency to take advantage of Euro conversion rates. Keeping abreast of the economic climate in Europe is vital to making the most of your investments.

I recommend: Daily FX offers the fundamentals of investing and trading in Euros.

Global payments and transfers

If you need to send money to Europe from the U.S. or send money back to the U.S. while traveling in Europe, you'll need to find a bank or monetary service that allows global payments and transfers into and out of Euros.

I recommend: XE Trade shows how to send, receive, or track money when you make a global transfer. Links on the site walk you through each step and also lead to a video with more information.