Convert Foreign Currencies to INR in Seconds
Whether you want to travel abroad for work or leisure, you will need some foreign currency of the country you are travelling to. But currency rates change every day based on movements in the forex markets. So, how can you find out the difference in values between INR and another currency, or for that matter, any two currencies? You can, with the help of a currency exchange calculator.
A currency converter is essentially a software application you can access in the form of a website or an app. Through a currency exchange calculator, you can find out the value of a given currency and its forex exchange rate against another currency. These websites and apps are free to use on the internet, and you can use them to convert currencies like USD to INR or GBP to Yen and all other permutations and combinations.
Currency Converter – Uses
Currency Convertor tools are primarily used by traders in the forex market, who buy and sell forex currencies, only with the end goal of booking profits from the rising and falling currency rates.
International tourists also use currency tools to find the difference in value between two currencies. They typically buy the necessary forex of the country they are travelling to, when the currency rates are low, to get the highest value out of their purchase.
Business travellers and overseas business owners use currency converters frequently, as do students travelling abroad for higher education.
Currency converter online and the role of the Forex Market
The Foreign exchange market is the best place to find out the current market rate of any currency and its value against another currency. For instance, the value of USD to INR could be different at the start of the trading day and could change when the trading day ends. The currency converter online gives you an accurate conversion value of the two currencies all the time.
Online Currency Exchange Calculators
Generally, a currency converter online shows you the exact rate of a currency. However, if you need to buy a foreign currency, the rate differs from the actual exchange rate. You have to pay an additional currency conversion charge, which varies from seller to seller. A forex broker may levy a different charge than a currency trader or a seller at an airport.
Currency converters or Currency Exchange Calculators use real-time prices, but forex sellers charge a slightly higher rate by levying a nominal commission to make a profit.
World Currencies vs Indian Rupees
The value of the Indian currency versus other significant currencies largely depends on the economic prospects of India. During stable markets, the INR performs well on the forex markets, as opposed to falling markets and recessions, when the value of the INR weakens. The INR is stronger than currencies of countries like Indonesia, Vietnam, Sri Lanka, Pakistan, Nepal, Cambodia, etc. In contrast, foreign currencies like USD, GBP, CAD, AUD, EUR, etc., are stronger than the INR.
Fees and Charges for International Funds Transfers
Banks and currency providers have their own fee structures, which may differ from one bank to another. When you send money internationally, your bank will charge a fixed transfer fee, usually mentioned on the website of the bank. Banks may also charge different rates based on the currency you wish to exchange.
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Frequently Asked Questions
The exchange rates of currencies are updated every minute. You can check the mid-market rates live with currency converter online tools.
You can find currency exchange calculators online on the internet. You can also find one on the digibank website. digibank by DBS updates currency rates every day.
You can find out about the charges associated with currency conversion on the digibank website.