How to Use Excel as a Currency Converter (With Pictures)

There are several dynamic ways to convert currency using Excel. Whether you’re looking to convert USD to EUR or any other currency pair, Excel provides powerful tools to help you automate this process. We’ll explore basic conversion methods and delve into more advanced techniques using Power Query.

Specific Questions about Currency Conversion

If you have specific questions about how to convert currencies in Excel, ask our assistant below. We can give much more specific feedback if you let us know exactly what you’re trying to do. Note that I also have a guide on how to convert currencies in Google Sheets.

Video Guide

Prefer to watch a video? I made this one on YouTube that explains everything I discuss below.

Converting currency in Excel is straightforward and efficient. Whether you need to convert USD to EUR or handle more advanced currency conversion tasks, Excel offers several powerful tools to simplify the process.

Convert USD to EUR Using Excel’s Data Types

Start with a basic currency conversion example: converting 500 US dollars (USD) to euros (EUR). If you’re unsure about the current exchange rate, Excel’s built-in Data Types feature is incredibly useful.

Follow these steps:

1. Type the Currency Pair: Enter the currency pair, USD EUR, into a cell.
2. Select the Cell: Highlight the cell, navigate to the Data menu, and choose Data Types > Currencies.
3. Automatic Conversion: Excel will display the currency information with a small icon next to your typed pair. Clicking this icon reveals detailed currency information.

These are explained in more detail by Microsoft.

Using Formulas for Currency Conversion

To take advantage of Excel’s currency conversion capabilities, use formulas:

• Reference Prices and Rates: Click on the cell, type =, and select the function you need, such as price. For example, entering =A1.price in another cell will show the price of USD in EUR directly.

Obviously, the easiest way to convert currencies is to use simple math. You just need to know the exchange rate. If you have that, you can use =Rate* whatever cell you want to convert to get the converted amount.

With either of these methods, you can convert Indian Rupees to European Euros or American Dollars to Canadian Dollars.

Advanced Currency Conversion with Power Query

For more advanced currency conversion, Excel’s Power Query connects to web data sources for real-time updates. Here’s how to use it:

1. Open Power Query: Go to the Data menu, select Get Data > From Web, and use available online links to fetch real-time exchange rates.
2. Enter the URL: Paste the URL of the currency pair data into the Power Query editor.
3. Load Data into Excel: After fetching the data, load it into an Excel sheet by choosing Close & Load.

This method ensures your data remains dynamic, updating whenever you open the spreadsheet, provided you have an internet connection.

Handling Historical Exchange Rates

Need historical exchange rates? Power Query simplifies this with its advanced options:

1. Edit Query in Advanced Editor: Within Power Query, access the Advanced Editor, and adjust parameters to specify the required dates and currencies.
2. Load and Refine Data: After adjustments, load the data into your Excel table for precise historical data extraction.

Alternative Dynamic Currency Conversion Methods

If Power Query seems complex, consider using Excel’s web service functions for dynamic updates:

1. Use Web Service Function: Enter =WEBSERVICE("URL") in a cell, replacing "URL" with your data source link.
2. Dynamic Updates: This method provides dynamic updates based on web data without needing complex query editing.

Other Currency Converters

Choosing the best currency converter depends on your specific needs, whether you’re looking for real-time exchange rates, historical data, or integration with other tools. Here’s a guide to some of the top currency converters available today:

1. XE Currency Converter

XE Currency Converter is renowned for its real-time exchange rate updates and extensive coverage of global currencies. It offers:

• Real-Time Rates: XE provides accurate exchange rates updated every minute.
• Currency Alerts: Set up alerts for your preferred currency pairs to track significant changes.
• Mobile App: XE’s user-friendly app allows for easy conversion on the go.

2. OANDA

OANDA is a favorite among traders and financial professionals for its comprehensive data and robust features:

• Historical Data: Access historical exchange rate data going back several decades.
• API Integration: Perfect for businesses needing currency data integrated into their applications.
• Customizable Rates: Tailor exchange rate calculations to specific needs or conditions.

3. Google Currency Converter

Google’s built-in Currency Converter is ideal for quick, straightforward conversions directly from your browser:

• Instant Results: Type your query directly into Google’s search bar (e.g., 500 USD to EUR) for immediate results.
• Simple Interface: Easy to use with no additional features or settings required.
• Integration with Google Services: Access conversion information across Google products and services seamlessly.

4. Wise (formerly TransferWise)

Wise is highly regarded for its transparency and competitive exchange rates, especially for international transfers:

• Mid-Market Rates: Wise offers exchange rates close to the mid-market rate, ensuring fair pricing.
• Low Fees: Benefit from low transaction fees for international transfers.
• Multi-Currency Account: Manage multiple currencies in one account for convenience.

5. CurrencyConverter.io

CurrencyConverter.io is another excellent choice for users needing simple and accurate conversions:

• Real-Time Data: Provides up-to-date exchange rates for various currencies.
• Historical Data: Includes historical exchange rate information for comparison.
• User-Friendly Interface: Easy to navigate and use for quick conversions.

Conclusion

Each currency converter offers unique features tailored to different needs, from real-time updates to historical data and low fees. Choose the one that best fits your requirements, whether for casual use or professional applications.

Excel offers a range of methods for currency conversion, from straightforward data types to advanced Power Query options. Master these tools to streamline your currency conversion process and maintain accurate, up-to-date financial data.