Use of currency converter

From the Origin Currency dropdown, you can select the currency you want to search with and the currency you want to compare it against. If you have a separately negotiated rate with your clients, you can enter it in the Negotiated rate box. Once entering your negotiated rate click off the box and it will be saved on the system.

This rate will now be shown when using the Currency converter tool on the homepage. If you are looking to see all currency exchange rates for a particular currency you can do this by selecting the Origin currency , then for the Destination currency leaving it on Select one. You can subsequently download all of the rates as an Excel file by clicking on the Excel symbol.

The download will start automatically. If you have negotiated rates you can upload them en masse using the Import function. The column headers should be as follows:. Xe Rate Alerts. Create alert. Xe Currency Tools. Historical Currency Rates. Travel Expenses Calculator. Currency Email Updates. Currency Converter Widget. More tools. Based on 0 reviews. Download the Xe App Check live rates, send money securely, set rate alerts, receive notifications and more.

Daily market updates straight to your inbox. Currency Profiles. Theoretically, buyers want the smallest possible spreads, while sellers want the highest spreads. Real-world currency exchanges with brokers, banks, or businesses typically do not follow precise market rates.

As financial middlemen, most will set exchange rates of their own at bid-ask spreads that return a percentage as profit for doing business. Some call this profit a fee or commission. Pip —A pip is the smallest unit of value in a bid-ask spread. A pip is sometimes called a point. Currency Pair —A quote of the relative value of one currency unit against another currency unit. The first currency in a currency pair is called the base currency, while the second is called the quote currency.

Interbank bank-to-bank Rate —This is the wholesale exchange rate that banks use between themselves. Major Currencies —This refers to a short list of the most traded currencies, which generally stay the same year-to-year. Most recently, this includes the U.

The USD in a currency pair with any of the others is known as a major currency pair. Currency is a universal medium of exchange for goods and services in an economy, and it is believed to have been used as such dating back at least 3, years.

Before this, it is assumed that bartering, which is the exchange of goods and services without the use of money, was likely used. Throughout history, currency has taken many different forms. 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.