Currency converter allows you to instantly calculate the amount of exchange of various monetary units. Using the service, you can evaluate the value of savings in foreign currency. Such information is necessary when traveling, trading with foreign companies, shopping in online stores, etc.
What is conversion
The quotes, on which the ratio of currencies depends, are set by large banks and the international market. According to the degree of conversion, all currencies are divided into three groups:
- Freely convertible. Currencies have no restrictions on conversion. This group includes the US dollar, euro, pound sterling, Swiss franc, yen, etc.
- Non-convertible. They are currency in countries with restrictions on the sale and purchase of currency. Examples of such countries are Cuba and North Korea.
- Partially convertible. The exchange of such currencies is limited to certain types of payments and transactions. It is also prohibited to exchange for a number of foreign currencies. Basically, partially convertible currencies are exchanged for foreign currencies involved in international payment transactions. A similar system operates in Russia, India, China and other countries.
The advantages of free conversion are unhindered interstate trade, quick settlements, political and economic stability, and the possibility of forming large gold and foreign exchange reserves. Individuals can exchange money at banks, exchange offices or ATMs. Cashless conversion is carried out at any time of the day through online banking or electronic wallets.
Interesting facts
Today, there are over 150 currencies in the world, the history of many of them is associated with unusual facts:
- The youngest currency in the world is the euro. The monetary unit was created for use in market relations between the countries of the European Union. Non-cash turnover began on January 1, 1999, cash euros were issued on January 1, 2002. Today, the 500 euro bill is the most popular in the world, and the currency itself is more expensive than the dollar and most other monetary units of the world.
- The most common currency is the US dollar. As a national currency, it is used in 27 countries around the world. Dollars are distinguished by their long preservation due to their composition - banknotes are made of fabric. The banknote can withstand more than 4000 bends without damage to its appearance. Oddly enough, most counterfeit dollars come from North Korea.
- Australian, Vietnamese, Malaysian money and banknotes of some other countries are made of thin plastic. The material is resistant to moisture and other influences, bacteria and dirt do not accumulate on it.
- The world's cheapest currencies are in India ($1 = 42,000 rials), Vietnam ($1 = 24,000 dong) and Indonesia ($1 = 14,500 rupees).
- $1,000,000 in $100 bills weighs only 10 kilograms.
Before traveling to another country or buying goods abroad, it is useful to find out in advance how much money you have. With the help of the converter, you can easily cope with the calculations.
