How to convert currencies in Excel

Imagine a situation in which you are presented with an Excel spreadsheet in which a number of monetary values ​​are placed in a certain column. You may need to convert the currency for all these values ​​in the column and display them in a separate column. This could be important for financial organizations and import-export companies. Although many free and paid tools are available, which could help convert currencies directly from multiple columns, we will discuss how to convert currencies in Microsoft Excel using a basic formula in this article.

Convert currencies into Excel

You can convert currencies such as the dollar, the euro, the pound sterling, the INR, etc. in Microsoft Excel, without using a currency converter. Use this formula to do the work.

To convert a currency to another currency, you must use 3 columns on the Excel sheet. The first column for the target currency, the second for the exchange rate and the third for the converted currency.

The syntax of the formula to use for currency conversion is as follows:

= *$$

Or is the location of the first cell in the cell column with the currency values ​​of the target currency. and are the column letter and the line number of the cell in which the exchange rate is mentioned.

Basically, this formula is intended for a simple multiplication of the target currency with the exchange rate.

How to find the exchange rate between two currencies

It is easy to find the exchange rate between two currencies. Open Bing.com and search for "first currency in the second currency". It would automatically display the exchange rate per unit of the first currency. For example. If I'm looking for "Dollar to Euro"In the Bing search bar, the value converted to $ 1 is the exchange rate of the dollar to the euro.

For example. Suppose the following case. Suppose you have a column of dollar values ​​with the values ​​placed from cell A3 to A7. You need the corresponding euro values ​​in column C, starting with cells C3 to C7.

First, look for the exchange rate using the currency converter in Bing. Enter the exchange rate in cell B3.

Now, write the formula = A3 * $ B $ 3 in cell C3 and press Enter.

Click anywhere outside cell C3, then return to cell C3 to highlight the Fill button. Unroll cell C3 until cell C7 to display all values ​​in euros sequentially.

One of the difficulties of this method would be to add the monetary unit. However, it's better than buying a paid tool specifically for this purpose.

I hope it helps!