Using Euro Converters Effectively

in Euro

Euro converters and Euro calculators are popular tools that facilitate the calculation of the Euro exchange rate against different world currencies.

On 1 January 2002, the European Union witnessed a major change with 12 of the then 15 member states adopting the single European currency, the Euro.

On 1 May 2004, the European Union experienced the largest enlargement wave in its history after ten new member-states joined the EU. Bulgaria and Romania joined the EU on 1 January 2007 and all these new member-states are expected to adopt the single European currency when they meet all convergence criteria.

At present, 16 of all 27 EU member-states have replaced their national currencies with the Euro. These countries include Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.

In addition, three other European states – Monaco, San Marino and the Vatican – also adopted the Euro as their official currency under special agreements with the European Union. On 1 January 2011, Estonia will officially adopt the Euro with more new member-states expected to enter the euro-zone soon.

Thus, countries in Europe and abroad were forced to develop various specially-designed Euro converters and Euro calculators to easily handle calculations and transactions denominated in Euro. In fact, a Euro converter is a normal calculator that features an additional function to convert value denominated in the previous legal tender to the new value in Euro. For example, a value expressed in US Dollars can be easily converted into Euros with a single click.

The use of such tools within the euro-zone gradually decreases due to the growing familiarity of businesses and people with the single European currency. However, customers in many countries outside the euro-zone find these Euro converters useful, especially in countries and economic zones with strong Euro presence. For example, Montenegro adopted the Euro as its official currency although the country is not a member of the European Union, the euro-zone respectively.

The term Euro converter also refers to various software and online tools that provide functionality to convert Euros into other currencies and vice versa. Every Forex trader around the world utilizessuch tools that are extremely helpful when the matter in hand is fast currency conversion.

If you are constantly trading a particular currency pair, for example, theEUR/GBP, you definitely need a sort of built-in or standalone Euro converter. In practice, all Forex software is shipped with such functionality and even the most basic free tools can function as a currency converter or calculator.

You can find myriads of Euro converters online while all professional currency converters also offer this functionality. People in the euro-zone already think in Euros and do not need such tools in their everyday life but if you live in a country outside the euro-zone and have to conduct deals or other money transactions that involve Euros, you most probably should install and take advantage of some type of Euro converter. Bear in mind that not all such software and online tools are reliable; therefore, try to find a product that connects to and receives data from a reputable source like a well-known Forex broker or dealer.

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Milton Nichols has 1 articles online

Milton Nichols writes articles relating to currency services. If you need to make a large or regular overseas payment, get the best euro rate by considering the help of a exchange rate specialist.

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Using Euro Converters Effectively

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Using Euro Converters Effectively

This article was published on 2011/02/22