The Real Value of Online Currency Converters

Sep 11 • Currency Converter • 1704 Views • 1 Comment on The Real Value of Online Currency Converters

Did you know that you can actually use the Google search bar to find the conversion rate of a particular currency into another currency? Try it and you’ll be surprised how fast and how accurate it makes the conversion. Which brings me to a point which I wish to put across – online currency converters are almost everywhere on the internet that you can’t help wonder if they are of any value to the ordinary people.

Obviously, there is a compelling reason why online currency converters are sprouting like mushrooms almost everywhere so much so that Google has even incorporated one into its search bar. And, we can only tie up the reason for this to the fact that as people access the internet more and more using their mobile devices, it is highly anticipated that online commerce is also bound to pick up. In other words, expectations are for people to be making online purchases on the go leaving them hardly any time to check currency rates through traditional methods like going to the banks.

In fact, credit card companies are now freely converting payments into the required currency for the credit card users. But the credit card users need to check every now and then if they are getting the best rates. They can actually now check the conversions through online currency converters using their mobile devices.

The internet made it possible for commerce to go beyond borders and credit card companies also help promote online commerce by freely converting payments into the required currencies. But as a safeguard, online purchasers need to check if they are getting a raw deal or not with the conversions.

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According to a recent study by Interactive Media in Retail Group, an independent UK online retail group organization, global e-commerce is slated to top the $1.23 trillion mark by 2013. The same study projects that online business to consumer sales reached $961 billion in 2011 which is 20% higher than the previous year and the trend is expected to continue as people turn more and more to their mobile devices to access the internet and as online companies become more aggressive in pushing their products online.

While in the past, online currency converters are taken for granted, they will now become an essential tool for online purchasers to make sure they get the best value for their money at all times. But while Google may have made currency conversion easy by incorporating said feature you may have to double check the converted figures with other online currency converters. I have not checked the accuracy of Google’s search bar conversions. But since, it is not in the foreign currency business there is that possibility that its conversion rates may not reflect the latest rates.

If you are a frequent online shopper it is best to search for and bookmark the most accurate online currency converters. They should be the ones that are linked to real time data feeds so that the rate of conversions always reflects the most recent rate updates.

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