How to use EUROCONVERT function in Excel
Summary: This tutorial guides you on how to use the EUROCONVERT function in Excel, a powerful tool for converting currency amounts from one Euro participating currency to another, which is of considerable use in international finance contexts.
Step 1: Familiarize yourself with the EUROCONVERT function
The syntax for the EUROCONVERT function is as follows:
=EUROCONVERT(number, source_currency, target_currency, full_precision, triangulation)
Here's a breakdown of each parameter:
number: This is the currency amount you wish to convert.source_currency: This is the ISO code of the currency you're converting from.target_currency: This is the ISO code of the currency you're converting to.full_precision: This optional parameter, if set to TRUE, performs the conversion to the full precision of the conversion rate, inclusive of the minor unit of the target currency. If set to FALSE or omitted, the main unit is used.triangulation: This optional parameter, if set to TRUE, performs a triangulation calculation when required.
Step 2: Apply the EUROCONVERT function
Let's say you need to convert 100 US dollars to Euros. You can do this with the EUROCONVERT function as shown:
=EUROCONVERT(100, "USD", "EUR", TRUE, TRUE)
This function will return the value in Euros, using full precision for the conversion and performing triangulation if necessary.
To learn more about currency codes and the EUROCONVERT function, you may visit the following links:
