Microsoft Excel does not contain built-in tools for converting currencies. However, you can use an external data source to provide current rates. A basic formula for multiplication is then converted from one currency to another. This is how you do it!
Adding an external data source to Excel
An external data source is the best way to get current exchange rates. You can use this data to convert from one currency to another in Excel. The process is similar to converting currency into Google Spreadsheets.
RELATED: How to convert currencies to Google Spreadsheets
First you need a suitable online data source (in the XML format) that you can import into your spreadsheet. FloatRates has different XML feeds that are based on different currencies that you can use.
After you have found the desired one, open your Excel spreadsheet. In Excel 201
For our example, we use the FloatRates USD data feed, so we import it into Excel.
In the "Import data" window, paste the URL in your XML data feed in the "File name" box, and then click "Import"
If you Office 2019 or 365, you see an example of how the data is imported. If you use FloatRates data, you must convert it in the Excel Power Query Editor to use it.
To do this, click on "Transform data".
The Excel Power Query Editor appears. Scroll to the "Item" column and then double-click "Table" to load the current currency rates.
Preview and updates of Power Query Editor's FloatRates currency information. Click on "Close and load" in the top left corner to add the data to your spreadsheet.
The data you import appears in a new worksheet, which you can now refer to when you need to convert currencies.
Most external data sources are updated every hour, but FloatRates is only updated every 12 hours. If you want to update your data manually, click Data> Refresh All.
Currency conversion in Microsoft Excel
You can use the updated data that you have imported to convert currency numbers with a simple multiplication formula.
Click on the worksheet with your imported currency rates. If you use FloatRates data, look at the exchange rates in the & # 39; exchangeRate & # 39; column. Note the cell that contains the rate of the currency you want to convert to.
Using our FloatRates US dollar data, we see that we must use the GBP exchange rate in cell I3 to convert from US dollars to British pounds.
Return to your existing worksheet and type the USD price that you want to convert into a cell. Use the formula
= A2 * Sheet2 in a second cell! $ I $ 3 and replace "A2" with the cell with your USD price.
Replace the second part of the formula with an absolute reference to the cell in the "exchangeRate" column on your imported data sheet with the exchange rate to which you want to convert.
In the above example, column A lists US dollars. Column B contains the converted exchange rates from US dollars to British pounds (USD 1 to GBP is in cell B2).
If you change the absolute cell reference and use alternative data sources (such as the FloatRates GBP data source to convert from GBP) to another currency), you can convert from one currency to another.
You can also use a manual rate instead of an external data source to convert currency rates. Simply set the exchange rate manually in one cell (in our example cell B2) and the price in another (cell A3).
 The same multiplication formula converts your currency. However, if you do not use an external data source, you must manually update the rate to see the correct price.