- Posted by Jason on February 1, 2015 in Banking Global Money Transfer
NOTE: If you’re looking for a quick exchange rate calculator, try the one in the top right hand corner of this page – you’ll love our exchange rates!
$1 New Zealand Dollar (NZD) is 45.21 Rupees (INR). But 1 INR is 0.02 NZD. Hang on, what if I’m sending $1352 NZD and receiving 2835INR. That must mean… that… I have… No idea…
Fortunately there is an easier way. If you want to convert one currency into another, you could always use OrbitRemit’s currency exchange rate calculator. But what are foreign currency exchange rates? And why do we need a special calculator to understand them?
What are Currency Exchange Rates?
Currency doesn’t have its own price – it is priced in relation to other currencies, called a “currency pair” (such as 1 NZD being worth approximately 45 INR). As a result, a currency doesn’t go up or down in price per se – it simply changes in value relative to another county’s currency. We’re essentially just comparing two currencies – otherwise known as the exchange rate.
This rate changes based on demand for the currency and is influenced by the individual economy (such as inflation and interest rates), political stability, and state of country (such as natural disaster).
So How Does a Currency Exchange Rate Calculator Fit In? And How Does It Work?
A currency rate calculator (like the one in the top right hand side of this page) allows us to input any amount of a single currency and see how much of a different currency the original amounts are worth.
It’s a tool that tells us that our above amount of:
$1352 NZD would give us 61,121.62 INR
2835 INR is worth $62.71NZD
Try it yourself! Use the currency calculator on the right hand side of the page and follow these steps:
1. Select the currency you have, using the arrow on the right hand side and enter the amount you want to convert
2. Underneath this, select the currency you want to convert to
3. That’s it! Just wait and the answer will come up in seconds!
But What About Other Currency Rate Calculators?
Other websites offer currency converter tools also, such as XE.com or Yahoo Finance, which make similar calculations. Most currency converters give a slightly different figure, due to update time delays and competition between rates.
2835 INR is worth $62.27NZD by Yahoo’s calculator. This is slightly less than OrbitRemit’s $62.71 NZD.
The difference is, with our calculator you’re seeing the exact amount you’ll actually receive from a real-world currency conversion. You can send a transfer right now, and this is the real amount you’ll get at the other end.
OrbitRemit is able to offer better rates of exchange due to the fact that it is an online-only business. Unlike many banks or competitors, OrbitRemit is not burdened by large rental or marketing costs. As a result of this lower operating cost, the savings can be passed on to you.
You can now easily transfer money internationally with OrbitRemit!
We're 80% cheaper than the banks.Get Started
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