If you are looking for some special tricks to automate currency conversion in Excel, youâ€™ve come to the right place. In Microsoft Excel, there are numerous ways to automate currency conversion in Excel. This article will discuss five methods to automate currency conversion in Excel. Letâ€™s follow the complete guide to learn all of this.

**Table of Contents**hide

## How to Automate Currency Conversion in Excel: 5 Easy Ways

In the following section, we will use five effective and tricky methods to automate currency conversion in Excel. This section provides extensive details on five methods. You should learn and apply all of these to improve your thinking capability and Excel knowledge.

### 1. Automate Currency Conversion Using Multiplication

Here, we will demonstrate how to automate currency conversion in Excel. Let us first introduce you to our Excel dataset so that you are able to understand what we are trying to accomplish with this article. Here, we have a dataset where the product ID and the price of each product are shown in terms of USD. Now, we want to convert the price of each product from USD to EURO. Letâ€™s walk through the steps to automate currency conversion.

**ðŸ“Œ Steps:**

- Firstly, we will use the following formula in the cell
**D5:**

`=C5*$G$6`

Here, cell **G6** is the conversion rate of USD to EURO.

- Press
**Enter**.

- Next, drag the
**Fill handle**icon. - As a consequence, you will get the following Convert price of USD to EURO
**.**

**Read More: **How to Change Default Currency in Excel

### 2. Utilizing Nested IF Formula to Automate Currency Conversion

Now, letâ€™s walk through the steps to automate currency conversion by using** the IF function**. Here, we will use another method to automate currency conversion by utilizing the **Nested IF Formula**. In the following dataset, we want to convert USD to different currencies such as EUR, JPY, GBP, CHF, CAD, and AUD.

**ðŸ“Œ Steps:**

- Firstly, we will use the following formula in the cell
**D5:**

`=IF(C5="eur",0.94,IF(C5="jpy",127.4,IF(C5="gbp",0.8,IF(C5="chf",0.97,IF(C5="cad",1.28,IF(C5="aud",1.41))))))*B5`

- Press
**Enter**.

- Next, drag the
**Fill handle**icon. - As a consequence, you will get the following Convert USD to different currencies

**ðŸ”Ž How Does the Formula Work? **

- Here, we define e condition whether cell
**C5**is equal toÂ EUR, JPY, GBP, CHF, CAD, or AUD. Once this condition is met, the function will return a value and the value will be multiplied by cell**B5**. - Finally, we will get the converted currencies.

**Read More: **How to Create Real Time Currency Converter In Excel

### 3. Using VLOOKUP Function to Automate Currency Conversion

Now, we will use another effective method to automate currency conversion by utilizing** the VLOOKUP function**. In the following dataset, we want to convert USD to different currencies such as EUR, JPY, GBP, CHF, CAD, and AUD. Letâ€™s walk through the steps to automate currency conversion.

**ðŸ“Œ Steps:**

- Firstly, we will use the following formula in the cell
**D5:**

`=B5*VLOOKUP(C5,$F$5:$G$10,2,0)`

- Press
**Enter**.

- Next, drag the
**Fill handle**icon. - As a consequence, you will get the following Convert USD to different currencies

**ðŸ”Ž How Does the Formula Work? **

- Here, the
**VLOOKUP**function looks for a value in the table array**F5:G10**and then returns a value in the row from the column we specify. - Then, we multiply the returned value by cell
**B5**. - Finally, we will get the converted currencies.

**Read More: **Currency Conversion Using VLOOKUP in Excel

### 4. Combination of INDEX and MATCH Functions in Excel

Now, we will use another quickest method to automate currency conversion by utilizing **INDEX **and **MATCH **functions. In the following dataset, we want to convert USD to different currencies such as EUR, JPY, GBP, CHF, CAD, and AUD. Letâ€™s walk through the steps to automate currency conversion.

**ðŸ“Œ Steps:**

- Firstly, we will use the following formula in the cell
**D5:**

`=INDEX($G$5:$G$10, MATCH(C5,$F$5:$F$10,0))*B5`

- Press
**Enter**.

- Next,drag the
**Fill handle**icon. - As a consequence, you will get the following Convert USD to different currencies

**ðŸ”Ž How Does the Formula Work? **

- Here, the
**MATCH(C5,$F$5:$F$10,0)**function returns the relative position of an item in the array**F5:F10**that matches a specified value**C5**in the specified order**.** - Then, the
**INDEX**function returns the**0.94**which is in the first row of the range**F5:F10.** - Finally, multiply the whole combined functions by cell
**B5.** - As a result, we will get the converted currencies.

### 5. Using External XML Source in Excel

Here, we will link to an external source file in Excel and then, we will automate currency conversion. To do this you have to follow the following steps.

**ðŸ“Œ Steps:**

- Firstly, go to the
**Data**tab, then select**Get Data > From File > From XML.**

- When the
**Import Data**window appears, enter the URL:**http://www.floatrates.com/daily/usd.xml**in the**File name.**Then, click on**Import**.

- Next, click on
**Transform Data.**

- When the
**Power Query Editor**opens, go to the**Item.**Click on**Table**.

- Then, you have to click on the arrow. Click on
**OK**.

- Next, click on
**OK**.

- As a result, you will get the exchange rate columns.

- Next, select
**Home > Manage Columns > Choose Columns.**

- Then, you have to check the required columns like the following and click on
**OK**.

- Next, to return in Excel click on
**Close & Load.**

- As a consequence, you will get the exchange rate in the spreadsheet.

- Now, you have to create a new worksheet,
- we will use the following formula in the cell
**C5:**

`=VLOOKUP($C$4,usd[[item.targetCurrency]:[item.exchangeRate]],3,FALSE)`

Here, **C4** is the GBP currency and the final argument is **False**.

- Press
**Enter**.

- The
**[[item.targetCurrency]:[item.exchangeRate]]**is the lookup data in the linked XML file.

- we will use the following formula in the cell
**C6:**

`<span style="color: #000000;">=VLOOKUP($C$4,usd[[item.targetCurrency]:[item.exchangeRate]],3,FALSE)*B6</span>`

Here, **C4** is the GBP currency and the final argument is **False**. The whole formula is multiplied by cell **B6** to get the converted currency.

- Press
**Enter**.

- Next, drag the
**Fill handle**icon. - As a result, you will be able to convert USD TO GBP.

- we will use the following formula in the cell
**D5:**

`<span style="color: #000000;">=VLOOKUP($D$4,usd[[item.targetCurrency]:[item.exchangeRate]],3,FALSE)</span>`

Here, **D4** is the EUR currency and the final argument is **False**. The **[[item.targetCurrency]:[item.exchangeRate]] **is the lookup data in the linked XML file.

- Press
**Enter**.

- we will use the following formula in the cell
**D6:**

`=VLOOKUP($D$4,usd[[item.targetCurrency]:[item.exchangeRate]],3,FALSE)*B6`

Here, **C4** is the GBP currency and the final argument is **False**. The whole formula is multiplied by cell **B6** to get the converted currency.

- Press
**Enter**.

- Next, drag the
**Fill handle**icon. - As a consequence, you will get the following Convert USD to different currencies

**Download Practice Workbook**

Download this practice workbook to exercise while you are reading this article.

## Conclusion

Thatâ€™s the end of todayâ€™s session. I strongly believe that from now you may automate currency conversion in Excel. If you have any queries or recommendations, please share them in the comments section below.