How to Convert Text to Currency in Excel (5 Handy Ways)

We often need to work with currency data in Excel. But sometimes some numerical data are formatted in text format. One can not perform numerical operations with those text data. So we need to turn them into currency data. In this article, we will show how to convert text to currency in Excel in 5 effective ways.


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5 Handy Ways to Convert Text to Currency in Excel

In this article, we will discuss how to convert text to currency in Excel. However, Excel does have only one method to turn text data into currency data. In most of the methods, we will first turn the text data into numbers and then convert the numbers into currency. Firstly, we will use cell formatting. Secondly, we will apply the error-checking option. Thirdly, we will utilize the Text to Columns option. Then, we will go for the Paste Special option. Finally, we will use the VALUE function to convert text to currency in Excel.


1. Applying Cell Formatting

In this method, we will format the cells to hold numbers to convert the data to currency from text. The currency formatted data is a numerical data that has a currency symbol in front of it. But without the currency symbol the data can act as currency data. In this example,  we will see that.

Steps:

  • To begin with, choose the cell range containing the text data.
  • In our case, it will be C5:C10.
  • Then, select the Home tab.
  • From the Home tab, select the Numbers option.
  • Finally, from the drop-down choose Currency.

applying currency format to convert text to currency in excel

applying cell formatting to convert text to currency in excel

Read More: How to Automate Currency Conversion in Excel (5 Easy Methods)


2. Using Error Checking

Error checking dialogue box displays any error present in the worksheet. In this instance, we will use that to convert text to currency. The error checking option is present here because Excel is well aware that numeric value is stored as text here. So, Excel is displaying this sign to correct potential error(s).

Steps:

  • In the beginning, choose the C5 cell and you will see the error checking sign right next to it.

  • Then, click the error checking sign, and from the drop-down options Convert to the Number option.
  • Consequently, Excel will turn the text into a number.

using error checking to convert text to currency in excel

  • Emulate the process for the rest of the data cells.

  • Consequently, all the cells will have a number value.
  • After that, select the C5:C10 range.
  • Go to the Home tab.
  • From the Number option, select Currency.

applying currency format to convert text to currency in excel

  • As a result, the text data will be converted to currency data.


3. Using Text to Columns Option

In this example, we will use the Text to Columns option to convert the text. This option will take us to different prompts. In the final prompt, we will convert the data into general format. From that format will turn the data into currency later on.

Steps:

  • Firstly, select the C5:C10 range.
  • Then, go to the Data tab.
  • Select the Data Tools option
  • Finally, from the drop-down list, select the Text to Columns command.
  • As a result, a prompt will appear on the screen.

applying text to columns option to convert text to currency in excel

  • From the prompt, first, choose the Delimited option.
  • Then, select Next.

  • In the next prompt, check the box that has Tab written beside it.
  • Again press the Next tab.

  • In the final prompt, tick the General box.
  • Finally, select Finish.
  • As a result, the text will turn into a number.

  • Do this for all of the data cells.
  • Then, choose the range again.
  • Then, go to the Home tab in the ribbon.
  • From the Number option, choose Currency.

inserting currency format to convert text to currency in excel

  • As a result, the text data will turn into currency data.

Read More: Currency Conversion Using VLOOKUP in Excel (2 Suitable Examples)


4. Utilizing Paste Special Option

In this example, we will copy a blank cell and use the Paste Special option to paste it into our desired cell to convert the text it contains to currency. We will explicitly copy an empty cell to paste it into our desired cell.

Steps:

  • To start with, select the D5 cell and copy it using the Ctrl + C keyboard shortcut.

copying empty cell to convert text to currency in excel

  • Secondly, select the C5:C10 range.
  • Right-click on it.
  • Finally, from the available options choose the Paste Special command.

applying paste special command to convert text to currency in excel

  • Then, from the Paste Special dialogue box, the Add option.
  • Finally, click OK.

  • Consequently, the text in the C5:C10 cell will turn into numbers
  • Afterward, choose the range again.
  • Go to the Home tab in the ribbon.
  • From the Number option, select the Currency format.

applying currency format to convert text to currency in excel

  • Consequently, we will see currency data in place of text data.


5. Applying VALUE Function

A text string that represents a number is changed into a number using the VALUE function. In this instance, we will pass a numeric value that is saved as text and then turn it into a number. Finally, we will format the data as currency.

Steps:

  • Firstly, select the D5 cell and write the following formula down in the cell,
=VALUE(C5)
  • Hit Enter.

applying the value function to convert text to currency in excel

  • Consequently, the function will turn the text into a number.
  • Finally, move the cursor down to the last data cell.

  • After that, select the C5:C10 range.
  • Then, go to the Home tab.
  • Choose the Number option.
  • From the drop-down options, select Currency.

implementing currency format to convert text to currency in excel

  • As a result, the text data will be converted to currency data.

Read More: How to Convert INR to USD in Excel (4 Methods)


How to Convert Text to Numbers in Excel

In this instance, we will format the cells to hold numbers to turn the data into numbers from text. While in text format, we can not use the numeric values to perform any mathematical operations. So, we will turn them into numbers.

Steps:

  • To start with, select the cell range that contains the data set.
  • Here, it will be C5:C10.
  • Then, choose the Home tab.
  • Select the Number option.
  • Finally, from the drop-down options select Number.

  • As a result, all the text data will be replaced by numbers.

Read More: How to Convert USD to Euro in Excel (3 Useful Methods)


How to Bulk Convert Text to Number in Excel

In this illustration, we will bulk convert texts to numbers. We will make use of the Paste Special command to do that. The bulk conversion will reduce both time and effort for us. We will select the data in range in order to convert them into numbers.

Steps:

  • To begin with, choose the D5 empty cell and use the Ctrl+C keyboard shortcut to copy it.

  • Then, choose the cells in the range C5:C10 and right-click.
  • From the list, select the Paste Special command.

  • Consequently, the Paste Special dialogue box will be on the screen.
  • From the dialogue box, first, choose the Add option.
  • Then, click on OK.

  • Consequently, all the texts will be converted to numbers in bulk.


Conclusion

As we can see, there are numerous ways to translate text into currency. It is best practice to transform text formatted numbers into actual currency format when we need to perform any financial analysis with them.


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Adnan Masruf

Adnan Masruf

I am an engineering graduate. I graduated from Bangladesh University of Engineering and Technology(BUET), one of the top universities in Bangladesh from department of Naval Architecture & Marine Engineering with a major in structure. I am an avid reader of fiction especially fantasy. I also keep myself abreast of the recent developments in science and technology. I believe diligence will eventually pay off and luck tends to favor those who work hard.

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