If you are looking for how to convert USD to EURO in Excel, then you are in the right place. In international trade or any kind of business, we often need to convert USD to Euro. In this article we’ll try to discuss how to convert USD to Euro in Excel.
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3 Methods to Convert USD to Euro in Excel
Excel offers several ways to convert USD to Euro. Some of them are easy to apply and some of them are a little bit lengthy. But we’ll try to show you those methods in the easiest way.
1. Using General Arithmetic Formula
The easiest way to make a conversion is to use a general arithmetic formula. Suppose we have the dataset below with column headers as USD Amount, Exchange Rate, Date, and EURO Amount. We have taken the Exchange Rate as 1.04.
- Firstly, write the following formula in the E5
Here, B5 and C5 refer to the first USD Amount and Exchange Rate respectively.
- Secondly, press ENTER to get the output as 4.
- Thirdly, use the Fill Handle by dragging the cursor downwards while holding the right-bottom corner of the E5 cell like this.
Eventually, we’ll get the converted outputs in Euro.
2. Applying Exchange Rate through Using Currencies Data Type
If we want to get the perfect conversion, we need to use the Currencies Data Type to have the automatically changing Exchange Rate. This method mainly connects the changing Exchange Rate with the Excel file.
- Firstly, write USD/EUR in the B5
- Secondly, go to Insert > click Table.
Note: Also, you can just press CTRL + T to create a table after selecting the B5 cell.
Immediately, a Create Table window will appear.
- Thirdly, put the cell range as $B$5 and click OK. Don’t check the box before My table has headers.
Consequently, tables will be added to our selected cell.
- Fourthly, click the B5 cell > go to Data > select Currencies.
Eventually, we will see the currency icon in the B5 cell.
- Fifthly, click again the B5 cell and press CTRL + SHIFT + F5.
- Eventually, a US Dollar/ Euro FX Cross Rate window will appear.
- Sixthly, click Price and Last trade time
As a result, we’ll see that Price and Last trade time tables are added.
- Now, write the formula in the C9 cell like this.
Here, B9 refers to the first USD Amount i.e. 10 and Table1[Price] refers to the Exchange Rate in C5 i.e. 1.04.
- Lastly, press ENTER and use the Fill Handle to get all the outputs.
3. Utilizing External XML Source
Using external XML sources is another way to convert USD to Euro with a changing Exchange Rate. We just link an external source that has the conversion rate with the Excel file. We can do this by following some simple steps.
- Firstly, go to Data tab > choose Get Data > select From File > pick From XML.
- Meanwhile, you’ll see the Import Data.
- Secondly, input any URL (e.g. http://www.floatrates.com/daily/usd.xml) in the File Name box, where the Exchange Rate is stored in XML.
- Thirdly, click Open.
- Eventually, the following window will appear. Then click Transform Data.
- Consequently, the usd Power Query Editor window will appear.
- Fourthly, find the item and click Table.
- Fifthly, click the icon shown in the figure below and click OK.
- Eventually, we’ll get the full Power Query.
- Fifthly, go to Home > select Manage Columns > pick Choose Columns > select Choose Columns.
- Then, a Choose Column window will appear.
- Sixthly, make sure the following marked items are ticked and click OK.
- Seventhly, click Close & Load.
- Eventually, all the data has been loaded into the Excel file.
- Now, write the following formula in the C5 cell of the desired sheet of our Excel file.
Here, C4 refers to the EUR, usd[#All] refers to all the values of the sheet usd, item.targetCurrency is the column name of Target Currency which we want to get as output. item.exchangeRate is the column name of Exchange Rates of different currencies in the Excel sheet of usd, B5 is the USD value of 10.
- Here, C4 is the EUR currency, and the final argument is False.
- And, The [[item.targetCurrency]:[item.exchangeRate]] is the lookup data, By which, it will search for EUR in this data range from the ‘usd’
- Lastly, the number 3 in the formula denotes index column 3, from where the exchange will be taken.
- Finally, “*B5” is for the multiplication of this looked-up cell with the cell B5.
- Lastly, press ENTER and use the Fill Handle to get all the outputs in Euro.
Note: The column name where we want to have the output should be EUR and the US dollar’s column name should be USD. Because in the usd sheet the name of these two currencies is denoted as USD and EUR and if we give any other names, the formula will not find the reference value in the usd sheet and will give an error. That’s why in the last step, we have changed the column names to USD and EUR.
How to Convert a Number to Euro Currency Using EUROCONVERT Function
We can convert any currency into Euros at a time in Excel. We have a specific function to convert any currencies into Euros using the EUROCONVERT function. This function actually uses the ISO code of the currencies. Every currency has an ISO code to use in Excel.
- We have to activate Excel Add-ins
- So, firstly, go to File.
- Secondly, select Options.
- Promptly, the Excel Options dialog box will appear.
- Thirdly, click Add-ins > select Excel Add-ins in the Manage box > click Go.
- Select the Euro Currency Tools in the Add-ins window > click OK.
- Eventually, the Euro Currency Tools is added to our Excel.
- Fourthly, write the following formula in the E5 cell of the following sheet like this.
Here, B5, C5, and D5 refer to the first Amount which is 896, the Source i.e. the type of currency of 896 (here it is BEF), and the Target currency i.e. EUR.
- Fifthly, press ENTER and use the Fill Handle to get all the outputs in EUR like this.
Using Excel Formula to Convert Currency in Excel
If we have different types of currencies which we need to convert to USD at a time, we need to use a NESTED IF formula. Let’s say we have the following dataset where we have column headers as USD Amount, Currency, and New Currency Amount in Columns of B, C, and D respectively. We need to find the values of the New Currency Amount in the D Column.
Write the following formula in the D5 cell like this.
Here, 1, 1.04, 0.93, 81.37, 1.37, and 144.52 are Exchange Rates of USD, EUR, GBP, INR, CAD, and JPY respectively on 27th September 2022.
Writing =IF enables the IF function of Excel. The second argument requires the input of the value returned when the logical test is true. If our desired currency is USD, we have set our exchange rate as 1. So, in the 2nd argument, we write 1.
Now, if the first logical test returns false, it will go to the second IF, and at the first argument, it will test if the desired currency is EUR. If the currency is EUR, true will be returned. Now, in the second argument, we have to set the value for the true return of the logical test. As the EUR exchange rate is 04 in respect of the USD, so we write 1,04 in the second argument.
- =IF(C5=”USD”,1,IF(C5=”EUR”,1.04,IF(C5=”GBP”,0.93,IF(C5=”INR”,81.37,IF(C5=”CAD”,1.37,IF(C5=”JPY”,144.52))))))*B5 →
After getting the actual exchange rate of currency using IFs, multiply it with the given USD amount to get the desired currency amount. Remember, the Asterisk sign (*) is used for multiplication in Excel.
- Press ENTER and use the Fill Handle to get all the outputs in USD like this.
Here, we have skipped another 3 examples of using Excel formula to convert currency. If you’re interested, just visit the article.
Things to Remember
- The Exchange Rate changes day to day. So, using the General Arithmetic formula is not suitable for regular use because we have to fix a specific Exchange Rate in this formula.
- More importantly, you cannot use the EUROCONVERT function to convert USD to Euro or vice-versa. Rather, you can use it to convert the currency of Euro members.
That’s all about today’s session. And these are the ways to convert USD to Euro in Excel. We strongly believe this article would be highly beneficial for you. Don’t forget to share your thoughts and queries in the comments section and explore our website Exceldemy, a one-stop Excel solution provider.