Microsoft Excel provides a function called EUROCONVERT that is specifically designed to handle conversions involving the Euro Currency Value and the currencies of Eurozone member countries. This function allows you to convert numbers to euros, from euros to a participating member currency, and between two member currencies using the euro as an intermediary. It’s crucial for anyone working with financial data involving European currencies within Excel.
What is the EUROCONVERT Function?
The EUROCONVERT function simplifies currency conversions by using the fixed exchange rates established by the European Union (EU). This ensures accuracy and consistency when dealing with euro currency values and legacy currencies of member states that have adopted the euro. It eliminates the need to manually look up conversion rates and perform calculations, directly within your spreadsheets.
To use the EUROCONVERT function, you may need to load the Euro Currency Tools Add-in if it’s not already active in your Excel.
How to Install and Load the Euro Currency Tools Add-in
If you encounter a #NAME? error when trying to use EUROCONVERT, it indicates that the Euro Currency Tools Add-in needs to be activated. Follow these steps:
- Click on the File tab in Excel.
- Select Options.
- In the Excel Options dialog box, choose Add-Ins.
- At the bottom of the dialog, in the Manage dropdown, select Excel Add-ins and click Go.
- In the Add-Ins Available list, check the box next to Euro Currency Tools and click OK.
- Follow any on-screen instructions to complete the installation if prompted.
EUROCONVERT Function Syntax and Arguments
The EUROCONVERT function uses a straightforward syntax:
EUROCONVERT(number, source, target, full_precision, triangulation_precision)Let’s break down each argument:
- Number (Required): This is the numerical value you want to convert. It can be a direct number or a cell reference containing the value. This represents the initial euro currency value or the value in another European currency you wish to convert.
- Source (Required): This argument specifies the original currency. It should be a three-letter ISO currency code as text, or a cell reference containing this code. The following table lists the valid source currencies for the EUROCONVERT function:
| Country/Region | Basic unit of currency | ISO code |
|---|---|---|
| Belgium | franc | BEF |
| Luxembourg | franc | LUF |
| Germany | deutsche mark | DEM |
| Spain | peseta | ESP |
| France | franc | FRF |
| Ireland | pound | IEP |
| Italy | lira | ITL |
| Netherlands | guilder | NLG |
| Austria | schilling | ATS |
| Portugal | escudo | PTE |
| Finland | markka | FIM |
| Greece | drachma | GRD |
| Slovenia | tolar | SIT |
| Euro member states | euro | EUR |
- Target (Required): This argument defines the currency you want to convert to. Similar to the
sourceargument, use the three-letter ISO code for the target currency, either as text or a cell reference. Refer to the table above for valid currency codes. - Full_precision (Optional): This is a logical value (TRUE or FALSE) that determines how the result is displayed.
- FALSE (or omitted): The result is displayed using currency-specific rounding rules. Excel uses calculation precision for calculations and display precision for showing the result. This is the default behavior.
- TRUE: The result is displayed with full precision, showing all significant digits from the calculation.
| Use | If you want Excel to |
|---|---|
| FALSE | Display the result with the currency-specific rounding rules (see table below). Excel uses calculation precision to compute the result and display precision to show it. FALSE is the default if full_precision is not specified. |
| TRUE | Display the result with all significant digits resulting from the calculation. This is useful when you need to maintain the highest level of accuracy in your euro currency value conversions and avoid any rounding for intermediate steps in complex calculations or reports. |
- Triangulation_precision (Optional): This argument is relevant when converting between two euro member currencies. It’s an integer (3 or greater) that specifies the number of significant digits used for the intermediate euro value in the conversion process (triangulation). If omitted, Excel does not round the intermediate euro value.
The following table outlines the currency-specific rounding rules used by Excel when full_precision is set to FALSE:
| ISO code | Calculation precision | Display precision |
|---|---|---|
| BEF | 0 | 0 |
| LUF | 0 | 0 |
| DEM | 2 | 2 |
| ESP | 0 | 0 |
| FRF | 2 | 2 |
| IEP | 2 | 2 |
| ITL | 0 | 0 |
| NLG | 2 | 2 |
| ATS | 2 | 2 |
| PTE | 0 | 2 |
| FIM | 2 | 2 |
| GRD | 0 | 2 |
| SIT | 2 | 2 |
| EUR | 2 | 2 |
Important Considerations When Using EUROCONVERT
- Excel automatically removes any trailing zeros in the function’s output.
- If the source and target currency codes are the same, EUROCONVERT simply returns the original number.
- Using invalid parameters in the function will result in a
#VALUE!error. - EUROCONVERT does not apply any specific number formatting to the result. You may need to format the cell separately to display the currency symbol or desired decimal places.
- This function cannot be used within array formulas.
Examples of EUROCONVERT in Action
Let’s look at some practical examples of how to use the EUROCONVERT function to understand euro currency value conversions:
| Amount | Source | Target |
|---|---|---|
| 1.20 | DEM | EUR |
| 1.00 | FRF | EUR |
| 1.00 | FRF | EUR |
| 1.00 | FRF | DEM |
| 1.00 | FRF | DEM |
| Formula | Description (Result)
