Understanding currency conversion is crucial in today’s global economy, whether you’re dealing with international business, travel, or personal finance. Microsoft Excel offers a powerful tool for handling European currency conversions: the EUROCONVERT function. While you might be looking to convert Euros Into Inr or other currencies, if you are working with legacy European currencies within Excel, understanding EUROCONVERT is essential. This article will delve into the intricacies of the EUROCONVERT function, explaining its syntax, usage, and how it simplifies conversions between euro and pre-euro currencies of the European Union.
Understanding the EUROCONVERT Function
The EUROCONVERT function in Excel is designed to streamline the process of converting between euros and the currencies of the European Union member states that adopted the euro. It can also perform conversions between two euro member currencies using the euro as an intermediary currency, a process known as triangulation. This function utilizes the fixed conversion rates established by the EU, ensuring accuracy and consistency in your calculations.
If you encounter a #NAME? error when trying to use EUROCONVERT, it indicates that the Euro Currency Tools Add-in needs to be installed and loaded in Excel.
How to Install and Load the Euro Currency Tools Add-in:
- Navigate to the File tab in Excel and click on Options.
- In the Excel Options dialog box, select Add-Ins.
- At the bottom of the Add-Ins pane, in the Manage dropdown, choose Excel Add-ins and click Go.
- In the Add-Ins dialog box, check the box next to Euro Currency Tools and click OK.
- Follow the on-screen instructions if the setup program requires further steps.
Once the add-in is installed and loaded, the EUROCONVERT function will be available for use in your Excel spreadsheets.
EUROCONVERT Syntax Explained
The syntax for the EUROCONVERT function is as follows:
EUROCONVERT(number, source, target, full_precision, triangulation_precision)Let’s break down each argument:
- Number (required): This is the numerical value you wish to convert. It can be the number itself or a cell reference pointing to the cell containing the value.
- Source (required): This argument specifies the source currency. It should be entered as a three-letter string representing the ISO code of the source currency or a cell reference to a cell containing this code. Refer to the table below for a list of valid currency codes.
- Target (required): This defines the target currency for conversion. Similar to the ‘source’ argument, it should be a three-letter ISO currency code string or a cell reference. Use the same table as the ‘source’ argument for valid codes.
- Full_precision (optional): This is a logical value (TRUE or FALSE) that determines how the result is displayed.
- FALSE (or omitted): Excel will display the result according to currency-specific rounding rules (detailed in a table below). It uses calculation precision for calculations and display precision for the final output. This is the default behavior if this argument is left out.
- TRUE: Excel will display the result with all significant digits resulting from the calculation, overriding currency-specific rounding.
- Triangulation_precision (optional): This argument is relevant when converting between two euro member currencies. It’s an integer greater than or equal to 3, specifying the number of significant digits used for the intermediate euro value during triangulation. If omitted, no rounding of the intermediate euro value occurs. Including it when converting to euro from a member currency affects the intermediate euro value before potential conversion to another member currency.
Valid Currency Codes for EUROCONVERT:
| 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 |
Currency-Specific Rounding Rules:
| 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 for Using EUROCONVERT
- Excel automatically removes any trailing zeros in the result of the conversion.
- If the source and target ISO codes are identical, the function will simply return the original input number.
- Using invalid parameters in the function will result in a
#VALUE!error. - The
EUROCONVERTfunction does not apply any specific number formatting to the output; you may need to format the cell separately to display the currency as desired. - This function is not designed for use in array formulas.
EUROCONVERT Examples in Action
Let’s look at some practical examples to illustrate how to use the EUROCONVERT function. Imagine you have the following data in your Excel sheet:
| A | B | C | |
|---|---|---|---|
| 1 | Amount | Source | Target |
| 2 | 1.20 | DEM | EUR |
| 3 | 1.00 | FRF | EUR |
| 4 | 1.00 | FRF | EUR |
| 5 | 1.00 | FRF | DEM |
| 6 | 1.00 | FRF | DEM |
Here are some formulas and their results using the data above:
| Formula | Description (Result) | Result Displayed |
|---|---|---|
=EUROCONVERT(A2,B2,C2) |
Converts 1.2 deutsche marks to euros using default calculation and display precision (2 decimal places). | 0.61 |
=EUROCONVERT(A3,B3,C3,TRUE,3) |
Converts 1 franc to euros using full precision display and 3 significant digits for intermediate calculations. | 0.152 |
=EUROCONVERT(A4,B4,C4,FALSE,3) |
Converts 1 franc to euros using default display precision (2 decimal places) and 3 significant digits for intermediate calculations. | 0.15 |
=EUROCONVERT(A5,B5,C5,TRUE,3) |
Converts 1 franc to deutsche marks using full precision display and 3 significant digits for intermediate euro value calculation. | 0.29728616 |
Note: To use the EUROCONVERT function, ensure you have activated the Euro Currency Tools add-in as described earlier.
Important Notes on Conversion Rates:
- These examples are based on fixed conversion rates like 1 euro = 6.55957 French francs and 1.95583 deutsche marks. The
EUROCONVERTfunction utilizes the official rates set by the European Union. - Microsoft updates the function if these rates are officially revised. For the most current rules and rates, refer to publications from the European Commission regarding the euro.
- The results shown are the underlying values stored in the cell, not necessarily the formatted display.
- In the example spreadsheet, trailing zeros are automatically truncated in the displayed results.
While the EUROCONVERT function is incredibly useful for conversions within the Eurozone’s historical currency framework, users often need to convert euros to other global currencies, such as euros into INR (Indian Rupees). For these broader currency conversion needs, Excel users typically rely on online currency converters or more dynamic data sources that provide up-to-date exchange rates. However, for handling historical European currency conversions within Excel, EUROCONVERT remains a valuable and precise tool.
