Currency converters are programs which are available online for everyone to use but, what exactly are they and how do they assist you? A currency converter is the online live program converter that calculates or specifics how much one currency is worth relative to another currency. For example you may be interested in how many New Zealand dollars it will take to buy one Australian dollar this currency converter can do the calculation easily for you.
Foreign currency exchange rates (Forex for short) are the rates recently traded between the country's currency and another country's currency. These are live converters and they constantly change as traders buy and sell currencies and supply and demand increases or decreases, impacting the bid and selling rates. With the currency converters you can easily compare the conversion rates by searching on the internet under currency exchange rate converter and Australia or US dollar or any other currency you are interested in. Most online Forex site have currency converters conveniently located in them.
If you are able to watch the currency converters regularly you can tack when the best exchange rates are to get the best rates. It may be wise to observe the average the high and the low for the day / week etc so as to know in what range your contracts have been trading. In this way you have a limited understanding to be able to predict where the treaties are heading. At the end of the day no one can predict the future but these statistics give us an indication of the 'anticipated' direction.
With so many options for obtaining foreign currency it may be useful to look at some of the terms more commonly referred to in the trading terms.
Forex rates are the rates commonly traded between all major country's treaties. These are subject to change regularly as the trader buy and sell more or less of the currents and the general supply and demand increases or decreases. Conversion rates are quoted regularly as online as the buys and sellers bid to negotiate buying / selling rates. You can easily compare the conversion rates and watch the monthly rates to see when your rate drops or climbs so as to decide when to buy. Just search on the internet for currency exchange rates of the currency you are tracking. There are also online money converters which can use the current exchange rate to convert your currency into the foreign exchange currency equivalent.
As long as you are able to prove that you have a valid reason for the foreign currency banks are allowed to sell the foreign currency to you. Bank currency exchange rates are the rates that the banks will buy and sell physical treaties to their customers. Obviously they add on commissions and charges for acting as the middle man do the rate may be a few cents more than the exchange rate quoted. As another safe option you may choose Travelers checks (a form of travel cash or travel currency). These are checks made out in the foreign currency which are effectively purchased in your local country but can be redeemed overseas. The benefit is that they are protected so if you lose the checks then the bank will issue you new checks as opposed to losing the physical currency which would be a disaster!