How To Get Currency Exchange Rate In Excel

Finding the most up-to-date currency exchange rates is essential for businesses and individuals dealing with multiple currencies. Microsoft Excel offers built-in features and functions that can help users retrieve and calculate these rates.

While Excel provides basic tools for currency conversion, the process can be complex and time-consuming. This guide will demonstrate how to effectively obtain exchange rates within Excel.

We will also explore why Sourcetable, as a specialized tool, may offer a more streamlined and user-friendly approach for managing currency data compared to the traditional methods in Excel.

Get Currency Exchange Rate in Excel

Using the Currencies Data Type

To obtain exchange rates in Excel, input a currency pair in the format 'From Currency/To Currency' using ISO codes, such as 'USD/EUR' for the US Dollar to Euro rate. After entering the pair, convert it to a Currencies data type from the Data tab. If Excel cannot find a match, use the Data Selector to correct any issues by clicking the cell's icon.

Creating a Table for Exchange Rates

For improved data management, select the cells with your currency pairs and create a table via Insert > Table. This step, while not mandatory, simplifies the process of inserting data from the Currencies data type.

Extracting Exchange Rate Data

Once the currency pair is converted to a data type, select the cells and either click the Insert Data button or press Ctrl/Cmd+Shift+F5 to extract additional information, like the 'Price' field for the exchange rate or the 'Last Trade Time' for the quote's timestamp.

Considerations for Currency Data

Note that the Currencies data type requires a Microsoft 365 account and the information may be delayed. Do not use this data for trading or as financial advice due to potential delays.

Excel vs. Sourcetable: A Comparative Analysis

Discover the key differences between Excel and Sourcetable in data management. Excel, the traditional spreadsheet tool, is contrasted with Sourcetable's innovative approach to aggregating data from multiple sources.

Excel has been the go-to spreadsheet for decades, offering robust features for data analysis and reporting. However, Sourcetable introduces a game-changing AI co-pilot, enhancing the user experience with smart formula creation and templating assistance.

While Excel requires manual integration of data from various sources, Sourcetable streamlines this process, allowing users to connect and query data seamlessly within a single interface. This integration represents a significant evolution in spreadsheet technology.

Sourcetable's AI co-pilot sets it apart, providing intuitive chat assistance that simplifies complex tasks. This feature contrasts with Excel's more traditional, manual approach to formula and template creation, appealing to users seeking efficiency and ease of use.

Opt for Excel for traditional spreadsheet tasks or embrace Sourcetable for its cutting-edge AI features and seamless data integration, depending on your specific data management needs.