To convert currency in Excel, retrieve an exchange rate, multiply the original amount by that rate, and keep the result numeric. You can then apply the Currency or Accounting number format without changing the underlying value. Excel for Microsoft 365 provides a Currencies data type, while Google Sheets can retrieve rates with GOOGLEFINANCE.
This guide uses USD to Thai baht as the main example, but the same workflow works with other supported currency pairs. You can also download the currency conversion example workbook to follow the formulas and compare numeric formatting with text-returning functions.
Currency Conversion Has Three Separate Steps
A reliable currency worksheet separates three jobs:
- Retrieve the rate. For example, find how many Thai baht equal one U.S. dollar.
- Calculate the converted amount. Multiply the source amount by the rate.
- Format the result. Display the numeric result with the appropriate currency symbol and decimal places.
Keeping these steps separate makes the workbook easier to update and troubleshoot. It also prevents a common mistake: turning a useful numeric result into text before all calculations are complete.
Convert Currency in Excel with the Currencies Data Type
Microsoft documents the Currencies data type for Excel for Microsoft 365. Currency pairs may be unavailable in other Excel editions or account types, so use a manually entered rate when the data type is not available. The official Microsoft guide to getting currency exchange rates also notes that quotes may be delayed and should not be used as trading advice.
1. Enter and convert the currency pair
Enter the pair using ISO currency codes. For example:
USD/THB
Select the cell, open the Data tab, and choose Currencies. When Excel recognizes the pair, it adds the linked data type icon.
2. Insert the exchange rate
With the linked currency cell selected, choose Insert Data, then select Price. Price is the exchange rate for the pair. You can also add fields such as the last trade time when you need to document when the quote was retrieved.
3. Multiply the source amount by the rate
Suppose the exchange rate is in B2 and the USD expense is in B5. Use an absolute reference to keep the rate fixed when copying the formula down:
=B5*$B$2
The result remains numeric, so it can still be summed, averaged, charted, or used in another formula.
Use Data > Refresh All when you want Excel to request an updated quote. Refreshing the rate changes every formula that refers to it.
Convert Values First, Format Them Second
The safest default is to keep the converted amount numeric and apply a cell number format:
- Select the converted values.
- Press
Ctrl+1on Windows orCommand+1on Mac. - Choose Currency or Accounting and select the required symbol.
Currency places the symbol beside the number. Accounting aligns currency symbols and decimal points across a column. Both formats change only how the value appears, so the cells remain usable in calculations.
Excel also has functions that create currency-style text. They are useful for labels, exports, or written-out amounts, but they do not retrieve an exchange rate and their results should not replace the numeric conversion column.
| Function | Example | What it returns |
|---|---|---|
DOLLAR | =DOLLAR(B5,2) | Currency-formatted text using the symbol and separators from the computer's regional settings |
BAHTTEXT | =BAHTTEXT(C5) | Thai text representing the amount, with the Baht currency suffix |
TEXT | =TEXT(C5,"฿#,##0.00") | Text using an explicitly supplied format code |
FIXED | =FIXED(C5,2,FALSE) | Rounded numeric text with two decimals and thousands separators, but no currency symbol |
All four functions return text. Keep the original value or numeric conversion in a separate cell and reference that numeric cell in totals and other calculations.
Convert Currency in Google Sheets with GOOGLEFINANCE
Google Sheets can retrieve the current USD to THB rate with:
=GOOGLEFINANCE("CURRENCY:USDTHB")
If the USD amount is in A2 and the rate is in B2, calculate the converted amount in C2:
=A2*B2
The same pattern works for other pairs, such as CURRENCY:USDVND or CURRENCY:USDIDR. The official GOOGLEFINANCE documentation warns that quotes may be delayed and that some attributes may not return data for every symbol.
Calculate a 52-week average from historical rates
Do not estimate an average by averaging the 52-week high and low. Those are only two observations and do not represent the average exchange rate.
Instead, retrieve a daily historical series and average its second column:
=AVERAGE(INDEX(GOOGLEFINANCE("CURRENCY:USDTHB","price",TODAY()-365,TODAY(),"DAILY"),0,2))
Use the same historical series with MAX or MIN when you need the highest or lowest returned rate:
=MAX(INDEX(GOOGLEFINANCE("CURRENCY:USDTHB","price",TODAY()-365,TODAY(),"DAILY"),0,2))
=MIN(INDEX(GOOGLEFINANCE("CURRENCY:USDTHB","price",TODAY()-365,TODAY(),"DAILY"),0,2))
Historical GOOGLEFINANCE data spills into an array when entered directly. The INDEX(...,0,2) portion selects the rate column, and the aggregate function ignores its text header.
Practical Uses for a Currency Conversion Worksheet
Travel budgets
Store one rate per currency pair and reference it from every expense row. When the rate changes, update or refresh one cell rather than editing every formula.
International sales
Keep original transaction values, exchange rates, converted values, and reporting currency in separate columns. This makes the calculations auditable and avoids confusing a displayed symbol with the currency actually used in the transaction.
Foreign investments
Separate the investment's local-currency performance from the exchange-rate effect. Live spreadsheet quotes are useful for monitoring, but delayed or indicative data should not be treated as an execution price.
Troubleshooting Currency Conversion
Excel does not recognize the currency pair
Check the ISO codes and the FROM/TO order. If the Currencies data type is unavailable for your Excel version or account, enter a rate from a reliable source in a dedicated input cell and keep the conversion formula unchanged.
The symbol is wrong
DOLLAR uses regional settings and does not guarantee a U.S. dollar symbol. Apply a Currency or Accounting cell format when you need numeric output, or use TEXT with an explicit format code when text output is intentional.
Totals ignore converted values
Check whether the cells contain formulas such as DOLLAR, BAHTTEXT, TEXT, or FIXED. These return text. Point SUM, AVERAGE, and other calculations to the numeric conversion column instead.
Excel and Google Sheets show slightly different rates
Providers may update at different times or use different quote sources. Record the source and retrieval time when reproducibility matters, and remember that consumer exchange rates can also include fees or a spread that spreadsheet quotes do not show.
Final Checklist
- Retrieve or enter the exchange rate in its own cell.
- Multiply the source amount by the rate with a numeric formula.
- Use an absolute reference when copying a shared rate down a table.
- Prefer Currency or Accounting formatting for calculated values.
- Use text-returning functions only when text output is required.
- Refresh live data before relying on the workbook.
If you regularly move between spreadsheet platforms, the comparison of Excel and Google Sheets explains other workflow differences to consider.