What is ‘Currency Conversion’?
Based on current exchange rates, Currency Conversion is a process involving the conversion of one form of currency to another.
Currency converters are used in the process of currency conversion where software is used to check the corresponding values of currencies based on the current market or bank exchange rates. This is accomplished by connecting to a database that maintains real-time information on currency exchange rates. The displayed results are not biased towards buying or selling.
‘Currency Conversion’ Explained
Currency conversion software is useful for checking the relative value of one country’s currency before exchanging it into another country’s currency if you are planning a trip to another country, or if you are planning to play at an online casino that does not support your country’s currency.
Most online casinos support transactions in USD, and very often in Euros and British Pounds as well. However, it is not possible for many online gamblers to manage their online casino accounts in their local currency, which makes it easy to lose connection to their money. This causes many online players to feel unsure about playing at some online casinos.
For example, if you are in Canada, and therefore play at online casinos using Canadian currency, there are many online casinos that will charge you a conversion fee, not only when you deposit, but when you withdraw winnings as well. That is in addition to the currency conversion fees your bank or credit cards charge you.
Choosing an online gambling site that supports Canadian Dollar transactions and you won’t have to worry about any of that. Before you join any online gambling site, find out about special banking options for CAD. There are various options for Canadian players for moving money in and out of an online casino account that is pretty straightforward.
All Canadian friendly online gambling sites accept Visa and MasterCard transactions. UseMyBank is another option for Canadian players where you can use your bank account to deposit, and you are not required to sign up with a third party.
Third Party Accounts for Canadian players include InstaDebit, Click2Pay, and Ukash. These are typical options at most online gambling sites, and a great alternative for Canadian players, because the currency conversion is not required.
Finding an online gambling site that supports using CAD means you can manage your online gambling budget better, and using a currency you are familiar with means you won’t be required to do calculations every time you place a bet. This is true for any online gambling site for any currency you use. Just be sure to check their banking options page or check with their customer support to confirm the gambling site supports your country’s currency.