Foreign currency exchange rates determine how much money in one country is worth in a country that uses different currency. With the foreign currency exchange rate, a person can convert one currency to another. This rate gives only a theoretical amount. When currency actually is exchanged, an additional fee is paid to the exchanging agency. This fee varies based on the agency and the amount of money exchanged.
Determine the currency you want to convert to American dollars. For example, you want to convert 500 euros to dollars.
Find the current currency exchange rate by typing "1 currency = dollars" into Google's search bar. Replace "currency" in the search phrase with the actual currency name, such as "euro." In our example, type "1 euro = dollars" in Google's search bar. In June of 2010, Google's search results are "1 euro = 1.2362 US dollars." This is the current currency exchange rate. The "1.2362 U.S. dollars" is the conversion factor.
Multiply the amount of the currency that you want to convert to U.S. dollars by the conversion factor determined in the step above. Take your 500 euros and multiply them by 1.2362 U.S. dollars. This equals 618.10 dollars. Your 500 euros will give you $618.10 in the U.S.