Microsoft Excel is quite powerful in what it can be used for. If you’re one of the many folks who use Excel for financial data where exchange rates are concerned, you need to learn how to get currency exchange rates from within Excel. Before moving forward, we should point out that this feature is only available to Microsoft Office 365 subscribers. This wasn’t the case before, but Microsoft decided to change its policy, so now is time if you haven’t yet subscribed. Additionally, if you are subscribed the feature will work just as fine with Excel on the Web.
How to get real-time Currency Exchange Rates in Excel sheet
Allowing the Microsoft Excel app to showcase currency exchange data is easier than one might have originally expected. This is mostly due to the built-in tools Excel has provided, tools that are only found in the Office 365 version.
- Open Microsoft Excel
- Add the currency pairs
- Apply the Data Type for each currency
- Add the Exchange Data to cells
- Get current Exchange Data
1] Open Microsoft Excel
To begin, you must first launch into Microsoft Excel 365 if you haven’t already. This is the easier part, as one might expect.
- Look for the Microsoft Excel shortcut icon on your computer.
- Click on it to open the app right away without delays.
2] Add the currency pairs
Once the Excel app is up and running, you must open a blank workbook and then add the currency pairs you want to work with. Click on New Workbook to open a new spreadsheet in order to move forward.
- From within the new spreadsheet, select one of the top cells.
- Add titles for each Cell. For example, add these titles in cells A, B, C, etc.
- The first heading, you can call it Currency.
- Under the Currency heading, you can add your favorite pairs.
- Ensure each pair is added in the following format: (USD/JPY).
3] Apply the Data Type for each currency
You’ll now be required to add a Data Type for each currency pair you’ve added to the spreadsheet. This is important in order for the calculations to work.
- Click on the cell where you entered the relevant currency pair.
- The next step, then, is to click on the Data tab.
- From the Data Types box, select Currencies.
- The selected cell should now be updated, demonstrating you’ve employed the Currencies type.
Bear in mind that if you come across a question mark instead of the icon related to the Currencies data, then it means Microsoft Excel is having issues with matching the data you’ve added. Please double-check to see if the ISO codes for the currency type are correct.
4] Add the Exchange Data to cells
We now need to select the Exchange Data in a bid to populate the cells with relevant information.
- Select one of the currency pair cells.
- Click on the Insert Data icon that appears at the right.
- You should now be looking at a list of information.
- Select any to insert them into the spreadsheet.
Note that whenever data is selected, it appears in the cell immediately to the right of the symbol cell. As more data is added, they will continue appearing to the further right.
5] Get current Exchange Data
At some point you will want to have the most current details in your spreadsheet, so what to do? Well, it makes no sense to update each cell one after the other, so let us discuss an easier way to get things done.
- Return to the Data tab by selecting it.
- Navigate to the Queries & Connections section.
- Finally, click on Refresh All, then select Refresh from the dropdown menu.
Doing this should effectively update all data on your spreadsheet to the latest if any are available.
Can you get live exchange rates in Excel?
If you’re not interested in getting live exchange rates by going through the hard way, well, luck is on your side because an easier option exists. We suggest downloading a free add-in from the official Professor Excel website.
Read: How to Display or Format Number as Currency in Excel
How do you automatically change the currency in Excel?
Changing the currency in Excel is a simple task. All you have to do is select the cell you want to format, and from there, click on the Home tab, then select Currency from the Number Format. A dropdown menu will appear, and that’s where you’ll select the currency symbols will appear. Choose the currency that you prefer and that’s it for that.
Read next: How to convert Currency and get Stock Data in Google Sheets.